Bankrupt cryptocurrency exchange FTX has recently made progress with its physical entity in the Bahamas, where customers can now submit proof of claims. However, many FTX users in Taiwan have also received multiple emails from FTX Digital Markets Ltd. (FTX Bahamas entity), causing confusion and even suspicion of fraud among users.
FTX Digital, located in the “Bahamas entity” FTX Digital, has made progress in customer claims and has opened a claims window for mainstream cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
According to Wu Blockchain’s investigation, FTX Digital has set the claims price for BTC at $16,871, ETH at $1,258, SOL at $16.24, and BNB at $286. Ironically, the current market price for BTC has risen to around $62,000, ETH has climbed to $3,400, and BNB is approximately $412.8 at the time of writing. Since the bankruptcy, SOL has particularly surged, rising 700% to $130.
Although news of these claims prices has been circulating for a while, the confirmation from FTX Digital has still stirred up the community’s pain. Many former users expressed their grievances, leaving comments such as “FTX is a thief!”
Recently, most FTX users in Taiwan have received multiple debt claim emails from FTX Digital Markets Ltd. (FTX Bahamas entity), causing the community to suspect them as fraudulent and hesitate to open them. However, these emails are not scams but official liquidation cases being conducted by the Bahamian court and local FTX liquidators, completely independent of the restructuring case led by John Ray in the United States (which readers previously claimed for).
In fact, due to the FTX Group having different entities worldwide, different jurisdictions have the right to sue the FTX Group. These different jurisdictions affect the range of assets that can be recovered by the “FTX Group,” thus affecting the rights of creditors.
The liquidation case of FTX Bahamas entity is a procedure carried out independently by the local court and liquidators. This means that the FTX Group is undergoing a global bankruptcy restructuring process, but the liquidation processes in different jurisdictions may vary. This is why users receive debt claim emails from different FTX entities.
In practice, as customers of FTX.com, if they disagree with the listed amount or forget to submit a claim, they can also file a claim in the Bahamian procedure. The Bahamian procedure welcomes any customer or non-customer creditor who wants to submit proof of claims.
If customers who have already submitted claims in the US procedure wish to transfer to the Bahamian procedure, they need to submit proof of claims to FTX Digital liquidators or choose the corresponding option during the voting process of the US Chapter 11 procedure to express their willingness to join the Bahamian procedure.
If readers do not have any of the above intentions, they can simply ignore the emails. If there are any progress updates, the news will track them as soon as possible.