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:
- 1Take screenshots of your account balance page, transaction history, and any deposit/withdrawal records while the site is still accessible
- 2Download your complete transaction history in CSV format if the exchange still allows exports
- 3Save all emails from the exchange — confirmation emails, deposit receipts, trade confirmations
- 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
If an exchange files for bankruptcy under US law (Chapter 11 or Chapter 15), your claim is legally protected. A court oversees the process, an independent trustee manages assets, and creditors receive distributions in order of priority. This is far better than an exchange that simply disappears.
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?
If the exchange simply went offline with no announcement, no bankruptcy filing, and no official communication, you may be dealing with an exit scam or a poorly run unregulated platform. Your legal options are limited but not zero: you can report to financial regulators (SEC, CFTC, FCA, ASIC depending on jurisdiction), file a police report, and consult a crypto litigation attorney. Recovery in these cases is rare but has occurred through coordinated creditor action.
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)
Crypto Claims Centre
Full guides to every major crypto exchange bankruptcy claim process.
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