In the past few days, due to the news regarding the FTX non-payment motion in restricted regions, major creditor institutions have halted all purchases of Chinese debts. Furthermore, some institutions have spread negative news to incite panic in the market, aiming to significantly reduce the prices of Chinese debts for acquisition (by as much as 25%-30%). This looting strategy is even more contemptible than the official asset confiscation by FTX!
After our efforts over the past two days, we will still purchase Chinese debts at normal creditor quotes. Currently, for 5A creditors (over 50,000 US

🚨FTX Major News Notification:
FTX has applied to the court for approval to implement a new "Restricted Handling Procedure" in 49 restricted allocation countries/regions (including China).
For these countries, FTX will hire local qualified lawyers to provide legal opinions.
• If the lawyer confirms that payment can be made legally → then payment can be issued normally.
• If the lawyer believes that legal compensation cannot be paid or has not provided a clear opinion → initiate the "restricted procedure."
For example, simply take China as an example:
If FTX cannot obtain legal opinions on legi

🚨FTX plans to add a third claims distributor: Payoneer
Unfortunately, Payoneer still does not support distribution in China.
If Chinese creditors want to sell their claims in advance or face difficulties in selling claims, or if claims are rejected, they can contact me for professional legal support. I will do everything possible to help you resolve it ~
Remember to find me:

FTX Bahamas Claims Process:
KYC for Bahama Chinese accounts has started to be reviewed and approved successively.
Check if the status of the "Identity Verification" step has changed from blue to yellow.
Review in order of submission time, and according to the official website, all reviews will be completed before July 1.
If not passed, it may be due to the second KYC submission being too late or the documents being unqualified. Please check the latest notifications in the procedure or your email.
#FTX索赔 #FTX compensation #FTX claims

FTX creditor distribution update on May 30:
*US
STEP9 "Dispute" changes to "Allow", displaying allocation amount/ratio
7A=120.5%( replenish one-time allocation ), 5A=72.5%( first round allocation )
The China KYC bond account is still "TBD" and cannot participate in the allocation.
*Bahamas
Approved 7A accounts are allocated a one-time distribution of 120.5% (including 20.5% interest), while 5A has not yet started, excluding Chinese debt.
*Assignment of Claims:

Latest Summary of FTX Bankruptcy:
1. Approximately 392,000 FTX creditors have not completed the KYC verification process, meaning nearly $2.5 billion in claims have been rejected and removed, with claims over $50,000 totaling about $1.9 billion and claims under $50,000 accounting for about $655 million.
Reminder! The final deadline for KYC verification is June 1st, and later claims will be permanently cleared.
2. Bahamas Claim Process: The KYC verification process has been gradually completed and the "Payment Instruction Submission" step has begun. Users who have not yet completed KYC should p

🚨#FTX Important Reminder on Debt Claims
The deadline for KYC verification of FTX creditor accounts is June 1st, otherwise claims will be cleared, this is the last chance!
FTX's largest trading channel for Chinese creditors, fill out the form to make an appointment:
Claims on Bahamian debt can only be sold after the official complete claims process has been confirmed.

#FTX #FTXClaims #FTXCreditors
Currently, FTX Bahamas claims process is still reviewing KYC submissions, and some accounts have already received an “Identity Verification Successful” email notification.
For creditors who are anxiously waiting, please note that PwC still needs a bit more time to finalize the whole Bahamas process.
So what’s next for Bahamas process?
Check here👇
Real-time updates on the Bahamas claims process:

👋🏻 Goodbye~
Melbourne

🚨#FTX Claims Latest Solution
Due to FTX Chinese creditors currently being outside the eligible distribution areas, they are temporarily unable to receive compensation, causing a large number of FTX Chinese creditors to fall into anxiety, and there is a high degree of uncertainty and a lengthy, cumbersome process for the authorities to resolve the issue of compliant distributors.
Coincidentally, not long ago, the creditor agency completely stopped collecting Chinese debts, which put Chinese creditors in a passive position. During this time, many creditors continuously sent private messages see

🚨The 3AC liquidators successfully applied to the bankruptcy court to amend the amount of FTX's claim from $120 million to $1.53 billion. 3AC is a general unsecured creditor, and this increase in claims will reduce the loss ratio of other creditors!
3AC accused FTX of shrinking its $1.53 billion assets in FTX into $120 million in debt through a series of illegal operations:
✅ Biased payments: FTX prioritizes liquidation of 3AC assets before bankruptcy to the detriment of other creditors
✅ Unjust enrichment: Preemptive liquidation profits, resulting in damage to 3AC
✅ Breach of contract: Breach

FTX will hold two "fee hearings" in the Delaware bankruptcy court on 3.13 and 4.17
Deciding the compensation of debtors' teams, lawyers, advisors, and other relevant individuals/businesses, which are ultimately paid by the creditors' assets.
Recently, FTX Chief Executive Officer John J. Ray III applied for a $41.1 million bonus
Ironically, due to his outstanding work, creditors from 163 countries are currently unable to receive compensation.
#FTX #FTX Debt