FTX WITHDRAWAL

The collapse of FTX sent shockwaves through the cryptocurrency world, leaving many users scrambling to understand the status of their funds and the possibility of withdrawals.The situation is complex, with legal proceedings, bankruptcy filings, and varying circumstances for different user groups. Some former users are getting hit by a new phishing attack on their FTX-registered emails a week after Kroll, the claims agent in the bankruptcy proceedings, was impacted by a SIM swappingIf you're an FTX user, especially one affected by the FTX EU situation, or even received a suspicious email promising instant FTX withdrawals, you're likely navigating a confusing landscape. I recently received an email indicating that I can initiate a withdrawal of funds. However, this message originated from the email address a domain with which I'm not familiar. Following the instructions provided, I was prompted to connect my wallet to access the funds.This guide aims to provide clarity, offering a comprehensive overview of the withdrawal process, potential scams to watch out for, and the steps you can take to recover your assets.From understanding the initial halt on withdrawals following the collapse, to the current status of FTX EU withdrawals facilitated by Backpack Exchange and BitGo, and the ongoing bankruptcy proceedings, we’ll break down everything you need to know.We will address common concerns, like potential phishing attacks targeting FTX users and the timeline for receiving distributions from the FTX Debtors. 2. Depending on the type of FTX account you created, you will be prompted to provide certain information. a. If you created an FTX account as an individual, you will be prompted to provide, among other things, a government-issued form of identification. Select the applicable issuing country and the type of document from the list shown to you. b.Consider this your go-to resource for understanding your rights and options in the aftermath of the FTX debacle.

Understanding the Initial FTX Withdrawal Freeze

The story of FTX's downfall is intrinsically linked to a massive surge in withdrawal requests.In the 72 hours leading up to the collapse, FTX experienced approximately $6 billion in net withdrawals, as revealed by then-CEO Sam Bankman-Fried.This triggered a liquidity crisis, meaning FTX simply didn't have enough readily available funds to meet the overwhelming demand. La branche europ enne de FTX, FTX EU, a lanc un site web permettant aux clients europ ens de soumettre des demandes de retrait. Ce lancement intervient pr s de cinq mois apr s l'effondrement et la faillite de la plateforme de n gociation mondiale au d but du mois de novembre.Consequently, FTX halted all non-fiat customer withdrawals, leaving countless users unable to access their assets.

This freeze was a critical turning point.Binance initially announced its intention to acquire FTX to potentially prevent a larger market crash, but it quickly backed out after due diligence revealed significant mismanagement of customer funds.The lack of liquidity and the mishandling of assets ultimately forced FTX into bankruptcy in November 2025, further complicating the withdrawal process for everyone involved.

FTX EU Withdrawals: A Beacon of Hope

Amid the chaos, there's been some positive development for FTX EU customers.The European branch of FTX, FTX EU, has taken steps to allow users to withdraw their funds.This process began nearly five months after the initial collapse and bankruptcy filing.

Backpack Exchange's Role in Facilitating Withdrawals

One significant player in this process is Backpack Exchange, which acquired FTX EU in January 2025.Backpack Exchange has officially launched withdrawals for former FTX EU users, marking a crucial step forward in returning funds to affected individuals.They have also implemented a KYC (Know Your Customer) page to ensure compliance with regulatory requirements before processing withdrawals. FTX EU Ltd (ex.K-DNA Financial Services Ltd) is a company authorized and regulated by the Cyprus Securities and Exchange Commission (license no. 273/15) with Registered Office at 23 Spyrou Kyprianou Protopapas Building 3rd floor 4001, Limassol, CyprusThis helps prevent fraudulent activities and ensures the security of the process.

To initiate the withdrawal process through Backpack Exchange:

1. Visit the dedicated withdrawal website created for FTX EU users.
2. Complete the identity verification (KYC) process.This usually involves providing the same information you used when registering with FTX EU.
3. Once verified, your balance in euros should appear on your account dashboard.
4. Follow the instructions to withdraw your funds.

