FTX’s Designated Liquidator Urges Creditors to Submit Electronic Claims by May 15, 2024:
The designated liquidator for FTX Digital Markets Limited has issued an urgent call to all creditors, requesting them to submit their claims electronically through the PwC-managed portal by May 15, 2024. This initiative aims to streamline the claims process and enable the first round of interim distributions between the end of 2024 and the beginning of 2025.
Combining Assets for Coordinated Distribution:
FTX Digital Markets Limited, the primary regulated and licensed arm of the FTX International Platform, plays a crucial role in this operation. In an unexpected turn of events, FTX Digital Markets and FTX Trading Ltd., along with related creditors undergoing Chapter 11 proceedings, have agreed to combine their assets. This agreement ensures a coordinated approach to distributing the assets, guaranteeing comparable returns and closely aligned distribution timelines for FTX.com customers involved in both legal proceedings.
Fair and Equal Distributions:
Under Bahamian law, all distributions must be made based on each valid claim, regardless of its size. This approach ensures a fair and equal process for handling all cases. The FTX Digital Claims Portal has been designed to facilitate an easy Website user experience, allowing claimants to check their account balances, submit claim Website contact forms contact, and transfer claims for potential investors or buyers.
Overseeing the Liquidation Process:
Following FTX’s bankruptcy filing, various key professionals were appointed to oversee the orderly winding down of FTX Digital’s operations. These appointments marked the beginning of a meticulous process aimed at safeguarding the interests of all stakeholders involved. The recognition of FTX Digital’s provisional liquidation by the U.S. Court as a foreign main proceeding is essential for implementing a coordinated approach across jurisdictions.
FTX Digital’s Unique Situation:
It is important to acknowledge that FTX Digital’s situation differs from other FTX entities in the US, which have also filed for Chapter 11 bankruptcy. Stay informed as this situation develops and continue to actively participate in the claim submission process within the stipulated timeframe.
