FTX claim tutorial: pay attention to the deadline! Website 6 steps & document application tutorial!

FTX Claims Background: FTX Post-Crisis Claims Options

FTX filed for bankruptcy in November 2022, and at that time it was announced that there would be a bankruptcy reorganization plan. After more than half a year, FTX's creditor claims website was officially launched. The claim process is slightly complicated because it involves identity and capital certification issues, but you only need to follow the following instructions.

FTX claim deadline: September 29, 2023, Eastern Time

FTX claims website is online (updated on July 13)

The FTX claims declaration website https://claims.ftx.com/welcome was launched on June 15th and will be officially launched on July 13th.

Users can use their original FTX, Apple or Google account to log in to FTX's claims system and submit an application.

There are six steps in total, let Biyan guide you step by step to apply for a claim! Let’s get back what we lost together

FTX claims website cannot log in problem (updated on July 21)

Some readers said that they may be unable to log in during the 2FA authentication process. At present, this needs to be solved by FTX's website administrator, who can notify FTX of the relevant situation.

FTX submits draft restructuring plan (updated on August 1)

On August 1, FTX published a draft reorganization plan, a total of 80 pages of documents. In this draft, the debtors present a preliminary plan for how they will resolve their existing liabilities and distribute their assets. This draft also raises a number of unresolved issues that will need to be further addressed in future discussions. The following is Biyan’s summary of the restructuring draft:

1. Preliminary structure of the global settlement: This structure is a rough framework for how to deal with the asset ownership issues of FTX.com and FTX US exchanges, and how to allocate FTX.com customers, FTX US customers, and other assets. Including asset valuation, asset ownership and determination of recovery pools, etc.

2. FTT claims and FTX equity are reset to zero: The document mentions that since FTT has the characteristics of equity, FTT claims (ie Section 510(b) FTT Claims) will not be calculated . This also includes equity in FTX, as the company's liabilities exceed its assets and therefore there are no assets left to distribute to shareholders.

3. Restart of overseas exchanges: FTX may restart an overseas exchange, however the specific situation will depend on the customer's choice.

Here, "Section 510(b) FTT Claims" refers to claims related to FTT (FTX's native token) and of an equity nature. Because FTTs are considered to be of an equity nature, claims under Section 510(b) of these FTTs must be downgraded in the event of bankruptcy.

In other words, these FTT claims that are equity in nature will rank behind other general unsecured claims in the priority of debt settlement. Therefore, in this reorganization plan, the claims of these FTTs will be reset to zero, which means that they will not be able to obtain any compensation from the reorganized company.

However, it is important to note that this document is only a draft and is intended primarily to provide a preliminary plan for resolving debts and distributing assets. It itself has no actual legal effect until it is approved by the bankruptcy court and creditors.

At this stage, the draft may be revised based on feedback and the outcome of negotiations. Only when the revised plan is approved and officially becomes a reorganization plan will it have actual legal effect and be legally binding on debtors and creditors.

So while this draft provides an overview of how the debtor intends to resolve the matter, it may be subject to change in future proceedings.

FTX claims platform can be reused (updated on September 18)

The FTX team tweeted on September 17, 2023, saying : The previous Kroll security incident has been handled to a certain stage, and affected claimants can now log in to the website normally .

FTX claims tutorial

Part 1: Start re-authentication account

The FTX claim application can be roughly divided into two parts. The first part requires activating the account holder's identity and completing the authentication.

FTX claim process STEP 1: Start account holder authentication

1. Enter the FTX claim application website and select the platform below to log in. Among them, "FTX.Com" and "Blockfolio - FTX.com" are the largest. Click "Start" according to your personal needs to proceed to the next step.

1. Then enter " the account and password you used to log in to FTX at the time ". The login methods include email, Google account and Apple account.

1. The user will then be asked to enter 2FA verification, and after submission, they will enter the email verification.

1. If users delete 2FA and are unable to log in, they can go to the upper right corner of the website homepage, click "Customer Service Support", and then click " Submit Request " in the upper right corner to fill in the situation where they deleted 2FA verification and cannot log in. (Users with 2FA verification can ignore this step)
   Or go to the official " 2FA Troubleshooting " page for assistance.

FTX claim process STEP 2: Verify the identity of the original FTX account holder

1. For email verification, click "Confirm Email" in the middle, and the system will send a confirmation email to your mailbox. If you do not receive the email, remember to search your spam box.

1. Find the verification letter and click "Confirm your email" to complete the mailbox verification.

FTX claim process STEP 3: Complete FTX claim KYC

FTX claim KYC is a process that must be completed. If you want to claim, you must provide complete personal information.

1. Click "Begineing KYC Process"

1. After checking the box and agreeing, click "Next" to proceed to the next step.

1. Fill in nationality and work information

1. Upload photos of the front and back of the document. Choose between "Passport" and "ID Card". This article uses "ID Card" as an example. You can also use your mobile phone to upload photos for this step.

1. After uploading the ID card photo, the next step is to take a photo for real-person verification. First, the face is kept still within the frame, and then the head is turned to allow the camera to take multi-angle shots for verification.

1. Upload documents within the past three months for relevant address verification. KYC is completed after the documents are submitted!

Acceptable files include:

• bank statement

• utility bill

• Internet fee/TV channel 4 fee/local phone bill

• tax return application form

• Municipal tax bill (this document is not available in Taiwan/Hong Kong)

• Certificate of residence issued by the government

Unacceptable files contain:

• screenshot

• cell phone bill

• Medical expenses

• shopping receipt

• Insurance

Remark:

• Chinese address documents can still be applied for, and address proof can also be obtained through ID cards and driver's licenses.