Navigating the FTX Bankruptcy Claims Process

For FTX users beyond the EU, the path to recovering funds involves navigating the complex FTX bankruptcy proceedings. FTX will process withdrawals as quickly as possible while maintaining security protocols. You can check the status of your withdrawal request in the Transaction History section of your FTX account dashboard page upon connecting an ERC-20 wallet.If you believe you had pending cryptocurrency withdrawals from your FTX account on or before November 2025, you should have filed a claim in the U.S. bankruptcy proceedings. Transferring assets to a different wallet from your Go Account or off of BitGo s platform is considered a withdrawal. Traded assets cannot be withdrawn until the settlement process has been completed. To check whether traded assets are available for withdrawal: - View your Withdrawable Balance on the Trade screenIt’s crucial to understand the role of the bankruptcy court and the claims process.

Kroll and the Data Security Incident

Kroll Restructuring Administration (Kroll), the claims and noticing agent in the bankruptcy case, experienced a security incident that compromised the personal information of bankruptcy claimants. FTX failed in spectacular fashion when users, worried about the exchange s solvency, began pulling out their money en masse in 2025. The collapse triggered a surge in outflows across other globalThis incident involved cryptocurrency companies, including FTX.It is essential to remain vigilant against potential phishing attempts that might exploit this breach.Be wary of any unsolicited emails requesting personal information or promising expedited withdrawals.

To protect yourself from potential scams related to the Kroll data breach:

• Be skeptical of unsolicited emails or messages.
• Never click on links in suspicious emails.
• Verify the sender's identity before providing any personal information.
• Report any suspected phishing attempts to the appropriate authorities.

Claim Withdrawal Form

If you've previously submitted a claim and need to withdraw it (for example, if you filed a duplicate claim), you can find the Claim Withdrawal Form within the important documents section of the bankruptcy proceedings website.Make sure to follow the instructions carefully to ensure your withdrawal request is processed correctly.

Identifying and Avoiding FTX Withdrawal Scams

The FTX collapse has unfortunately created fertile ground for scammers who prey on the vulnerability of affected users. A wave of phishing emails targeting FTX users has emerged. Scammers are promising instant withdrawals. While the scams may tempt FTX users to click on the link, good news is on the horizon. Amid a surge in phishing emails, FTX users find themselves enticed by the promise of instant asset withdrawals.Numerous reports have surfaced about phishing emails promising instant withdrawals. Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message to staff sent by its CEO Sam Bankman-Fried that was seen by Reuters.These emails often lead to malicious websites designed to steal your credentials or trick you into connecting your wallet to a fraudulent platform.

Recognizing Phishing Attempts

Here are some red flags to watch out for:

• Emails from unfamiliar email addresses or domains.
• Requests to connect your wallet to access funds.
• Promises of instant or guaranteed withdrawals.
• Threats or pressure to act quickly.
• Poor grammar or spelling errors.

Example: Imagine receiving an email claiming to be from ""FTX Recovery Services"" with an urgent message: ""Your FTX funds are now available for immediate withdrawal.Click here to connect your wallet and claim your assets!"" This should immediately raise suspicion, especially if the email address is not a legitimate FTX or bankruptcy-related domain.

Protecting Yourself from Scams

Here are essential steps to take to protect yourself from FTX withdrawal scams:

1. Be highly skeptical of unsolicited emails or messages: Always verify the sender's identity and legitimacy before taking any action.
2. Never click on links in suspicious emails: Manually type the website address into your browser to ensure you're visiting the legitimate site.
3. Do not connect your wallet to unfamiliar websites: Connecting your wallet to a fraudulent platform can result in the loss of your funds.
4. Verify information with official sources: Double-check any information you receive with the official FTX bankruptcy website or other reliable sources.
5. Report any suspected phishing attempts: Reporting scams helps protect others from falling victim to fraud.

Understanding Distribution Service Providers Like BitGo

As part of the bankruptcy proceedings, Distribution Service Providers (DSPs) like BitGo may be involved in distributing recovered funds to creditors.If BitGo is selected as your DSP, you will be redirected to their platform directly from the FTX Customer Portal to complete onboarding requirements.

Onboarding with BitGo

To successfully onboard with BitGo:

• Follow the instructions provided on the BitGo platform.
• Provide the required information, such as a government-issued form of identification.
• If you encounter any issues, contact BitGo directly for assistance.

Contacting BitGo Support

If you have any issues with your BitGo account, you can contact BitGo directly for support. FTX EU Withdrawals Officially Begin, Backpack Prepares Final Steps. The process begins via a special page, where users are asked to complete identity verification or KYC with the same data as when they registered with FTX EU. After passing the verification, the balance in euros immediately appears on the dashboard of each account.Ensure you have your FTX account information readily available to help them assist you efficiently.

