FTX to Launch Claims Portal for Customers ‘In the Coming Weeks’

Monday, 03/07/2023 | 20:13 GMT by Solomon Oladipupo
  • The bankruptcy court in Delaware in June ordered customers to file 'proofs of claim'.
  • The order exempts customers of FTX EU and Japan.
FTX

The bankrupt cryptocurrency exchange, FTX, has said it will launch a portal “in the coming weeks” for customers owed by the global crypto trading platform, FTX.com and its affiliates to state their claims. The exchange stated this on a website, claims.ftx.com, where the portal will be hosted.

FTX Plans to Repay Customers

On June 28th, John Dorsey of the bankruptcy court in the District of Delaware, United States, ordered that customers of the exchange and its affiliated entities including its sister trading firm, Alameda Research, submit their ‘proofs of claim’ on or before 4 pm EST on September 29, 2023.

These customers include individuals, corporations, joint ventures and trusts, among others, who were owed funds in the form of fiat currency, cryptocurrency or other forms of assets before FTX filed for bankruptcy protection in November.

The order follows a customer bar date motion filed by FTX and its affiliates on June 14, 2023, requesting the court to permit the deadline for customers to file the proofs of claim. The bankrupt exchange also sought the court's permission for the method it intended to employ to obtain the claims.

Following the approval of the order, FTX announced on Twitter that it is working to finalize claims through the portal, the claims.ftx.com website. A message on the website further informs customers they will be updated with the information once available.

“This site will serve as the Debtors’ Customer Claims Portal which will be launched in the coming weeks as a result of recent amendments to the filed schedules. Customers will be notified through email and the official FTX Twitter account when the portal is open,” a message on the website reads.

FTX to Launch Claims Portal for Customers ‘In the Coming Weeks’
The alert message on the claims.ftx.com website.

FTX EU and FTX Japan Are Exempt

Meanwhile, the bankruptcy judge’s court order exempts customers of FTX EU and FTX Japan who have already withdrawn their funds from filing the proofs of claim. On top of that, the order prohibits customers from filing their claims against any of the Founders of FTX and its subsidiaries, including Sam Bankman-Fried, the Founder and former CEO who is facing charges from US prosecutors.

This is even as FTX EU, whose license has been temporarily suspended by the Cyprus Securities and Exchange Commission, recently launched a new website for its customers to request balance withdrawals, Finance Magnates reported. Earlier in the year, FTX Japan’s users withdrew $50 million within a day after the balance withdrawal process resumed.

Bankman-Fried’s crypto empire crumbled in November, which was triggered by a bank run following the revelation that the now-bankrupt FTX.com was using its customers’ assets to prop up Alameda Research.

USD LIBOR ceases; MetaTrader Web Terminals change addresses; read today's news nuggets.

The bankrupt cryptocurrency exchange, FTX, has said it will launch a portal “in the coming weeks” for customers owed by the global crypto trading platform, FTX.com and its affiliates to state their claims. The exchange stated this on a website, claims.ftx.com, where the portal will be hosted.

FTX Plans to Repay Customers

On June 28th, John Dorsey of the bankruptcy court in the District of Delaware, United States, ordered that customers of the exchange and its affiliated entities including its sister trading firm, Alameda Research, submit their ‘proofs of claim’ on or before 4 pm EST on September 29, 2023.

These customers include individuals, corporations, joint ventures and trusts, among others, who were owed funds in the form of fiat currency, cryptocurrency or other forms of assets before FTX filed for bankruptcy protection in November.

The order follows a customer bar date motion filed by FTX and its affiliates on June 14, 2023, requesting the court to permit the deadline for customers to file the proofs of claim. The bankrupt exchange also sought the court's permission for the method it intended to employ to obtain the claims.

Following the approval of the order, FTX announced on Twitter that it is working to finalize claims through the portal, the claims.ftx.com website. A message on the website further informs customers they will be updated with the information once available.

“This site will serve as the Debtors’ Customer Claims Portal which will be launched in the coming weeks as a result of recent amendments to the filed schedules. Customers will be notified through email and the official FTX Twitter account when the portal is open,” a message on the website reads.

FTX to Launch Claims Portal for Customers ‘In the Coming Weeks’
The alert message on the claims.ftx.com website.

FTX EU and FTX Japan Are Exempt

Meanwhile, the bankruptcy judge’s court order exempts customers of FTX EU and FTX Japan who have already withdrawn their funds from filing the proofs of claim. On top of that, the order prohibits customers from filing their claims against any of the Founders of FTX and its subsidiaries, including Sam Bankman-Fried, the Founder and former CEO who is facing charges from US prosecutors.

This is even as FTX EU, whose license has been temporarily suspended by the Cyprus Securities and Exchange Commission, recently launched a new website for its customers to request balance withdrawals, Finance Magnates reported. Earlier in the year, FTX Japan’s users withdrew $50 million within a day after the balance withdrawal process resumed.

Bankman-Fried’s crypto empire crumbled in November, which was triggered by a bank run following the revelation that the now-bankrupt FTX.com was using its customers’ assets to prop up Alameda Research.

USD LIBOR ceases; MetaTrader Web Terminals change addresses; read today's news nuggets.

About the Author: Solomon Oladipupo
Solomon Oladipupo
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About the Author: Solomon Oladipupo
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
  • 1050 Articles
  • 33 Followers

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