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Associated tags: FTX, OTC, Cryptocurrency, United States bankruptcy court

Locations: BAHAMAS, BRITISH COLUMBIA, CANADA, CALIFORNIA, NEW YORK, NORWAY, FLORIDA, US, SINGAPORE, ASIA, EUROPE, ITALY, BAHRAIN, SAUDI ARABIA, AUSTRALIA, , LATIN AMERICA, UNITED STATES, CYPRUS, DELAWARE, KROLL

FTX Debtors and FTX Digital Markets (Bahamas) Announce Global Settlement

Retrieved on: 
Tuesday, December 19, 2023

WILMINGTON, Del., Dec. 19, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (together, the "FTX Debtors") announced today that they have reached a global settlement with Brian C. Simms KC, Peter Greaves and Kevin Cambridge, the Joint Official Liquidators (the "JOLs") on behalf of FTX Digital Markets Ltd. ("FTX Digital Markets"), the wholly-owned subsidiary of the Debtors that is subject to a liquidation proceeding in The Bahamas.  The settlement is reflected in a Global Settlement Agreement, signed by the parties today.  The Global Settlement Agreement is subject to the approval of the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") and the Supreme Court of the Bahamas Court (the "Bahamas Court" and, together with the Bankruptcy Court, the "Courts"), which approvals the parties have agreed to seek promptly.

Key Points: 
  • FTX.com) and its affiliated debtors (together, the "FTX Debtors") announced today that they have reached a global settlement with Brian C. Simms KC, Peter Greaves and Kevin Cambridge, the Joint Official Liquidators (the "JOLs") on behalf of FTX Digital Markets Ltd. ("FTX Digital Markets"), the wholly-owned subsidiary of the Debtors that is subject to a liquidation proceeding in The Bahamas.
  • customer preferences will be reconciled in a jointly-administered process, pursuant to which the FTX Debtors and FTX Digital Markets will apply a consensual preference policy informed by the settlement announced by the FTX Debtors on October 16, 2023.
  • The FTX Debtors and FTX Digital Markets currently anticipate that eligible FTX.com customers will be able to make this election either in response to Chapter 11 plan ballots distributed by the FTX Debtors or a separate proof of debt form filed in FTX Digital Markets' liquidation proceeding.
  • The Global Settlement Agreement also includes important agreements between the FTX Debtors and FTX Digital Markets with respect to the monetization of the assets of the FTX group and inter-estate funding.

FTX Debtors Launch Online Claims Portal for Customers

Retrieved on: 
Thursday, July 13, 2023

WILMINGTON, Del., July 13, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced the launch of the online customer claims portal for customers. The portal can be accessed at https://claims.ftx.com.

Key Points: 
  • FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced the launch of the online customer claims portal for customers.
  • The FTX Debtors have begun noticing all known customers on a rolling basis over the coming weeks via email and, for those for whom the FTX Debtors only have a physical mailing address, via mail.
  • Notices will include instructions for how customers can submit proofs of claims, including accessing the customer claims portal.
  • The FTX Debtors encourage customers to submit claims via the claims portal and note that there may be a processing delay for any claims that are submitted by mail.

FTX Debtors Receive Court Approval for Customer Bar Date of September 29, 2023

Retrieved on: 
Wednesday, June 28, 2023

WILMINGTON, Del., June 28, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced that the U.S. Bankruptcy Court has set the "Customer Bar Date" for September 29, 2023 at 4:00 p.m. Eastern Time.

Key Points: 
  • FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced that the U.S. Bankruptcy Court has set the "Customer Bar Date" for September 29, 2023 at 4:00 p.m. Eastern Time.
  • John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, said: "The establishment of the Customer Bar Date is an important milestone in the Chapter 11 cases.
  • We look forward to launching our customer claims portal and continuing our efforts to maximize recovery for our creditors."
  • To streamline the claims process for customers, the FTX Debtors are finalizing an online claims portal at https://claims.ftx.com .

FTX Debtors Release Second Investigative Report

Retrieved on: 
Monday, June 26, 2023

WILMINGTON, Del., June 26, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (together, the "FTX Debtors"), today announced the release of their second report, which details the commingling and misuse of customer deposits at FTX.com by FTX Group's previous management team (the "Report"). The Report is based on the FTX Debtors' ongoing analysis to trace and recover assets and maximize recoveries for stakeholders. As part of the Report, the FTX Debtors noted that the FTX.com exchange owed customers approximately $8.7 billion as of the petition date. This work was undertaken by the FTX Debtors through a team of legal, restructuring, forensic accounting, asset tracing and recovery, blockchain analytics, and other experts.

