Source: PWC
Original Compilation: Jordan, PANews
After a long wait, FTX, in conjunction with the Joint Official Liquidator (JOL) PricewaterhouseCoopers (PwC), has updated the liquidation claims process and announced the launch of the FTX Digital Markets (the primary regulatory and licensing entity of the FTX international platform) claims portal.
According to the disclosed information, FTX will notify eligible clients and non-client creditors to submit proof of claims and other information through the FTX Digital Markets claims 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 FTX liquidation claims, 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 Bahamas and suspended its license to operate as a digital asset business. On the same day, the liquidation process of FTX Digital was officially initiated.
On November 14, 2022, Kevin Cambridge of PwC Bahamas and Peter Greaves of PwC 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 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 claims portal website was officially launched, and eligible clients and non-client creditors must submit proof of claims to apply for liquidation claims by May 15, 2024.
FTX Liquidation Claim Guide
As the Joint Official Liquidator of FTX, PwC has now officially launched the FTX Digital Markets claims portal, where eligible clients and non-client creditors can log in to submit relevant information for claims. The process involves a total of 5 steps, as follows:
1. Account Registration - Create a Claims Portal Account
To submit a claim, you first need to create an account on the FTX claims portal. After creating an account, you can link your FTX account, view your account balance, and submit a liquidation claim. (Note: Users from Australia, Europe, Turkey, or Japan may have separate processes.)
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 who file claims with "FTX.com" or "FTX International" in their own name; institutional clients refer to clients who file 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 in the image below:
After successfully completing 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, check your spam folder, or click "Resend Verification Email."
2. Register Creditor and Client Account Details
To submit a claim, you need to provide additional details to register as a creditor and link your FTX account to the newly created FTX Digital claims portal account. Only after linking the FTX account to the FTX Digital claims 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 details to substantiate the claim amount.
After setting up the FTX Digital claims 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 claims website to ensure the security of the account.
Once logged in, you can proceed to the "Register Creditor and Client Account Details" section and enter the following details:
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 of the FTX account, which will link the FTX account to an FTX Digital claims 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 successfully linked to the FTX account, 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 the balance data of related 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 the client/non-client, including full name, primary residential address, primary contact phone number, and email address (the email address linked to the FTX account).
* Part 2 - Claim amount (in USD or equivalent), detailed information of the claim amount.
* Part 3 - Basis of the claim, detailed explanation of the reasons 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 format files). If email is involved, it must be saved as a PDF file and uploaded.
* Part 4 - Acquisition/Transfer of the claim, if the FTX assets were purchased from another party, relevant information must be specified.
* Part 5 - Collateral, if holding any collateral related to the claim (i.e., mortgage, pledge, or other collateral).
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 selection of information for submission. Once the name, identity, contact information, and signature are entered and submitted, 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 claims process. Completion of the KYC process is not the sole factor in determining the eligibility for claim payment, as there may be external restrictions on the distribution of funds in certain jurisdictions.
As this step is operated 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 the above process is completed, the FTX Digital claims 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 email fraud. FTX creditors need to verify the authenticity of the received email information and the legitimacy of the related emails. If necessary, communication can be conducted through the email address on the official website, and the information can be confirmed.
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