BREAKING: FTX Launches Customer Claims Portal: Global Creditors Can Seek Compensation in Bankruptcy Proceedings

Bankrupt cryptocurrency exchange FTX has recently launched a “Claim portal” for all its affected users. This is an effort from the new FTX management to allow all of its creditors to file official claims and recover their locked funds from the defunct crypto trading platform.

The “Claim portal” of FTX will allow individual clients to access their account information and later file a petition that will be part of the company’s Chapter 11 bankruptcy proceedings. Interestingly, the development comes at a time when more than $7 billion have been recovered by the new management.

Basically, this portal will be for customers having accounts with FTX.com, FTX.us, FTX EU, Blockfolio, FTX JP, and crypto exchange Liquid. Also, the “Claim portal” will be accessible through the claims.ftx.com platform. The user interface of the portal is pretty simple and a one-pager that will allow anyone to navigate the platform easily.

FTX Users Have to Fulfill Crucial Steps for Registering Claims

For now, there is no clarity on how much percentage of claims will be available to each user. However, the development brings some optimism to users who have their funds stuck with FTX after its implosion last year in November 2022.

To register for the claims, users need to fulfill five crucial steps. This includes account information authentication; account information confirmation of balance, submission of electronic proof of claim with the FTX Debtors’ claims and noticing agent (Kroll Restructuring Administration); KYC authentication, as well as account balance review as of November 11. The portal’s instructions read:

“You will be directed to the Kroll Restructuring Administration platform to confirm your balances as of the Petition Date, and, if necessary, submit an electronic proof of claim”.

The implosion of crypto exchange FTX last year spread like a contagion across the broader crypto market impacting both retail and institutional players. It also pushed big crypto lenders like Genesis into bankruptcy.

Rebuilding the FTX Exchange

The newly appointed management under the leadership of John Ray III is working to rebuild the fallen exchange. They have been planning to relaunch the international outfit of the crypto exchange, calling it FTX 2.0. As per the latest reports, FTX has been seeking fresh investments from international investors, in order to get the platform up and running.

Ray’s recent actions have been seen as positive by the crypto community, signaling potential progress in the venture. The recent news of FTX unveiling the “Claims Portal” has given a big push to the price of FTT Token. In the last 24 hours, the FTT token is up by 15.22% and is currently trading at $1.60.