Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01366
The April 2025 FTX distribution record date for mid-range creditors saw a significant
ConstrainedCase description
The April 2025 FTX distribution record date for mid-range creditors (claims above $50,000) saw a significant group of creditors discover that their claim had been disputed or placed in an objection queue by the FTX estate. Disputed claims were not eligible for distribution until the objection was resolved through the bankruptcy court process. Creditors who had purchased FTX claims in the secondary market, or whose accounts had unusual activity flagged by the estate's review process, were disproportionately affected. The resolution of disputed claims was expected to take until late 2025 or beyond.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2025 |
| Country | United States |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
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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