Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01100
Institutional lockout — FTX (2023)
IndeterminateCase description
Throughout the first half of 2023, FTX creditors navigated a complex claims submission process managed by new CEO John Ray III. The process required submission of detailed documentation through a digital portal and adhering to court-imposed deadlines. Creditors outside the US—who made up a significant portion of FTX's user base—faced additional procedural hurdles: filing in a US federal court from abroad, in English, with unfamiliar documentation requirements, while having no ability to access or transact with their frozen assets.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2023 |
| Country | United States |
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
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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