Just yesterday, the popular cryptocurrency exchange FTX rolled out a claims portal for its users, offering them a chance to submit claims amidst the ongoing restructuring proceedings. But, almost as quickly as it was rolled out, the portal went offline just an hour later, leading to confusion and dissatisfaction among users who were attempting to use the portal to their advantage.
FTX’s customer claims portal was designed to allow users, who held accounts with FTX, FTX.US, Blockfolio, FTX EU, FTX Japan, and Liquid, the opportunity to lodge their claims. Users were allowed to access their account information and see balances as of November 11, 2022, the day the renowned cryptocurrency exchange filed for bankruptcy in the U.S. Nonetheless, users were only given until September 29 to broker their claims, leaving less than adequate time for many.
But the sudden disappearance of the portal doesn’t mean that customers’ options are now limited. Users are able to file a proof of claim through Kroll’s online customer form and even via U.S. mail. Still, the company also did not give a reason as to why the portal was taken down right after being launched. Unfolding alongside this is the criminal trial of former FTX CEO Sam Bankman-Fried for allegations of fraud, currently slated to commence in October.
The more cynical spectators might wonder if the speedy pull-back of the portal correlates with FTX’s bankruptcy proceedings in the District of Delaware, while the more trusting might just put it down to technical issues or glitches. Either way, the introductory launch of the portal signaled an intention to address user concerns and facilitate a smoother process that customers deserve amid the restructuring.
Even as this issue unfolds, it’s interesting to note that the recent crypto market trends, which include a third straight week of positive digital asset inflows, seem far detached from the upheaval at FTX. CoinShares reported that Bitcoin funds alone recorded a hefty inflow of $136 million, a signal of dominance that isn’t reflective of the turmoil at FTX. For now, though, interested eyes remain on FTX’s next move, whether it will be the re-launch of the portal or another step towards restructuring.
Source: Cointelegraph
