According to court documents, some 392 thousand of the exchange's creditors have yet to comply with the identification requirements. FTX users were initially given until March 3, 2025 to begin the verification process to receive funds for their claims. ”If the holder of a claim listed in Schedule 1 has not commenced the KYC process in respect of such claim on or before March 3, 2025, at 4:00 p.m. Eastern Time (the deadline for commencement of KYC), such claim will be rejected and canceled in its entirety,” the court document reads. Billions at risk The deadline for completing the KYC process has been extended to June 1, 2025, giving users another chance to prove their identity and eligibility. Those who fail to meet the new deadline could lose their funds permanently. According to court documents, claims of less than $50 thousand could amount to approximately $655 million in rejected payments, while claims of more than $50 thousand could total $1.9 billion — a total of more than $2.5 billion in funds at risk. The next round of payments to FTX creditors is scheduled for May 30, 2025. More than $11 billion is expected to be returned to creditors with claims of more than $50 thousand. According to FTX's recovery plan, 98% of creditors should receive at least 118% of the original claim amount in cash. How FTX users get through the KYC process Many FTX users are reporting problems with the verification process. However, users who failed to submit their documentation for KYC can reapply and restart the verification process, according to an April 5 post on social media X from Sunil, an FTX lender and member of the Ad Hoc Client Committee. Affected users should email FTX Support (support@ftx.com) to get a ticket number, then log into the support portal, create an account and re-upload the necessary documents for KYC.
