Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01322
Institutional lockout — FTX (2025)
SurvivesCase description
FTX announced a second major distribution of approximately $5 billion scheduled for May 30, 2025. This second phase covered non-Convenience Class creditors—primarily those with larger claims above $50,000. Customers were expected to receive between 54% and 120% of their claim value in this round, depending on their claim classification. Like the first distribution, payments were channelled through BitGo and Kraken. The second distribution brought FTX's cumulative payout to more than $12 billion across the two rounds, marking substantial recovery progress from the November 2022 collapse.
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.
Submit a case
← All cases
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.
Translate