FTX wants to pay back the money! What procedures do users need to complete to claim 50,000 magnesium?

The FTX restructuring plan was officially launched on January 3, 2025, with the first distribution of approximately $1.2 billion to convenience claim holders (less than $50,000) to begin in the first quarter.

FTX Digital Markets Ltd. (FTX Bahamas entity) has a cooperation agreement with John Ray in the US-led liquidation and restructuring case. Customers can file claims through the US procedure (Kroll claims website) or the Bahamas procedure (FTX Digital claims website). Regardless of the procedure, the returns will be roughly the same at the same time.

Customers choosing to file claims through the US procedure

FTX users need to complete:

1. KYC (completed by 1/3)
2. W-8 tax form
3. Select a distribution provider, can choose BitGO or Kraken

Creditors confirmed to be in the convenience category as of January 3, 2025 can complete the remaining distribution pre-steps within an additional deadline, which is currently extended to January 20, 2025. Users who have not completed these steps can refer to the detailed step-by-step guide on ABMedia.

Creditors who fail to complete these steps by January 20, 2025 will be deferred to subsequent distribution rounds.

(FTX Claims Distribution Step 8. Select Provider: Important Matters to Note)

Customers choosing to file claims through the Bahamas procedure

Customers choosing to file claims through FTX Digital Markets (Bahamas) also need to complete similar steps, but the distribution provider can only be BitGO. Although the Bahamas process does not have a specified deadline, based on the current official unified document, the final deadline is expected to be February 26, so that the payment process can be initiated in the first quarter as promised by the officials. Customers who want to receive the compensation earlier should complete the process online as soon as possible.

(FTX Digital Markets Customers: Please Complete the Relevant Tax Form)

(FTX Digital Markets Customers: Please Register with BitGo and Complete Payment Instructions)