A creditor of the now-defunct cryptocurrency exchange FTX has petitioned the Delaware Bankruptcy Court after mistakenly depositing 2,000 Solana (SOL) tokens into his old FTX account nearly a year after the platform collapsed.
The creditor, identified as 31-year-old Lukas Bartusek, made the erroneous deposit in October 2023, long after FTX had ceased operations.
Upon discovering his mistake, Bartusek reached out to FTX’s administrators, only to be informed that a court order was necessary to recover his funds.
The case underscores the difficulties creditors face in retrieving locked assets amid FTX’s ongoing bankruptcy proceedings, as legal restrictions prevent the exchange from returning funds without judicial approval.
Surge in SOL’s Value Complicates Legal Proceedings
At the time of the mistaken deposit, Bartusek’s 2,000 SOL tokens were valued at approximately $63,700.
However, due to a substantial surge in Solana’s price, those same tokens are now worth over $396,000—six times their original value.
The legal filing argues that FTX “knowingly and voluntarily accepted” the deposit, raising concerns about how the bankrupt exchange is handling post-collapse fund inflows.
While Bartusek is eager to recover his assets, FTX’s financial restructuring means that any withdrawals or refunds must go through the bankruptcy court.
The court’s decision in this case could set a precedent for similar claims, adding further legal complexity to the exchange’s repayment process.
Also Read:FTX’s Bankruptcy Plan Takes Effect: What’s Next for Investors and the Crypto Market?
Bankruptcy Restrictions Limit Creditor Fund Recovery
Under U.S. bankruptcy law, companies are typically prohibited from issuing refunds to individual creditors unless approved by a judge.
FTX, now controlled by court-appointed consultants, is managing a structured repayment process to compensate its affected users.
The court has already approved an asset distribution plan, with the first wave of repayments expected to begin later this month.
However, since Bartusek’s deposit occurred after FTX’s official bankruptcy filing, it remains uncertain whether his request will be processed separately or absorbed into the broader creditor repayment plan.
If his claim is rejected, Bartusek may have to wait until FTX’s full repayment schedule is complete, potentially diminishing his chances of recovering the full value of his tokens.
FTX Repayments Begin, But Valuations Remain Controversial
FTX recently announced that it will begin repaying its creditors on February 18, 2025, with an initial payout of $6.5 to $7 billion, a fraction of the $16 billion the exchange owes.
However, a significant concern among creditors is that repayments will be based on cryptocurrency prices from November 2022, when FTX collapsed.
Meanwhile, global creditors from Egypt, Nigeria, Ukraine, China, Russia, and Saudi Arabia are facing additional hurdles due to regulatory challenges, while those receiving fiat payouts via BitGo and Kraken risk 30-40% tax losses.
Bartusek’s case adds another dimension to these repayment concerns, as his mistakenly deposited SOL is now far more valuable. If the court grants him a refund, it could influence how similar cases are handled in the ongoing FTX proceedings.
Also Read: FTX/Alameda Moves $58.7M Worth of Worldcoin ($WLD) to BitGo Escrow As Bankruptcy Payout Begin