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Exchange Custody

Exchange custody structure, controls, and failure modes.

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FTX March 31 Payout: What $2.2B Actually Does Not Fix

FTX’s $2.2 billion March 31 payout is real, but it is not an on-chain BUSD repayment and it does not erase the custody failures that caused the collapse.

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Dark technical illustration of the FTX Recovery Trust payout process, showing a $2.2 billion creditor distribution flowing through court-approved channels while highlighting the broken custody segregation and reserve gaps that caused the bankruptcy.

Web3 Fraud Files7 min read

FTX March 31 Payout: What $2.2B Actually Does Not Fix

FTX’s $2.2 billion March 31 payout is real, but it is not an on-chain BUSD repayment and it does not erase the custody failures that caused the collapse.

Marcus Bishop

Mar 29, 2026