Fiat Withdrawals and Associated Fees

Withdrawing fiat currency (like USD or EUR) from FTX (where possible) may incur fees.For example, a $30 wire withdrawal fee might be charged, depending on your financial institution.Always check with your bank or financial institution to understand any potential fees associated with receiving wire transfers.

Withdrawal Timelines and Expectations

Unfortunately, there's no guaranteed timeline for when all FTX users will receive their funds.The bankruptcy proceedings are complex and can take considerable time to resolve.The speed of processing withdrawals also depends on several factors, including the type of account you have, the verification process, and the availability of funds.

Here are some key points to keep in mind regarding withdrawal timelines:

• FTX processes withdrawals as quickly as possible while maintaining security protocols: This means there might be delays as they ensure the integrity of the process.
• Wait until the distributions are made by the FTX Debtors into your account: Patience is crucial during this process.
• Check the status of your withdrawal request in the Transaction History section of your FTX account dashboard: This provides some visibility into the progress of your request.

Impact of FTX's Collapse and Recovery Efforts

The FTX collapse had a profound impact on its customers and the broader cryptocurrency market. Wait until the distributions are made by the FTX Debtors into your account . How do I access BitGo s platform to complete onboarding requirements? You will be redirected to their platform directly from the FTX Customer Portal upon selection of BitGo as your Distribution Service Provider. Who do I contact if I have an issue with my BitGo account?The loss of billions of dollars in user funds eroded trust in the industry and highlighted the importance of regulation and transparency.

Liquidators Returning Recovered Funds

Despite the challenges, there's ongoing effort to recover and return funds to FTX creditors.For example, FTX liquidators are aiming to return 90% of recovered funds to users.This is a testament to the dedication of the legal teams and liquidators involved in the bankruptcy proceedings.

Sam Bankman-Fried's Trial

The trial of Sam Bankman-Fried, the former CEO of FTX, is a critical event in the aftermath of the collapse. Backpack Exchange has said it would officially launch withdrawals for former FTX EU users today. The exchange completed the FTX EU acquisition in January 2025. The firm also launched a KYC page to prepare for the withdrawal.He faces charges related to the alleged misuse of customer funds to finance Alameda Research.The outcome of the trial could have significant implications for the recovery of funds and the future of the cryptocurrency industry.

Monitoring Your Withdrawable Balance

If you were actively trading on FTX before the collapse, it's important to understand how to check the availability of your assets for withdrawal. If you would like to withdraw a claim that has been previously submitted or scheduled, such as when you have filed a duplicate claim, you can find the Claim Withdrawal Form under the Important DocuTraded assets cannot be withdrawn until the settlement process has been completed. FTX s European arm opens withdrawals to customers according to a press release published. Another division of FTX will allow withdrawals. FTX s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in compliance with Cyprus law. The subsidiary was announced in March 2025.To check your withdrawable balance, view the Withdrawable Balance on the Trade screen of your FTX account (if accessible). The firm also launched a KYC page to prepare for the withdrawal. Backpack announced it would distribute about $55 million to users affected by the FTX collapse in 2025. Backpack Exchange announced the launch of the cash-out process for customers who were using FTX EU. The firm said former FTX EU customers could start the withdrawals from May 12This will give you an indication of the funds potentially available for withdrawal.

Key Takeaways and Actionable Advice

The FTX saga is a stark reminder of the risks associated with cryptocurrency investments and the importance of due diligence. Crypto exchange FTX has halted all non-fiat customer withdrawals, an FTX support employee confirmed in the company's official Telegram group Tuesday afternoon. Any transfers besides fiat areHere are some key takeaways and actionable advice for navigating the aftermath and protecting your assets:

• Stay informed: Keep up-to-date with the latest developments in the FTX bankruptcy proceedings.
• Be vigilant against scams: Exercise extreme caution when dealing with unsolicited emails or messages.
• Verify information: Always double-check information with official sources.
• Understand the withdrawal process: Familiarize yourself with the steps required to withdraw your funds, whether through Backpack Exchange, BitGo, or the bankruptcy claims process.
• Be patient: The recovery process can take time, so be prepared for potential delays.

The situation surrounding FTX withdrawals remains complex and evolving.By staying informed, being vigilant, and following the appropriate procedures, you can increase your chances of recovering your assets and protecting yourself from scams.While the road to recovery may be long, understanding your rights and options is a crucial first step.