Former FTX customers, along with Alameda Research and associated companies, have received notification that they have a deadline of September 29 to submit their claims against the bankruptcy estate. In addition, regulatory authorities have permitted them to participate in the voting process for the Chapter 11 restructuring plan. This development holds substantial implications for the cryptocurrency exchange sector.
According to the Bankruptcy Court for the District of Delaware, each claimant must specify the asset type (cryptocurrency, fiat, or NFT) and express their claim in US dollars. Every former customer will get an email with a link to the Customer Claims Portal to help with the process. By accessing the provided link, you can obtain the list of debtor companies that have the right to make claims.
JUST IN: 🚨 Bankrupt #FTX begins process to relaunch the exchange, WSJ reports.
— Walletor (@walletorapp) June 29, 2023
The list does not include FTX organizations in Europe and Japan. They maintain segregated accounts due to Japan’s strict regulations after the Mt. Gox incident. For FTX users, Japan was a beneficial jurisdiction since Japanese clients in particular benefited from the protection of third-party custodians.
FTX CEO John Ray III revealed in a recent report that the exchange has a staggering $8.7 billion debt to its clients. Approximately $7 billion has been recovered in the form of marketable assets. The outcome of the claims and restructuring process will shape the regulatory environment and future of cryptocurrency exchanges. It holds significant implications for the industry’s development.