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.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 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

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens