Originally due on March 3, 2025, the KYC Commencing Deadline has now been extended to June 1, 2025, offering a final window to secure their funds.

Claims Will Be Disqualified

“If KYC is not commenced by the deadline, such claim shall be disallowed and expunged.” — U.S. Bankruptcy Court, Delaware

Claims under $50,000 may account for $655 million, while larger claims exceed $1.9 billion, making the total at-risk amount over $2.5 billion.

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The next repayment round is scheduled for May 30, 2025, where $11 billion is expected to be distributed to high-value creditors.

How to Complete KYC

Some users have reported issues with the KYC portal. Here’s how to fix it:

1. Email support@ftx.com to get a ticket number.
2. Log in to the FTX support portal.
3. Create an account and re-upload KYC documents.

An April 5 update by Sunil, a Customer Ad-Hoc Committee member, confirmed that users can restart the verification process.

FTX Repayments and Market Sentiment

FTX’s first repayments were made in February 2025, with $1.2 billion returned via FTX Digital Markets. Though not a market-moving event, experts believe it signals recovery in the crypto space.

Bitget Wallet COO Alvin Kan told Cointelegraph that these repayments could lead to a “significant portion” of funds being reinvested into cryptocurrencies.

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In an attempt to ease concerns, Mt. Gox’s former CEO, Mark Karpeles, clarified that the transfers were not indicative of an immediate Bitcoin sale. He explained that the transfers were part of the ongoing process of managing Bitcoin reserves for the upcoming creditor repayments scheduled for this year.

Mt. Gox Official Statement Reinforces

An official statement from Mt. Gox further reinforced Karpeles’s remarks, emphasizing that no direct BTC or BCH repayments have been made and that there are no plans for immediate sales of these assets. The Rehabilitation Trustee, currently overseeing the Bitcoin and Bitcoin Cash, assured users that the funds are being held securely.

Following the reassuring statements from Karpeles and Mt. Gox, the Bitcoin price started to recover, climbing back to around $68,500 at the time of writing.

Mt. Gox Background: A Longstanding Saga

In 2014, Mt. Gox, a Japanese cryptocurrency exchange, filed for bankruptcy after hackers stole 850,000 Bitcoins, leaving many investors with substantial losses.

After years of legal battles, an old Mt. Gox wallet containing 200,000 Bitcoins resurfaced, offering a glimmer of hope for creditors. The Tokyo District Court appointed a trustee to oversee the distribution of these funds to affected users.

The distribution plan is designed to minimize the impact on the Bitcoin market by spreading out the repayments over time. This approach aims to prevent a sudden surge of supply that could trigger another price crash.

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