FTX has initiated formal liquidation and will compensate clients in Bitcoin

Indra55

On March 3rd, according to official information, the Joint Official Liquidators (JOL) of FTX Digital Markets Ltd (in formal liquidation) ("FTX Digital") have notified clients and non-client creditors to file proof of claims in the liquidation of FTX Digital through the FTX Digital claims portal website. The Joint Official Liquidators have activated the FTX Digital claims portal website, allowing eligible clients and non-client creditors to submit claims in the liquidation of FTX Digital. Users can view their balances in their FTX accounts (as per the records of the Joint Official Liquidators) on the website and submit electronic claims in the FTX Digital liquidation (referred to as the "Bahamas Proceedings"). Only clients and non-client creditors who submit electronic claims by the specified deadline of May 15, 2024 (the "Claims Deadline") are eligible for distribution in the Bahamas Proceedings (provided that the claim is recognized as eligible for distribution). The FTX Digital claims portal website is managed by PricewaterhouseCoopers on behalf of the Joint Official Liquidators, and the first interim distribution is expected to be made by the end of 2024 or early 2025. The Joint Official Liquidators will provide further information on distributions in due course. According to information from PricewaterhouseCoopers' website, under Bahamian law, there is an obligation to distribute each eligible claim in US dollars, regardless of its size. Currently, the claims pricing on FTX for major crypto assets is BTC $16,871, ETH $1,258, SOL $16.24, and BNB $286.

Iti9

This price is going to be a huge loss for the customers.

Yamini003

With Bitcoin being worth so much now, customers will surely be willing.