FTX Official Claims Website Step 9 Now Displays “Claimable Amount” Including “Principal + Interest”. At first glance, it appears that claims below $50,000 should show a recoverable pre-tax claim value of 120.5%.
(Prior Notice: Attention! FTX creditors must complete KYC before 3/1, otherwise it will be deemed as waiving the claim (tutorial attached))
(Background: FTX will initiate repayments on 2/18: Creditors with claims below $50,000 can receive 119% in cash)
FTX exchange, which declared bankruptcy and reorganization in 2022, officially announced this week that the initial repayment will be launched 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 allocation date.
FTX’s website has displayed the repayment amount.
Today (8th), the latest progress is that after logging into the official FTX claims website, step 9 now displays the “claimable amount” including “principal + interest”. In essence, creditors with claims below $50,000 should be able to recover 120.5% of the pre-tax claim value. (Some users in the community have reported that they have not seen it yet. According to FTX customer service, if step 9 is still in the TBD status, you can refer to the following QA)
FTX: Repayment expected to be received within 1-3 business days starting from 2/18
Earlier today, FTX Official X also announced that eligible creditors should expect to receive the repayment distribution within 1 to 3 business days starting from February 18, 2025. FTX has successfully completed the transfer of initial allocation funds to distribution service providers BitGo and Kraken.
Using the BitGo wallet as an example, the official has already sent out emails. After logging into your account, clicking “join wallet” should display the balance to be claimed.
notionvc: 0bc08e5b-92c0-489f-bb75-7b8b61210699
notionvc: db4b287d-c954-4442-bc11-19461204336f
The BitGo official page indicates that it may take up to 2 hours to unlock the funds after starting to claim them on 2/18, seemingly faster than the official explanation.
KYC must be completed before 3/1
FTX also reminds qualified claimants to complete KYC as soon as possible to protect their interests:
The complete steps for KYC are as follows:
1. Log into the FTX claims portal (https://claims.ftx.com).
2. Complete the required KYC verification (please refer to the tutorial in the dynamic area for FTX claims application).
3. Submit the necessary tax forms, including the W-8 BEN form (please refer to the tutorial in the dynamic area for tax filing submission).
4. After selecting the service provider BitGo or Kraken in step 8 to receive compensation, read the registration instructions for the selected service provider and complete the registration for a BitGo or Kraken account.
The following timeline should be noted for creditor KYC:
1. KYC Deadline:
– Before 4:00 PM EST on March 1, 2025: The KYC submission process must be initiated, otherwise the claim will be rejected and deleted.
– Before 4:00 PM EST on June 1, 2025: All KYC data submission must be completed, otherwise the claim will also be rejected and deleted.
2. Rights of claim transferors: 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. Failed KYC: Even if KYC data is submitted before the deadline, if it does not pass KYC, the claim may still be rejected.
