International comparison of crypto-asset exchange bankruptcy proceedings
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This entry sits under exchanges index. Read it against Global CEX top 10 ranking comparison (2025-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.
Overview
This contrasts 6 件+ major crypto-asset exchange / lending-operator bankruptcy cases that occurred in 2014-2026 年 within the frameworks of US Chapter 11 +, Japan’s civil rehabilitation / bankruptcy, and each country’s system. The presence or absence of customer-asset segregation is the single largest factor determining repayment speed, and it is the area where the philosophical differences in institutional design are most strikingly expressed.
Comparison table of the 6 major bankruptcy cases
| Case | Jurisdiction | Filing | Procedure | Repayment speed | Repayment rate |
|---|---|---|---|---|---|
| Mt.Gox | Japan | 2014-02 | Civil rehabilitation → bankruptcy → civil rehabilitation restart | 12 years (started 2024-06 ) | Partial recovery of customer assets + price-surge gains |
| FTX International | US | 2022-11 | Chapter 11 | 3 years (completed 2025-06 100%) | Internal commingling → legal restructuring |
| FTX Japan | Japan | 2022-11 (parent bankrupt but itself sound) | Segregation function | 3 months (immediate 100% return 2023-02 , world’s first) | 100% |
| Celsius Network | US | 2022-07 | Chapter 11 | 2 years (2024-01) | 60-79% (DeFi lending failure) |
| Voyager Digital | US | 2022-07 | Chapter 11 | 2 years (2024-05) | 35-50% (institutional lending exposure) |
| BlockFi | US | 2022-11 | Chapter 11 | 1 years (2023 partial repayment) | Partial repayment after customer-asset freeze |
Institutional factors (repayment-speed differences)
- Customer-asset segregation: mandatory in Japan (trust) > no strict interpretation in the US → Japan achieves early repayment
- Customer-asset commingling: FTX International (Alameda commingling) / Celsius (DeFi-management commingling) → repayment delay
- Presence of outflow: Mt.Gox (massive outflow) = 12 years vs FTX Japan (no outflow) = 3 months
Repayment forms
- JPY immediate: FTX Japan (world’s first)
- BTC physical + JPY choice: Mt.Gox (civil rehabilitation plan)
- New-company shares + cash hybrid: Celsius / FTX International
- Fiat only: BlockFi
Regulatory reflection
Japan orients toward prevention with FSA business-improvement orders + JVCEA self-regulation. The US, by contrast, has a structure that relies on after-the-fact response via Chapter 11 + SEC enforcement. MiCA (EU) introduced a phased CASP bankruptcy-resolution protocol, building a preventive framework across the entire EU bloc. The philosophical difference in institutional design produces entirely different outcomes from the same bankruptcy event.
Related entries
- mtgox-bankruptcy-processing-timeline
- ftx-japan-100pct-return-case-study
- jp-vasp-cold-storage-segregation-rules
- jp-vasp-incident-history
- us-crypto-licensing-multi-layer-system
- global-cex-top10-comparison
- fsa-business-improvement-orders-history
- global-vasp-regulatory-comparison-matrix — global VASP regulatory comparison matrix
- coincheck-nem-hack-detailed-analysis — Coincheck NEM hack detailed analysis
- dmm-bitcoin-lazarus-hack-detailed-analysis — DMM Bitcoin Lazarus hack detailed analysis
Source: US PACER public bankruptcy records, FSA announcements, FTX/Celsius/Voyager official IR, Nikkei/Coindesk reporting
Discovery
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