tl;dr
FTX Digital Markets, a subsidiary of bankrupt FTX, is taking steps to reimburse customer funds locked on the exchange since November 2022. The company has invited customers and creditors to submit their details and claims, with plans to use a claims portal for electronic submissions. Efforts to retu...
FTX Digital Markets, a subsidiary of bankrupt FTX, is taking steps to reimburse customer funds locked on the exchange since November 2022. The company has invited customers and creditors to submit their details and claims, with plans to use a claims portal for electronic submissions.
In a recent update, FTX Digital Markets, a Bahamian subsidiary of the bankrupt FTX, has invited customers and creditors to submit a claim in their estate. The current move is a step towards reimbursing customer funds locked on the exchange since its fall in November 2022.
According to the update, the company asked its customers and creditors to submit their primary contact details through the claims portal. These creditors who submit their details will soon receive an electronic portal link where they will be able to enter their electronic claims.
FTX and its subsidiaries have been endeavoring for a long time to return the customer funds. Following the court’s permission to liquidate FTX’s $873 million trust assets, the firm started putting effort into framing reimbursement plans.
On December 19, 2023, FTX Digital Markets won a landmark settlement with FTX Trading Ltd. The deal placed FTX Digital Markets as the operational lead in the Bahamas to maximize recoveries for customers and creditors.
On August 2023, FTX announced the launch of a draft creditor-repayment plan intended to initiate repayments. In addition, the platform has also hinted at FTX’s efforts to reboot it as FTX.com for international customers.
However, in a later development, the company dropped its plans to relaunch FTX to completely concentrate on repayment programs. FTX attorney Andy Dietderich pointed out the company’s failure to find adequate funds and capital to invest in the rebooting program, which led to its abandonment.
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