Getting funds out of FTX could take years or even decades: Lawyers

Getting funds out of FTX could take years or even decades: Lawyers


While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take “decades.”

The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11.

Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia said it will be an “enormous exercise” in the liquidation process to “realize” the crypto assets then work out how to distribute the funds, with the process potentially taking years, if not “decades.”

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This is due to the complexities that come with cross-border insolvency issues and competing jurisdictions, he said.

Earel said unfortunately FTX users are in the queue with everyone else including other creditors, investors and venture capital

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