From | PWC

Compiled by Jordan, PANews

After a long wait, FTX, in conjunction with the Joint Official Liquidator (JOL) PricewaterhouseCoopers (PwC), has updated the liquidation claim process and announced the launch of the FTX Digital Markets (the primary regulatory and licensing entity of the FTX International platform) claim portal.

According to the disclosed information, FTX will notify eligible clients and non-client creditors to submit proof of debt and other information through the FTX Digital Markets claim portal. Only clients and non-client creditors who submit electronic claims by the specified deadline of May 15, 2024, and have their information recognized, will be eligible for the distribution of liquidation claim funds in the Bahamian process.

FTX Liquidation Claim Timeline

Before exploring how to file for an FTX liquidation claim, let's briefly review the timeline of the event:

• On November 10, 2022, the Securities Commission of The Bahamas filed a winding-up petition against FTX Digital Markets Ltd. with the Commercial Court of the Supreme Court of The Bahamas and suspended its license to operate as a digital asset business on the same day, officially commencing the liquidation process of FTX Digital.
• On November 14, 2022, Kevin Cambridge of PricewaterhouseCoopers Bahamas and Peter Greaves of PricewaterhouseCoopers Hong Kong were appointed as joint provisional liquidators by the Supreme Court of The Bahamas.
• On February 15, 2023, the U.S. Bankruptcy Court for the District of Delaware recognized the Bahamian provisional liquidation as the main proceeding.
• On November 10, 2023, after hearing evidence from representatives of the Securities Commission of The Bahamas, the joint provisional liquidators, and legal representatives of FTX Trading Ltd., the Supreme Court of The Bahamas appointed the joint provisional liquidators as the Joint Official Liquidators ("JOL") and ordered the liquidation of FTX in accordance with the provisions of the International Business Companies (Winding Up Amendment) Act 2011 and the Companies (Winding Up Amendment) Act 1992.
• On March 3, 2024, the FTX claim portal website was officially launched, and eligible clients and non-client creditors must submit proof of debt to apply for a claim by May 15, 2024.

FTX Liquidation Claim Guide

As the Joint Official Liquidator of FTX, PricewaterhouseCoopers has officially launched the FTX Digital Markets claim portal, where eligible clients and non-client creditors can log in to submit relevant information for the claim. The process involves a total of 5 steps, as follows:

1. Account Registration - Create a claim portal account

To file a claim, you first need to create an account on the FTX claim portal, which will allow you to link your FTX account, view your account balance, and submit a liquidation claim. (Note: Users from Australia, Europe, Turkey, or Japan may have a separate process.)

As per FTX's requirements, creating an account requires providing contact information and detailed information (including name, phone number, email address, date of birth, and account opening date, as shown above), as well as the type of claimant (including individual clients, institutional clients, and non-client creditors, as shown below).

It is important to note that individual clients refer to clients filing claims with "FTX.com" or "FTX International" in their own name; institutional clients refer to clients filing claims with "FTX.com" or "FTX International" in the name of a company; non-client creditors refer to trading creditors who provided goods or services to FTX Digital (a small number of employees may fall into this category). The registration information for these three types is different, as shown below:

After successfully providing all the above information, click the "Next" button, and you will see a pop-up window indicating that an email with a "one-time PIN" has been sent, which needs to be entered on the next page (as shown below). If you have not received the email, please check your spam folder, or click "Resend verification email."

2. Register detailed information of creditors and client accounts

To submit a claim, you need to provide additional detailed information to register yourself as a creditor and link your FTX account to the newly created FTX Digital claim portal account. Only after linking the FTX account to the FTX Digital claim portal account can you submit a claim for the FTX account and view the related account balance. You can then choose to accept the balance figure or dispute it, and provide further detailed information to substantiate the claim amount.

After setting up the FTX Digital claim portal account, you can log in at any time using your username and password (as shown above). However, at this point, you will need to receive another email containing a "one-time PIN" each time you log in to the claim portal to ensure the security of the account.

Once logged in, you can proceed to the "Registration of Creditors and Client Account Details" section and enter the following detailed information:

• Step 1: "Current Claimant Information" - Fill in all required fields (name, date of birth, phone number, address, country or region of residence, occupation, nationality, ID number)

  Note: Acceptable/suggested ID numbers include passport, national ID, and/or driver's license numbers, depending on the jurisdiction.

  

• Step 2: Link FTX Account, enter the email address associated with the FTX account. This will link the FTX account to an FTX Digital claim portal account. After entering the email address, a verification code will be sent to the linked email address to verify ownership of these accounts.

Once the FTX account is successfully linked, you will be able to view balance information for review.

3. Balance Acceptance - Accept or dispute the listed balance

After linking the FTX account, you will be guided to the balance page, which details portfolio information and balance data for the relevant accounts, as shown below:

At this point, you can choose to accept or dispute the balance figure and proceed to the following page:

If you have a dispute with the balance (i.e., Dispute Portfolio), you will need to provide more detailed information to substantiate the claim amount:

• Part 1 (as shown below) - Detailed information of clients/non-client, including full name, primary residential address, primary contact phone number, and email address (the email address associated with the FTX account).

• Part 2 - Claim amount (in USD or equivalent), detailed information of the claim amount.

  

• Part 3 - Basis of claim, detailed explanation of the reason for the claim amount, and supporting documents to substantiate the claim funds. Uploaded files support image formats (e.g., jpeg, png), PDF, Word, or Excel (including CSV), but do not accept email uploads (e.g., .msg files). If email correspondence is involved, it must be saved as a PDF file and uploaded.

  

• Part 4 - Acquired/Transferred Claims, if FTX assets were acquired from another party, relevant information must be provided.

  

• Part 5 - Collateral, if there is any collateral related to the claim (i.e., mortgage, pledge, or other security).

Upon completing the above steps, or for users who directly confirm acceptance of the claim amount, you will be directed to the dashboard page, which will confirm the claim amount and require information submission. Once you input your name, identity, contact information, and sign, and choose to submit, the claim information cannot be modified.

4. Identity Verification

The Joint Official Liquidator will conduct Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures to confirm the claimant's legitimate ownership of their account and help prevent fraudulent activities.

As part of the KYC process, clients and non-client creditors need to submit identity information and supporting documents for review. These procedures help confirm the claimant's identity and account, enhancing the security of the FTX Digital claim process. Completion of the KYC process is not the sole factor in determining eligibility for claim payment, as there may be external restrictions on fund distribution in certain jurisdictions.

As this step is handled by the FTX Joint Official Liquidator in the background, claimants do not need to take any action, and will be notified via email once the identity verification is completed.

5. Claim Asset Liquidation Transfer

After completing the above process, the FTX Digital claim will enter the formal adjudication process, and creditors will receive the adjudication results. The first interim dividend distribution is expected to be paid by the end of 2024 or early 2025.

Security Reminder

When submitting relevant information, pay attention to the official website address to prevent phishing and spam fraud. FTX creditors need to verify the authenticity of received email information and the legitimacy of the related emails. If necessary, communication and information confirmation can be done through the email address on the official website.

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