Why is my claim status Disputed?
Any Claim that is not “Allowed” (as defined in Section 2.1.8 of the Second Amended Joint Chapter 11
Plan [Docket ID 26404, Exhibit A]) and is not subject to a valid and timely Bahamas Opt-In Election
remains a “Disputed Claim”. The FTX Recovery Trust is in the process of reconciling all Claims and certain Disputed Claims may later become Allowed and eligible to receive a Distribution. This may be due to the following reasons (among other things):
- A proof of claim was filed that is still under review and has not yet been reconciled
- Your jurisdiction is still under review and is currently not eligible for distributions
- You received partial distributions from the FTX Australia proceedings and are still under review to reconcile the remaining amount of your claim
- You are a Liquid Global exchange customer and are still under review as recognition proceedings for the chapter 11 plan move forward in Singapore
Who can access Step 9 (Distribution Dashboard) on the FTX Customer Portal?
Step 9 is only available for Class 7A (Dotcom Convenience Class; Claims under $50k) and 7B (U.S
Convenience Class; Claims under $50k) customers. If your claim was traded or you elected into the
Bahamas process, you will not be able to access Step 9. For customers with claims over $50k, this step will be accessible prior to the non-convenience class distribution date (to be announced at a later date).
What are the cut-off dates for the Initial Distribution and who is included?
Initial distributions will only be made to allowed claims that have satisfied pre-distribution requirements by the cut-off dates described below.
In order to be recognized as a holder of an allowed claim in the Plan's Convenience Classes on the initial distribution record date (January 3, 2025), a creditor must meet the requirements under section 2.1.8 of the confirmed Plan. For the avoidance of doubt, this includes the original holder of such claim satisfying the KYC verification requirements by January 3, 2025.
Holders of allowed claims in the Plan’s Convenience Classes on the initial distribution record date
(January 3, 2025) will have until January 20, 2025 to complete the pre-distribution requirements, which include submitting a completed valid tax form (step 7), selecting and successfully onboarding with a distribution service provider (step 8) and passing sanctions screening.
Subject to the terms of the Plan, including but not limited to Sections 7.8 and 7.14, summarized below,
creditors who fail to meet the cut-off dates will not receive a distribution on the initial distribution date.
Please note that the next Pre-Distribution Requirement cut-off date is April 11, 2025
Please be aware that pursuant to section 7.8 of the confirmed Plan, holders of allowed claims in the
Plan’s Convenience Classes may forfeit their right to distributions if pre-distribution requirement are not completed within six months of the initial distribution record date.
Please also be aware that pursuant to section 7.14 of the confirmed Plan, holders of allowed claims in
the Plan’s Convenience Classes may receive a request to complete certain pre-distribution requirements and will be required to do so within the timeframe provided or forfeit their distribution.
I have an existing account at one of the Distribution Service Providers but my jurisdiction on the FTX Customer Portal says it is not available for distributions. Why?
Please visit the General Information on Distribution Service Providers page to get more information.
How is Post-petition Interest (“PPI”) for my Convenience Class Claim calculated?
PPI for Allowed Customer Convenience Class claims is calculated as "interest accrued at the Consensus Rate on Allowed Convenience Claims from the Petition Date through the Initial Distribution Date" per Article 4.2.1(d) for Dotcom Convenience Claims and 4.2.2(c) for U.S.
Convenience Claims in the Order Confirming The Second Amended Joint Chapter 11 Plan
Exhibit A filed by the Debtors on October 08, 2024 [Docket ID 26404].
I’m an FTX EU customer. Why did my balance change on Step 4?
As previously communicated in an email to you under the subject line “Customer Claims
Notice for FTX EU LTD”, it is possible for a customer of FTX EU Ltd (“FTX EU”) to have
claims under both (i) the Plan; and (ii) the process for return of customer funds to be
conducted by FTX EU under applicable Cyprus law (“FTX EU Process”).
Also as previously announced, FTX had entered into an agreement to transfer FTX EU
to a third-party purchaser. Any Fiat Balance amounts due by FTX EU to its customers
will be determined solely by FTX EU following completion of a sale of FTX EU. FTX will
not be responsible for the repayment of any Fiat Balance funds owed by FTX EU to its
former customers and expressly disclaims any responsibility for such repayment by FTX
EU. If you were an FTX EU customer and believe you had pending withdrawals of
cryptocurrency from your FTX EU account on November 11, 2022, then you should
have filed a claim in FTX’s U.S. bankruptcy proceedings, and you may be eligible to
receive distributions from the FTX Recovery Trust pursuant to the U.S. bankruptcy
court-approved plan of reorganization. For such claims, please complete the claim
procedure by selecting ftx.com as your platform provider on the FTX Customer Portal
(https://claims.ftx.com).
In light of the sale of FTX EU, the recently launched Distribution Dashboard on the FTX
Customer Portal (https://claims.ftx.com) under Step 9 only contains claims under the
Plan. Step 4 no longer contains any FTX EU claims, and your Step 4 Balance will match
the Step 9 Claim Amount. For any questions regarding your Plan distribution, please
reach out to support@ftx.com.
What are the cut-off dates for the Next Distribution (Est. May 30th ) and who is included?
Distributions will only be made to allowed claims that have satisfied pre-distribution
requirements by the cut-off dates described below.
In order to be recognized as a holder of an allowed claim as of the next distribution record date
(April 11, 2025), a creditor must meet the requirements under section 2.1.8 of the confirmed
Plan. For the avoidance of doubt, this includes the original holder of such claim satisfying the
KYC verification requirements by April 11, 2025.
Holders of allowed claims on the next distribution will have until the record date (April 11, 2025)
to complete the pre-distribution requirements, which include submitting a completed valid tax
form (step 7), selecting and successfully onboarding with a distribution service provider (step 8)
and passing sanctions screening.
Subject to the terms of the Plan, including but not limited to Sections 7.8 and 7.14, summarized
below, creditors who fail to meet the cut-off dates will not receive a distribution on the next
distribution date. Late completions will receive distributions in the subsequent months.
Please be aware that pursuant to section 7.8 of the confirmed Plan, holders of allowed claims
may forfeit their right to distributions if pre-distribution requirement are not completed within six
months of the next distribution record date.
Please also be aware that pursuant to section 7.14 of the confirmed Plan, holders of allowed
claims may receive a request to complete certain pre-distribution requirements and will be
required to do so within the timeframe provided or forfeit their distribution.