Three Steps to Reclaim Your Assets: Expert Tips for Retrieving Funds from FTX Bankruptcy Liquidation

FTX's Joint Official Liquidators (JOL), PricewaterhouseCoopers, has updated the claim process and launched the FTX Digital Markets claims portal. Eligible customers and non-customer creditors must submit proof of claims via this portal by May 15, 2024, to qualify for liquidation claim fund distribution in the Bahamian proceedings.
Account Registration: Claimants need to create an account on the FTX Claims Portal, providing essential details such as contact information and account type.

It should be noted here that individual customers refer to customers who make claims against "FTX.com" or "FTX International" in their own name; institutional customers refer to those who make claims against "FTX.com" or "FTX International" in the name of a company. Customers; non-customer creditors are transaction creditors who provide goods or services to FTX Digital (a small number of employees may fall into this situation). The registration information of these three types is different. For details, please refer to the figure below:

Registering Creditor and Customer Account Details: After creating an account, claimants must register themselves as creditors, linking their FTX accounts to the portal. This step allows them to submit claims and verify account balances.

After setting up the FTX Digital claims portal account, you can log in anytime using your username and password (as shown above). However, at this point, you will need to receive another email containing a 'one-time PIN code.' In fact, each login to the claims website requires obtaining a 'one-time PIN code' via email to ensure account security.

After logging in, you can proceed to the 'Creditor and Client Account Details Registration' section, where you will input 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, Identification Number). Note: Acceptable/recommended identification numbers include passport, national ID card, and/or driver's license number, depending on the jurisdiction.

Step 2: Link FTX Account - Enter the email address associated with your FTX account. At this point, your FTX account will be linked to an FTX Digital claims portal account. After entering the email address, a verification code will be sent to the email address linked to confirm ownership of these accounts

After successfully linking your FTX account, you will be able to view balance information for audit purpose


Balance Acceptance: Upon linking accounts, claimants can review their balances. They have the option to accept or dispute the listed balances, providing further details if needed.

At the bottom right corner of the page, select 'Accept' or 'Dispute' the balance amount, and proceed to the following page:

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


Part 2 - Claim Amount (in USD or equivalent), where detailed information regarding the claimed amount needs to be entered

Part 3 - Basis of Claim, where detailed reasons for the claimed amount need to be provided. Additionally, please attach relevant supporting documents to substantiate the claimed 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 is involved, please save as a PDF file and upload.

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

Part 5 - Collateral, where any collateral related to the claim must be disclosed (i.e., mortgages, pledges, or other collateral).

After completing the above steps, or if the user directly confirms acceptance of the claimed amount, they will proceed to the dashboard page. The dashboard will confirm the claimed amount and prompt for submission of information. Once the user inputs their name, identity, contact details, and signature, and selects submit, the claim information will be finalized and cannot be modified.

Submitting Identity Information: Customers and non-customer creditors must undergo Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures, submitting identity information and supporting documents for verification.
Entering Claims Procedure: After completing the verification process, FTX Digital initiates formal adjudication proceedings, with creditors receiving adjudication results. The first interim dividend distribution is anticipated by late 2024 or early 2025.

FTX liquidation claims provide affected users with a pathway to address exchange-related issues and offer a fair compensation mechanism

1.Protecting User Rights: Liquidation claims enable affected users to file claims to resolve losses incurred due to exchange-related issues. This mechanism helps safeguard users' rights and ensures they receive appropriate compensation.
2.Restoring Trust: By actively addressing users' claim issues, FTX can restore users' trust and confidence in the exchange. This contributes to maintaining the exchange's reputation and attracting more users and investors to participate in trading.
3.Increasing Transparency: The initiation of liquidation claims process enhances the transparency of the exchange. Users can clearly understand the progress of claim processing and supervise the fairness and reasonableness of the entire process.
4.Building Positive Community Relations: Actively addressing users' claim issues helps build good relations between the exchange and its users. This relationship is based on mutual trust and respect, conducive to the exchange's future development and growth.
5.Maintaining Market Stability: By resolving users' claim issues, the exchange can help maintain market stability. This helps prevent market turmoil caused by user losses and promotes the healthy development of the entire digital asset market.