Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01335
Institutional lockout — FTX (2025)
SurvivesCase description
On February 18, 2025, FTX began the first distribution under its confirmed reorganisation plan, paying approximately $800 million to 162,000 accounts in the Convenience Class—creditors with claims of $50,000 or less. These customers received 100% of their allowed claim value plus 9% annual interest accruing from November 11, 2022 through the payment date. Customers who had not completed their KYC verification or onboarding with a distribution service provider by the record date missed this initial round. FTX stated subsequent record and payment dates would be announced for those who completed requirements after the January 3 cut-off.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Survives |
| Documentation | Unknown |
| Year observed | 2025 |
| Country | United States |
Structural dependencies observed
Outcome interpretation
Access remained possible under the reported conditions.
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.