The U.S. Bankruptcy Court for the District of Delaware has set a date for the bankrupt crypto exchange FTX's former customers seeking to recover their funds from the collapsed platform. The firm said users will have time until Sept. 29 to submit their claims against FTX and its affiliated companies, including Alameda Research. Former clients must also vote on the Chapter 11 restructuring plan by the specified deadline. - Each user will receive an email containing a link to the Customer Claims Portal, where they can submit their claims.
- The creditors must specify the asset type, such as cryptocurrency, fiat currency, or NFT, and claim it in a U.S. dollar (USD)-denominated amount.
- FTX's European and Japanese arms were excluded from the list of debtors eligible for the claims since they maintain separate accounts.
- A recent report from FTX's new management pointed out that the firm recovered around $7B in liquid assets so far and owed its customers $8.7B.
FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the 130 entities under the roof of FTX Group. - The downfall followed the claims that the former CEO Sam Bankman-Fried (SBF) used customer funds in FTX to compensate for losses at Alameda Research.
- Most recently, the firm's new CEO and chief restructuring officer, John J. Ray III, said they started talks with investors about a potential relaunch of the exchange.
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