Research entry · Not admitted

FTX Collapse Recovery

This is a research-stage projection. It is not admitted. Source attribution does not establish independent corroboration. Inspect

Research dossier, timeline and source context. The original research material remains available for inspection.

**FTX collapse**

Temporal bounds

Core collapse: November 2022. Investigation/enforcement: 2022–2026. Bankruptcy recovery/distributions: 2022–2026 and ongoing.

Questions in the research record

C-1 — Four large numbers that are not the same measurement · question / dispute
C-2 — 105% bankruptcy recovery ≠ 105% economic recovery of original crypto · question / dispute
C-3 — More than 100% is not mysterious once interest denominator is exposed · question / dispute
C-4 — Later asset appreciation/recovery ≠ no fraud · question / dispute
C-5 — "FTX was insolvent" needs a defined sense and date · question / dispute
C-6 — Petition-date valuation is a legal/administrative valuation object · question / dispute
C-7 — The estate's later recoveries are not necessarily the customers' original assets · question / dispute
C-8 — "All customers were repaid" is procedurally false as a blanket statement · question / dispute
C-9 — Class percentages differ · question / dispute
C-10 — Complaint allegation vs consent judgment vs criminal verdict · question / dispute
C-11 — FTT is not treated like ordinary customer crypto claims · question / dispute
C-12 — 118%, 119%, 120%, 105% are not contradictory if time/class is preserved · question / dispute

Not established on this record

Boundary

"Customer balance" is not the same object as "Allowed Claim."

semantic trap / refusal

Boundary

A digital-asset quantity is not the same object as its bankruptcy USD claim value.

semantic trap / refusal

Boundary

"105% recovery" is not "105% of the current value of the crypto customers held."

semantic trap / refusal

Boundary

"Paid back in crypto" is not the U.S. Recovery Trust distribution model.

semantic trap / refusal

Boundary

"FTX customers got 105%" is overbroad.

semantic trap / refusal

Boundary

"$8.7 billion" has multiple appearances in the record with different meanings.

semantic trap / refusal

Boundary

"$12.7 billion judgment" is not a measurement of customer-account shortfall.

semantic trap / refusal

Boundary

"$11 billion forfeiture" is not a bankruptcy customer-loss statistic.

semantic trap / refusal

Boundary

"$14.7–$16.5 billion available for distribution" is not what FTX held for customers at collapse.

semantic trap / refusal

Boundary

"Insolvent" and "unable to meet withdrawals" should not be casually treated as identical balance-sheet propositions.

semantic trap / refusal

Boundary

Later asset appreciation/recovery does not retroactively negate fraud.

semantic trap / refusal

Boundary

SEC/CFTC complaints ≠ criminal jury verdicts.

semantic trap / refusal

Boundary

CFTC consent judgment ≠ criminal conviction.

semantic trap / refusal

Boundary

FTX Debtors' investigative report ≠ independent regulator or judicial finding.

semantic trap / refusal

Boundary

Plan confirmation ≠ every claim allowed.

semantic trap / refusal

Boundary

A distribution announcement ≠ proof that every eligible claimant actually received funds.

semantic trap / refusal

Boundary

FTX.com / FTX US / FTX Digital Markets / FTX EU are different legal/process entities.

semantic trap / refusal

Boundary

FTT treatment is exceptional.

semantic trap / refusal

Record provenance

research_artifact: {"pack_id":"demo-corpus-twelve","artifact_slug":"ftx-collapse-recovery-demo-corpus-dossier-v0-1","artifact_sha256":"9b40ef13312870602ea77efa79b4dd2cddf032156804dc7e602c285466634441","source_href":"/research/demo-corpus-twelve/ftx-collapse-recovery-demo-corpus-dossier-v0-1","source_kind":"dossier"}

Projection axes

Postureresearch

Source kindresearch_template

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Record identifier: research:demo-corpus-twelve:ftx-collapse-recovery-demo-corpus-dossier-v0-1
Posture: research
Source kind: research_template
Lifecycle: not recorded
Source footprint: not supplied to this presentation
Capture associations: not evaluated here
Unresolved capture identity: not evaluated here
Truth: not a finding of this renderer
Authenticity: not inferred from source or capture presence
Research profile: Demo Corpus
Artifact kind: dossier
Source candidates: 20

CHECK is inspection, not a truth badge. Source presence ≠ support; capture association ≠ authenticity; rendering ≠ admission.

FTX Collapse Recovery

Temporal bounds

Questions in the research record

Not established on this record

Read with sources

Selected sources (20)