The bankruptcy estate of the cryptocurrencycurrency exchange FTX, overseen by the Joint Official Liquidators of FTX Digital in the Bahamas, intends to start repaying consumers by the end of 2024.
This process consists of two concurrent procedures: a Chapter 11 bankruptcy in a Delaware court in the United States, and the official liquidation of FTX Digital in the Bahamas due to intricate accounting concerns.
According to the conference notes from March 15, “a shared goal to make the first interim distribution by the end of 2024 to creditors with admitted claims and satisfactory KYC documentation.”
Both entities are working together to guarantee that creditors are treated fairly, allowing them to file claims with either side without obtaining less than what they are owed.
Creditors have been able to submit claims through FTX’s claims portal since March 1, with a deadline originally set for May 15 that is now scheduled to be extended until at least June 2024. The claims will be valued as of November 11, 2022, the original bankruptcy date.
The cooperative approach of Chapter 11 Debtors and Joint Official Liquidators is to promote timely repayments to creditors with admitted claims and sufficient KYC documents.
This development represents progress toward addressing FTX’s financial obligations and provides clarity for creditors seeking reparation.
