Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01042
Platform bankruptcy — FTX (2022)
IndeterminateCase description
Following the FTX collapse, crypto exchange Liquid Global—which had been acquired by FTX in early 2022—also suspended withdrawals. Liquid customers had believed their funds were held by a regulated Japanese exchange, but the FTX acquisition had altered the custody structure. Post-acquisition customers who had deposited believing they were using Liquid's regulated infrastructure discovered their funds were now entangled in the FTX bankruptcy.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | International |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. It's not clear whether anyone ever regained access.
Outcome interpretation
Not enough information is available to determine the outcome.
Source
Publicly Reported
Evidence type
News article
Evidence link
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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