Navigating FTX Withdrawals: A Comprehensive Guide for Users

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. If 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. 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. Consider this your go-to resource for understanding your rights and options in the aftermath of the FTX debacle.

Institutional - The first six months of custody are waived for FTX Institutional creditors, after which standard custody fees apply. Clients are responsible for all on-chain transaction fees. For withdrawing fiat: A $30 wire withdrawal fee may be charged, depending on your institution

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. Consequently, FTX halted all non-fiat customer withdrawals, leaving countless users unable to access their assets.

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.

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.

If you were an FTX EU customer and believe you had pending withdrawals of cryptocurrency from your FTX EU account on Novem, then you should have filed a claim in FTX s U.S. bankruptcy proceedings on account of such pending withdrawals.

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. This 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. 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. It’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. This 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. Numerous reports have surfaced about phishing emails promising instant withdrawals. 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. 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. 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. 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. Traded assets cannot be withdrawn until the settlement process has been completed. To check your withdrawable balance, view the Withdrawable Balance on the Trade screen of your FTX account (if accessible). This 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. Here 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.