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

article-image

Felix Mizioznikov/Shutterstock, modified by Blockworks

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

RTK networks are critical to enabling a world of ubiquitous autonomous drones, vehicles, and industrial robots. We believe the GEOD token enables both a cost and product advantage for the GEODNET RTK network, which will allow it to out-compete multi-billion dollar incumbents Trimble and Hexagon.

article-image

Bitcoin nears $100k two weeks after CZ tweeted gm. Coincidence?

article-image

Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access

article-image

SOL has climbed more than 2,000% in the past two years

article-image

MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday

article-image

Crypto’s calls are equally as juiced as puts, creating a “smile” in the volatility surface

article-image

Turns out that owning the end-user via a crypto wallet is quite a prosperous business