What to Do If Your Crypto Exchange Shut Down Without Warning

Crypto exchanges shutting down — sometimes without warning — has become one of the most common ways people lose access to their crypto. Whether it's a formal bankruptcy like FTX or Celsius, or a sudden disappearance, the steps you take in the first 48 hours matter.

Step 1: Determine What Actually Happened

Not all exchange outages are the same. Before assuming the worst, check:

• The exchange's official social media accounts (Twitter/X, Telegram)
• The exchange's official website and blog for announcements
• Crypto news sites (CoinDesk, The Block, Decrypt) for coverage
• Reddit communities for the exchange (e.g., r/FTX_Creditors)

Possible explanations ranging from least to most serious: scheduled maintenance, a hack with temporary freeze, regulatory action (exchange suspended by authorities), or insolvency/bankruptcy filing.

Step 2: Preserve Evidence of Your Account and Balances

Immediately capture everything you can:

1. 1Take screenshots of your account balance page, transaction history, and any deposit/withdrawal records while the site is still accessible
2. 2Download your complete transaction history in CSV format if the exchange still allows exports
3. 3Save all emails from the exchange — confirmation emails, deposit receipts, trade confirmations
4. 4Note your exact balances by currency as of the date the exchange went offline

This documentation will be essential if you need to file a bankruptcy claim. The claims process typically requires you to prove your account balance at the time the exchange filed for protection.

Step 3: Check for a Bankruptcy Filing

If a major exchange shuts down, it almost always files for bankruptcy protection within days to weeks. Search for filings at:

• PACER.gov — US federal bankruptcy court records
• The exchange's official website (often redirected to a restructuring administrator)
• Restructuring firm websites (Kroll, Stretto, Epiq) — these firms administer most crypto bankruptcies

Step 4: File Your Proof of Claim

In a bankruptcy proceeding, you must file a proof of claim to receive a distribution. Watch carefully for:

• The claims bar date (deadline to file) — missing this can permanently exclude you from distributions
• Instructions from the court-appointed administrator on how to file
• KYC and tax form requirements, which are typically required separately from the initial claim

What If the Exchange Disappeared Without Filing for Bankruptcy?

Known Exchange Bankruptcies With Active Claims Processes

• FTX — filed November 2022, distributions ongoing (Kroll portal)
• Celsius Network — filed July 2022, distributions ongoing (Stretto/Coinbase)
• BlockFi — filed November 2022, distributions ongoing (Kroll portal)
• Voyager Digital — filed July 2022, distributions largely complete
• Mt. Gox — collapsed 2014, distributions ongoing (Rehabilitation portal)

Frequently Asked Questions About Exchange Shutdowns

What is the difference between an exchange that "shut down" versus one that went bankrupt?

An exchange that simply shut down (ceased operations voluntarily) is different from one that filed for bankruptcy. When an exchange shuts down voluntarily, it should return user funds before closing — if it did not, you may need to pursue civil action or report to regulators. When an exchange files for formal bankruptcy (Chapter 11 or Chapter 7 in the US, or equivalent insolvency proceedings elsewhere), a court-appointed trustee takes control of remaining assets and distributes them to creditors through a structured process. Bankruptcy generally gives creditors more legal protection and a clearer process, though recoveries can be partial or delayed.

How do I find out if my exchange filed for bankruptcy?

Search the exchange's name on PACER (pacer.gov) for US bankruptcy filings, or search news sources for "[exchange name] bankruptcy" or "[exchange name] insolvency." Many major crypto exchange bankruptcies have dedicated claims portals managed by administration firms like Kroll or Stretto. If you held funds on an exchange that went insolvent, check the administrator's website directly (Kroll: kroll.com, Stretto: stretto.com) and search for the case. Our site at cryptoandmoneysearch.com/unclaimed-crypto has direct links to the major exchange claims portals.

Can I get my crypto back if an exchange shut down without filing for bankruptcy?

This is the most difficult scenario. Without a formal insolvency process, there is no automatic legal mechanism to recover funds. Your options include: filing a report with financial regulators (SEC, CFTC in the US, or your country's equivalent), pursuing civil litigation against the exchange operators, joining a class action lawsuit if other affected users are organising one, or reporting to law enforcement if fraud is suspected. Recovery in these cases is uncertain and often takes years. This is why it is generally safer to hold crypto in a self-custodied wallet rather than on an exchange.

What should I do immediately when an exchange stops withdrawals?

The moment an exchange freezes withdrawals, you should: (1) take screenshots of your account balance and all open positions; (2) download any trade history, statements, or account data the exchange still makes available; (3) record all transaction IDs for deposits and withdrawals you made; (4) save all emails from the exchange; (5) check the exchange's official communication channels (Twitter/X, blog, Discord) for any statements about the situation. This documentation will be essential for any future claims process. Do not make any further deposits to the exchange under any circumstances.