Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.
Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory data-ct-non-breakable=”null” href=”https://cointelegraph.com/learn/articles/what-is-kyc-and-why-do-crypto-exchanges-require-it” rel=”” target=”_self” text=”null” title=”https://cointelegraph.com/learn/articles/what-is-kyc-and-why-do-crypto-exchanges-require-it”>Know Your Customer verification, according to an April 2 court data-ct-non-breakable=”null” href=”https://www.bloomberglaw.com/public/desktop/document/FTXTradingLtdDocketNo122bk11068BankrDDelNov112022CourtDocket/50?doc_id=X1UGUACDJ749MPO8V3RHLBVMDVN” rel=”nofollow noopener” target=”_blank” text=”null” title=”https://www.bloomberglaw.com/public/desktop/document/FTXTradingLtdDocketNo122bk11068BankrDDelNov112022CourtDocket/50?doc_id=X1UGUACDJ749MPO8V3RHLBVMDVN”>filing in the US Bankruptcy Court for the District of Delaware.
FTX users originally had until March 3 to begin the verification process to collect their claims.
“If a holder of a claim…
