Crypto exchange collapses (like FTX and Celsius) leave users scrambling—but there are legal and strategic ways to maximize recovery. First, file a claim immediately (deadlines are strict). Secured creditors (like banks) get paid first, but retail users can still recover partial funds—FTX users may get ~40% back. If your assets were custodial (held by the exchange), recovery depends on bankruptcy proceedings. For non-custodial (DeFi or self-custody), you’re safer. Pro tip: Withdraw funds ASAP at the first sign of trouble (liquidity crunches often precede collapse). Always use cold wallets for long-term holdings—exchanges are the weakest link.
Crypto exchange collapses (like FTX, Celsius, and Voyager) leave users scrambling—but there are ways to maximize recovery. Here’s what you need to know:
1. File Your Claim Immediately
• Most bankruptcies impose strict deadlines (often 60–90 days).
• Submit proof of holdings via the official claims portal (e.g., FTX’s Kroll site)
2. Prioritize Secured vs. Unsecured Claims
• Secured creditors (e.g., lenders with collateral) get paid first.
• Retail users are typically unsecured, recovering cents on the dollar after years.
3. Track the Bankruptcy Process
• Follow court dockets (PACER for U.S. cases) for updates on asset sales (e.g., FTX’s SOL auctions).
• Join creditor committees to influence outcomes.
4. Explore Secondary Markets
• Sell your claim to hedge funds (e.g., Cherokee Acquisition) for 10–30% of value—but get cash faster.
5. Learn the Hard Lessons
• Never leave funds on exchanges—use cold wallets.
• Prefer proof-of-reserves audits (e.g., Kraken, Deribit).
Realistic Recovery: FTX users may get 40–60% back—but it could take 5+ years.
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