Recently, the now-bankrupt crypto exchange FTX unveiled its new debt recovery portal dedicated to creditors around the world, who will now be able to submit their requests regarding the issue of funds recovery.
Below are all the details.
Summary
Crypto news: everything you need to know about the new FTX debt collection portal
As anticipated above, the failed crypto trading platform FTX recently launched a dedicated portal for debt collection for its customers.
Specifically, this new tool allows individual customers to access their account information and file a petition that will be included in the company’s Chapter 11 bankruptcy process, as noted on the website.
The portal is open to customers who had accounts on FTX.com, FTX.us, Blockfolio, FTX EU, FTX JP, and the Liquid cryptocurrency exchange platform. In addition, we learn that a US court recently ruled that customers must file their claims by 29 September.
The portal instructions also state the following:
“You will be directed to the Kroll Restructuring Administration platform to confirm your balances as of the date of the petition and, if necessary, submit electronic proof of the claim.”
Although it is not yet clear what percentages will be allocated to each user, this initiative has brought renewed optimism among those who had their assets locked on the exchange at the time of its bankruptcy last November.
The credit registration process involves five crucial checks that must be met.
These steps include: authenticating account information, confirming the account balance and, if necessary, sending an electronic proof of claim to the Kroll Restructuring Administration (FTX) notification and debtors agent, KYC authentication, and reviewing the account balance as of 11 November.
As we have observed, the implosion of FTX has had a significant impact on both retail and institutional investors, causing consequences that have also led to the failure of some investment managers such as Genesis.
Hence, it is presumed that this move will provide much needed help to many and will follow other initiatives taken by the company’s Japanese subsidiary.
Campaign finance investigation involves former FTX executive Salame
Federal prosecutors are currently investigating the finances of Ryan Salame, a former FTX executive, and Michelle Bond, a former congressional candidate.
According to a report in the Wall Street Journal on 11 July, the investigation focuses on possible violations of federal campaign finance laws during Bond’s run in the GOP primary in New York’s 1st Congressional District in 2022.
Specifically, authorities are looking into whether Salame and Bond illegally committed violations of federal limits on campaign contributions, specifically regarding money given by Salame to Bond and loans made to his campaign.
Salame’s name has also surfaced as part of the case against FTX founder Sam Bankman-Fried, who has been charged with alleged theft of funds from FTX clients, campaign finance fraud and other charges.
However, Salami has not currently been charged with anything in connection with the FTX arrest. Both Bond and Salame representatives declined to comment on the investigation.
The investigation gained momentum back in April, when a search was conducted at their Maryland residence and their cell phones were seized.
Bond, former CEO of the Association for Digital Asset Markets and a consultant for FTX, entered the 2022 GOP primary race late. Despite major support from Republicans, her campaign was unsuccessful.
Nevertheless, her campaign financing is what has drawn attention, with SEC documents showing nearly $660,000 in contributions, including large amounts from Salame and personal funds.
Brief focus on the price of FTT
According to some forecasts, the price of FTT, FTX’s native token, could rise 9.29% in the next 5 days. The FTT token is currently trading at about $1.42, up 3.33% in the past 24 hours.
In fact, it has outperformed the overall performance of the cryptocurrency market, which has risen 2.57% in the same period. FTT also achieved a 2.57% gain over BTC, the world’s leading cryptocurrency.
According to some data, FTT is estimated to reach $1.55 by 16 July 2023, corresponding to an increase of 9.29% in the next 5 days. Moreover, recently, the FTX token has shown a positive trend, with a gain of 72.51% in the past 30 days.
In the medium term, FTT has seen an increase of 4.18% in the past 3 months. However, in the long term, the FTX token has had a 1% negative price change in the past year, currently trading at $25.41.
The highest price reached by the FTX token was $84.09 on 9 September 2021. Currently, the high of the FTT cycle is $2.45, while the low of the cycle is $0.773385.
It is important to monitor market sentiment for FTT, key support and resistance levels, along with other metrics. However, it is critical to keep in mind that cryptocurrency markets are unpredictable and subject to significant price volatility.