• When opening multiple accounts on the same browser (such as FTX and FTX Blockfolio), it may happen that you submit a proof of claim and then be connected to the same account. This can be done by clearing the browser cookies or by using incognito This can be solved by opening a new web page and logging in again.

FTX claim process STEP 4: Check account balance

1. After completing KYC, you will jump to "View Account Balance" to view the previous fund status in FTX. Click on the upper right corner to switch to sub-accounts for viewing.

FTX claim process STEP 5: Submit electronic proof of claim

1. Click "Submit Claim Proof". It is worth noting that the account balance calculation time is 2022/11/11, which means it must be submitted before 2023/09/29.

FTX Proof/Claim Tutorial
Part 2, form filling tutorial

After completing all the above procedures, you can complete filling out the form.

This process will be slightly complicated, but it is extremely important. It must be completed patiently, especially the information must not be filled in incorrectly.

Tutorial on filling out the FTX claim form , one
View Scheduled Claim

First, we will automatically bring in the information in the "FTX Details" system. After confirming that your account information is correct, click "Next" to go to the next step.

Tutorial on filling out the FTX claim form, Part 2
Scheduled Claim Information: Confirm claim amount

After entering, we select "FTX Trading Ltd. (d/b/a "FTX") (Case No. 22-11068)"

Scroll down the webpage to confirm the claimed assets. The website divides the assets within the platform into

• Fiat fiat currency

• Loaned Fiat loan fiat currency

• Asserted Crypto crypto assets

• NFTs

You can see that there is a question below each asset class: "Do you want to add any other ___ not previously listed?"

Meaning do you have assets that are not listed on the website? It can be compared with the account asset balance in STEP 4. If the amount and tokens are confirmed to be safe, we can just check "NO" here.
In addition, in the Fiat field "Do you agree with the Scheduled Quantity?", confirm that the quantity is correct and check "Yes".

In addition, many people on Asserted Crypto have reported that many tokens are not listed. We can check "Yes" in "Do you want to add any coin not previously listed?" to add tokens and their quantities. We can go back to "FTX Claim Process STEP 4: Check Account Balance" Copy the token balance on the page to the table.

The last question "Customer Claims related to any Other Activity on the FTX Exchanges" asks you if you have any other trading activities other than the above seven asset classes. Logically speaking, we should check "no", but many creditors said "If you choose no, you will not receive follow-up emails", so we check "Yes"
Continue to fill out more documents.

Tutorial on filling out FTX claim form, three
File a Proof of Claim: Confirm creditor’s name and email address

Fill in the English name on the passport and the email address registered for FTX

Tutorial on filling in FTX claim form, four
EPOC Agreement, Instructions: Statement instructions, just agree

EPOC Agreement: Click Agree
Instructions: Click "Check here to see further instructions on completing your claim form:"

Tutorial on filling out FTX claim form, five
Claim Information: Claim information confirmation

The required information is as follows:

• Is it a personal account?

• Passport English name filling

• Fill in the English address to receive notices from creditors. You can use the address transfer service to English.

• Is the address you filled in abroad? Check "YES" and fill in the country

Tutorial on filling out FTX claim form, 6
Additional Claim Information: Confirmation of additional claim information

• Have you ever participated in Blockfolio? Answer according to your own situation

• Have you participated in FTX’s other claims plans? Here we check "No"

Tutorial on filling out FTX claim form, 7
E-Sign: Sign claim documents

Individual users select "I am the creditor." and enter the English name on the passport below, remember to first "first name" and then "surname"
Continue to fill in the English address, city, contact number and email address.

Tutorial on filling out FTX claim form, eight
Attachments: additional documentary evidence

If you do not need to submit relevant documentation, just select "I do not have supporting documentation"

Tutorial on filling out FTX claim form, nine
Submission Information: Task completed, waiting for the letter!

Click "Submit" to submit the application and complete!

You will receive a PDF file from "noreply.efiling@ra.kroll" in your inbox and you will be able to view your claim on the website using your ID in the coming weeks.

Complete the FTX claim application: receive the letter and wait for next steps

After completing all the above procedures, the author immediately received a PDF file sent by noreply.efiling@ra.kroll, which also contained the ID number. Readers were also reminded again that the proof of claim must be submitted before 2023/09/29, so let’s Let’s wait for the good news!

Conclusion: FTX claim registration, the first step to restart repayment hope

Not only is the good news about the launch of the claims registration website, but it is also reported that FTX has recovered more than 7.3 billion US dollars, accounting for 60% of the total liabilities, and news of restarting or selling is frequently heard.

It has been more than half a year since FTX filed for bankruptcy, and FTX’s liquidation team has been working hard to recover various funds.

For example, U.S. lawmakers turned over FTX donations at the direction of the Department of Justice. It also sued the former management to recover FTX stock, and sued the shareholders of the acquired company Embed Financial to seek to recover funds.

Additionally, they sold derivatives exchange LedgerX for approximately $50 million.

However, FTX still faces huge financial challenges. On the one hand, the Internal Revenue Service (IRS) requires FTX to pay up to $44 billion in taxes, an amount that far exceeds the funds recovered so far.

The legal-related service fees required by FTX are also quite expensive. In the first quarter of this year alone, FTX paid US$103 million for this.

In addition, the current resurrection plan of FTX is just speculation. Even if it is really restarted, there are still big questions about whether it can attract a large amount of capital investment, benefit distribution, and whether it can regain the trust of users under the shadow of FTX's bankruptcy, so let us continue to pay attention.

Source: FTX Victim Group News Channel

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