In a major development, FTX is back on track with its customer claims portal. This move commenced after user accounts, compromised in August through a cybersecurity breach, had been duly safeguarded. The exchange emphatically pointed out this lockdown was merely a safety mechanism, and some sweeping additional security measures are now in place to protect user interests.
Account holders hailing from the now non-operational crypto exchange can easily venture into the claims process for their digital assets held before the platform’s bankruptcy declaration in November 2022. As the portal opens its virtual gates, folks with credentials at FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid can revive their claims process and claim damages for losses suffered.
One of the unfortunate turn of events was back in August when Kroll, the third-party agent managing creditor claims for FTX’s bankruptcy, unveiled a “SIM swapping” attack that permitted a cyber threat actor to meddle with files comprising the personal data of bankruptcy claimants related to FTX, BlockFi, and Genesis. To contain the fallout, Kroll instantly froze the afflicted user accounts. Nonetheless, FTX was quick to assure that neither were passwords nor KYC data linked with FTX jeopardized.
FTX has given its clientele until September 29 to file a proof of claim with Kroll. Regardless of the relative uncertainty about the possible recovery magnitude creditors might realize, the judge responsible for FTX’s bankruptcy case endorsed the estate’s plan to kick off the liquidation of its digital assets recently.
In a shock turn of events, a recent court submission disclosed by FTX showed a staggering 36,075 customer claims. These filed claims amount to an appalling $16 billion, levied on both the primary exchange and the US arm, with 10% already agreed upon. 2,300 non-customer claims – a sizeable $65 billion in aggregate – include submissions from Celsius, Voyager, and Genesis.
FTX reports securing $1.5 billion in cash, apart from holding $1.1 billion as of November 11, when it declared bankruptcy. Additionally, the company has in its possession around $7 billion in assets, which incorporates over $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC). An additional $3.4 billion is held in the form of various cryptocurrencies, including over 1,300 lesser-known tokens, for example, MAPS and Serum (SRM).
Ultimately, sparks are flying as Justin Sun, founder of the Tron Network, throws in his hat in the ring to bid for FTX’s assets, supposedly to minimize the potential market dip and to trigger sector growth.
Source: Cryptonews
