FTX Official Claims Website Step 9 now displays “Claimable Amount,” including “Principal + Interest.” Preliminary observations indicate that claims below $50,000 should show a recoverable pre-tax claim value of 120.5%.
(Background: Attention! FTX creditors must complete KYC before March 1, otherwise it will be considered a waiver of the claim (with tutorial attached))
(Additional information: FTX will initiate repayments on February 18: Creditors with claims below $50,000 can receive 119% in cash)
FTX Exchange, which declared bankruptcy in 2022, officially announced this week that it will initiate the first repayment on February 18. This repayment will prioritize creditors with claims below $50,000 and will provide an additional compensation of 9.0% annual interest from November 11, 2022, to the initial distribution date.
FTX’s official claim website now displays the repayment amount. Upon logging into the website, Step 9 shows the “Claimable Amount,” including the “Principal + Interest.” Basically, creditors with claims below $50,000 should be able to recover a pre-tax claim value of 120.5%. (Some users in the community have reported not seeing it yet, and according to FTX customer service, if Step 9 is in TBD status, you can refer to the following QA)
FTX: Creditors should receive repayments within 1-3 business days starting from February 18.
Earlier today, FTX’s official announcement stated that eligible creditors should expect to receive repayment distribution within 1 to 3 business days starting from February 18, 2025. FTX has successfully transferred the initial distribution funds to the distribution service providers BitGo and Kraken.
Using the BitGo wallet as an example, the official email has been sent out. After logging into your account, clicking “join wallet” should display the balance waiting to be claimed. notionvc: 0bc08e5b-92c0-489f-bb75-7b8b61210699
notionvc: db4b287d-c954-4442-bc11-19461204336f
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According to BitGo’s official page, it may take up to 2 hours to unlock the funds after claiming them on February 18, which seems to be faster than the official explanation.
KYC must be completed before March 1
FTX also reminds qualified creditors to complete KYC as soon as possible to protect their rights:
The complete KYC process is as follows:
1. Log in to the FTX claims portal (https://claims.ftx.com)
2. Complete the required KYC verification (see the tutorial in the dynamics section for FTX claim application)
3. Submit the required tax forms, including the W-8 BEN form (see the tutorial in the dynamics section for tax form submission)
4. In Step 8, select the service provider, BitGo, or Kraken, for compensation and read the registration instructions for the selected service provider to complete the registration of the BitGo or Kraken account.
Important points to note regarding creditor KYC:
1. KYC deadline:
– Before 4:00 PM Eastern Time on March 1, 2025: KYC submission process must be initiated, otherwise claims will be rejected and deleted.
– Before 4:00 PM Eastern Time on June 1, 2025: All KYC data must be completed, otherwise claims will also be rejected and deleted.
2. Rights of claim transferor: If a claim is transferred before July 13, 2023, the new claim holder can submit KYC data on behalf of the original holder, but it will be subject to sanctions screening.
3. KYC failure: Even if KYC data is submitted before the deadline, the claim may still be rejected if KYC is not passed.
