The bankruptcy and problems related to the Crypto Change FTX have now become a big concern for millions of users. So far, around 400,000 users have not been able to complete their KYC process and a new warning has come up for these users. FTX has extended the last date of KYC process from March 3 to 1 June 2025. If users do not complete the KYC process by this date, their credit claims will be permanently canceled and they can lose their entire amount. Significantly Users will now pay 3 years after FTX ShatterBut by an accident users can wash their hands with their entire amount.
Ins bankruptcy and KYC process in FTX
The bankruptcy of FTX has not been easy for anyone. Thousands of users lost their deposits and now they expect to return their money. As per the plan given by FTX, 98% of users may get 118% of their original claims. However, for this they have to complete the KYC process. So far around 392,000 users have failed in the KYC process or have not been able to start it and they now have the last chance for this deadline.
Mandatory to complete the KYC process by 1 June 2025
If users do not complete the KYC process by 1 June 2025, their claim will be permanently eliminated. This means that they can lose their entire amount. FTX has given its users an opportunity to upload the document again, so that they can verify their identity and secure the claims. Users can start repairing through FTX support and upload the KYC document. To not lose this opportunity, they should take action as soon as possible.
One last chance for ftx users
With the last date of June 1, now millions of users have the only chance to get their money back. If you have not completed the KYC process yet, you should contact FTX support as soon as possible and upload all the necessary documents. If you tried earlier and had a problem, the process can be resumed by logging on to the FTX support portal. However, when the FTX Reimbursment Plan was announced for the first time, the news came that FTX Creditors is not happy with minimum crypto paymentHowever, no protest was seen by the creditors later on this plan and the process related to it was started.
Conclusion
This is a decisive moment for millions of users after the bankruptcy of FTX. It is mandatory to complete the KYC process by 1 June 2025, so that they can get their money back. Users have less time and may be the last chance. Users who have been unable in this process should try again and upload all the documents properly as soon as possible.
