FTX Opens Inquiry Gate For Creditors, FTT Price Volatile

Key Points:

• Bankruptcy crypto exchange FTX has announced a portal that allows users with cash to file claims.
• Those who wish to claim assets on the exchange must provide the required evidence to prove ownership of the assets on the platform.
• The price of FTT is up 15% in the last 24 hours, currently delivering at $1.6.

After a long wait, the FTX exchange has announced an electronic portal that allows users with money to file for property claims.

Sam Bankman-Fried’s bankrupt cryptocurrency exchange has officially launched its customer claims portal. According to the website information, individual customers can access their account information and then submit an application to be included in the crypto exchange’s Chapter 11 bankruptcy proceedings. The site will be open to customers with accounts at FTX.com, FTX US, Blockfolio, FTX EU, FTX JP and Liquid.

A screenshot of the website shows that the person who wants to claim assets on FTX must provide evidence to prove that they own money on the exchange, including:

• Account holder identification information and identity verification;
• Information about transaction history;
• Verify account balance by submitting proof to FTX takeover – with balance as of 09:00 PM on 11/11/2022 (when this exchange announced bankruptcy).

According to information from users, the website seems to be limited in the geographical area that can be accessed or is overloaded, so there is an access error condition.

Previously, the exchange had planned to open a website for users to provide information proving their possession of money on the exchange, with the intention of launching on July 3 and 4. However, the exchange suddenly reversed the above decision and did not provide a specific time anymore.

Faced with the news that the portal requires the asset to be opened, the FTT native token once skyrocketed from $1.43 to $1.79 and is now at $1.60, up 15% in the last 24 hours.

The exchange also issued a warning to users about fraudulent links and noted that the deadline for customers to file complaints has been set at 4 p.m. ET on September 29, 2023. No preference is given based on when the request was submitted and the request must be submitted by the deadline.

Last month, a US court said this exchange’s customers had until September 29 to file lawsuits. The deadline for calculating a customer’s account balance is November 11, 2022.

In the past time, there have been many signals showing that FTX is about to reopen the trading platform under a new name, just waiting for a unit to take charge of this activity. FTX Japan, which is an almost stable branch during the bankruptcy process of the head office, has also stopped selling plans to try to reopen. This branch in Japan has refunded 80% of users’ funds.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.