FTX Vietnam Readies to Pay Back Users — Once Courts Figure How Much

FTX users in Vietnam have reportedly received emails indicating they’ll eventually receive their funds, but exactly how much is anyone’s guess


Felix Mizioznikov/Shutterstock, modified by Blockworks


Failed crypto exchange FTX intends to make Vietnam-based users whole following email notifications reportedly sent out to former users last week.

According to a screenshot of the email, users are receiving a notification because they’ve been “identified as a customer with a net positive account balance,” when the exchange filed for bankruptcy in November, per local media outlet VNExpress.

Users named in the report believe the email to be legitimate with the balances in their accounts considered accurate. The email also informs users any funds distributed would have to be settled by courts. It’s unclear how much will be returned.

FTX was not a major player in Vietnam, though it still left many locals out of pocket. Thousands of local users were caught off guard late when revelations of misappropriating user funds came to light, sending the value of its FTT token plummeting. 

The scandal sent shockwaves across the global crypto community, dragging down the entire market. Initial estimates suggested some $8 billion in user funds were lost.

A potential bid from Binance to acquire FTX fell through, culminating in the latter quickly filing for bankruptcy protection in November. FTX was valued at $32 billion only 10 months earlier.

FTX co-founder Sam Bankman-Fried has pleaded not guilty to several charges involving money laundering, fraud and violating campaign finance laws.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Equities were mixed toward the end of Monday’s session while cryptocurrencies continued their rally


Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend