Bittime - Good news for FTX users and creditors! According to the latest meeting notes, bankruptcy company FTX, plans to start returning funds to creditors before the end of 2024.
Double Bankruptcy Process
FTX's bankruptcy case is divided into two separate proceedings running in parallel. First, Chapter 11 Debtors bankruptcy filed in Delaware court, United States. Second, the official liquidation of FTX Digital in the Bahamas, namely the Joint Official Liquidators. These two entities agreed to work together to ensure creditors receive proper returns.
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Claim Mechanism for Creditors
Creditors can submit their claims through the FTX claims portal. The deadline for submitting claims was initially set at 15 May 2024. However, based on the notes of the latest meeting held on 15 March 2024, the deadline is expected to be extended at least until June 2024 due to the latest developments.
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Initial Distribution in Late 2024
Both parties, both Chapter 11 Debtors and Joint Official Liquidators, have the same goal of making the first interim distribution at the end of 2024 to creditors with accepted claims and adequate KYC documents.
The claim submission process itself has started on March 1 2024 when the FTX claims portal officially opened. The value of creditor claims, both in the Bahamas and Chapter 11, will be calculated based on November 11, 2022, which is the initial date of FTX's bankruptcy filing.
Even though FTX's bankruptcy process is complicated, the plan to return funds to creditors before the end of 2024 is good news for creditors. The extension of the deadline for submitting claims also provides wider opportunities for creditors to assert their rights. Stay tuned to the latest developments regarding FTX's bankruptcy process for more information.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Sam Bankman-Fried: Profile, Biography, FTX, and His Arrest
FTX Bankruptcy: New Hope for Creditors, Claim Value Soars 93%
Sam Bankman-Fried's Fate, Wavering Between Leniency and Crypto Scandal
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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