Reimbursement Claim For FTX - A Silver Lining in the Cloud
In 2022, FTX collapsed, breaking crypto’s good luck charm. And it was reported that many money-worth FTX tokens had been conned. And it was reported that many money-worth FTX tokens had been conned.
As a result, the company was declared bankrupt, losing 8.9 billion dollars. All this fuss led to FTX’s massive shutdowns worldwide. Not only that, millions of investors withdrew their funds which led to price depreciation for the FTX coin.
Since November 2022, creditors have waited for protection covering their investments, but nothing has happened. There is a new buzz in the crypto town that, finally, after four months, FTX has announced the repayment process will be held soon.
If you’re also a creditor and want to be tagged as a waiver, it’s your time! Get your money back from FTX by filing a claim.
It appears you haven’t verified your claim yet. Submit it before the Bar date. This blog will spotlight the FTX scandal, how to claim a repayment, and other necessary details we have figured out after a day’s research. Keep reading next.
Key Takeaways:
- FTX collapsed due to fraud, losing $8.9B.
- FTX announced the repayment process; users can file claims.
- Payment process initiated for FTX creditors.
- Users file Proof of Claim documents as creditors.
- Claim proof requires bankruptcy case number 22-11068 (JTD).
- FTX users can contact through e-mail or postal mailing.
- Many litigations are ongoing over SBF funding scams.
FTX – The Conspiracy Unfold
The day of 7th November 2022 began with a downbeat for FTX users when they learned that the market collapsed a few hours ago. The assets were a total mess, followed by a cash crunch. BINANCE stepped in to purchase the shares at that time but quit later. On 10th November, BINANCE tweeted;
“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”
Here’s the link to the thread;
At first, users thought it was some glitch, but the truth was something else. The reason for FTX collapse was liquidity decline, including fund manipulation. Many users sued FTX for being caught red-handed in financial misconduct. It also affected the crypto markets as investors started selling the crypto assets for cents.
Meanwhile, the owner Sam Bankman-Fried was allegedly found to have unauthorized use of crypto accounts and involved in fraudulent activities at the FTX trading platform.
In addition, he also faced serious charges against him for bribery allegations involving 40 million USD in China. The CEO of FTX is now in jail for money laundering and bank fraud charges.
Long story short, the third-best crypto exchange went bust after skyrocketing for years. Right now, FTX users and investors are demanding their money back. Things worked well for FTX customers when a Japanese branch of the crypto exchange assured to return the asset in the coming year.
File Your FTX Claim Now!
True! It’s happening as FTX has been asked to refund affected consumers. On 28th March, a Delaware bankruptcy court issued a decree. As per the Chapter 11 bankruptcy case, FTX owes money to its users.
Following the judgment, the payment process was initiated. Claim yourself as a creditor, and FTX will pay you back. They have shared a schedule, including a list of creditors and claim values. So, all you have to do is register to be added to the creditors. See how you can do it.
For A Refund, How Do I Contact Ftx?
It is a vital question since FTX has already contacted the customers to add them to the creditors’ schedule. Anyone who has invested in the FTX is liable to be a creditor. However, check for spam messages if you have not received the email.
Because the FTX webpage will not be operational for a while, alternative access is available at https://restructuring.ra.kroll.com/FTX/EPOC-Index. On the other hand, you can contact FTX through the listed methods:
- E-mailing Method
Users can contact FTX for claims through e-mail. The mailing address of FTX is [email protected] Creditors need to submit their claim form at the respective address. In case, you’re a creditor and not being contacted by FTX, send your details to their e-mail.
- The Mailing Method
To contact FTX, mail them at the address The District of Delaware Bankruptcy Court set up. Hence, send your claim to FTX Trading Ltd. Claims Processing Centerc/o Kroll Restructuring Administration LLC850 3rd Avenue, Suite 412, Brooklyn, NY 11232.
- Electronic Method
The electronic method has not been set up for use so you can check https://ecf.deb.uscourts.gov/cgi-bin/autoFilingClaims.pl
for any creditor claims issues.
Be mind full to prepare all your claim information in hard copy and send it to the listed address.
How Does The FTX Repayment Process Work?
AT FTX, you can file a claim anytime. In the 28th March 2023 judgment, the court did not allocate a deadline for submitting the claims; however, you must not delay it for no good reason. The bar date, a deadline, can be scheduled soon, so claiming now will benefit in the long run.
About repayment, you need to file for Proof of Claim. It is a document listing you as a creditor. Additionally, it includes necessary information about your claims, the amount of debt FTX owes you, and the ranking of your claim. To file a proof of claim, ensure you have complete information regarding your bankruptcy claim. We have compiled a list for you. Have a look.
- An excerpt from the claim
- Basis of the claim
- Supporting documentation
- Debtor’s Info
- Creditors’ Info
- Signature of the creditor
Consequently, start filing the claim proof by looking up the relevant bankruptcy case. For FTX, it will be 22-11068 (JTD). Before putting your information on the claim form, read the instructions carefully.
Conclusion:
And that’s the warp to the FTX money claim. The users now list themselves as creditors if they have money frozen due to bankruptcy cases. The good news is that FTX is working quickly to schedule and contact the creditors. If you have received the email, then fill out the claim form and send it via;
- Electronic Method
- Postal Mailing
- E-Mailing Method
You can choose either method if one is not feasible for you.
Since a lot of litigation is ongoing over SBF funding scams thus, comply well with the court orders to avoid any mishap in the future.