Key Points: 
  • FTX.com) and its affiliated debtors (together, the "FTX Debtors"), today announced the release of their second report, which details the commingling and misuse of customer deposits at FTX.com by FTX Group's previous management team (the "Report").
  • The Report is based on the FTX Debtors' ongoing analysis to trace and recover assets and maximize recoveries for stakeholders.
  • As part of the Report, the FTX Debtors noted that the FTX.com exchange owed customers approximately $8.7 billion as of the petition date.
  • The FTX Debtors previously released first report identified and discussed control failures by FTX Group's previous management team in critical areas, including management and governance, finance and accounting, digital asset management, information security and cybersecurity.

FTX Debtors Release Report on FTX Group's Control Failures

Retrieved on: 
Sunday, April 9, 2023

WILMINGTON, Del., April 9, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors") today announced the release of their first report, which identifies and discusses control failures by FTX Group's previous management team in critical areas, including management and governance, finance and accounting, digital asset management, information security and cybersecurity (the "Report"). The Report is based on the Debtors' review of terabytes of electronic data and communications, more than one million documents, and interviews conducted with 19 former FTX Group employees, among other information. This work was undertaken by the Debtors through a team of legal, restructuring, forensic accounting, cybersecurity, computer engineering, cryptography, blockchain and other experts.

Key Points: 
  • FTX.com), and its affiliated debtors (together, the "FTX Debtors") today announced the release of their first report, which identifies and discusses control failures by FTX Group's previous management team in critical areas, including management and governance, finance and accounting, digital asset management, information security and cybersecurity (the "Report").
  • The Report is based on the Debtors' review of terabytes of electronic data and communications, more than one million documents, and interviews conducted with 19 former FTX Group employees, among other information.
  • This work was undertaken by the Debtors through a team of legal, restructuring, forensic accounting, cybersecurity, computer engineering, cryptography, blockchain and other experts.
  • FTX Group was tightly controlled by a small group of individuals who falsely claimed to manage FTX Group responsibly, but in fact showed little interest in instituting oversight or implementing an appropriate control framework.

FTX EU LTD (Cyprus) Commences Process for Return of Segregated Funds Pursuant to Cyprus Law

Retrieved on: 
Friday, March 31, 2023

LIMASSOL, Cyprus, March 31, 2023 /PRNewswire/ -- FTX EU LTD (formerly K-DNA Financial Services LTD) today announced that it has initiated processes to allow customers of FTX EU LTD to request final balances in advance of withdrawal of fiat currency funds remaining in segregated client accounts of FTX EU LTD.

Key Points: 
  • Each customer of FTX EU LTD is also being informed via e-mail to such customer's e-mail address as reflected in customer records.
  • Withdrawals will be available only to customers of FTX EU LTD who opened their accounts through FTX.com/eu(i.e., after March 7, 2022).
  • The scheduled claim information does not reflect the actual net balance of FTX EU LTD customer accounts.
  • The Cyprus Securities and Exchange Commission has suspended its license and ordered FTX EU LTD to return funds to its customers who request withdrawals.

FTX Debtors Share Summary Presentation of the Filed Schedules and SOFAs

Retrieved on: 
Friday, March 17, 2023

WILMINGTON, Del., March 17, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors") today announced that they provided the Official Committee of Unsecured Creditors with a presentation summarizing the filed Schedules and SOFAs. The presentation will be filed on the docket in the Chapter 11 cases today.

Key Points: 
  • FTX.com), and its affiliated debtors (together, the "FTX Debtors") today announced that they provided the Official Committee of Unsecured Creditors with a presentation summarizing the filed Schedules and SOFAs.
  • This is the third in a series of presentations that the FTX Debtors have prepared for the benefit of all stakeholders.
  • The FTX Debtors are providing this presentation as a helpful and informative way to assist stakeholders in their review  of the voluminous information contained in the filed Schedules and SOFAs.
  • The information contained in the presentation is disclaimed by the Global Notes accompanying the Schedules and SOFAs.

FTX Debtors File Lawsuit Against Grayscale Investments, LLC and its CEO and Owners

Retrieved on: 
Monday, March 6, 2023

WILMINGTON, Del., March 6, 2023 /PRNewswire/ -- FTX Trading Ltd. and its affiliated debtors (together, the "FTX Debtors") today announced that one of their debtor affiliates, Alameda Research Ltd., filed a lawsuit against Grayscale Investments, LLC ("Grayscale") in the Court of Chancery in the State of Delaware. The FTX Debtors also asserted claims against Grayscale's CEO, Michael Sonnenshein, and its owners, Digital Currency Group and Barry Silbert.

Key Points: 
  • WILMINGTON, Del., March 6, 2023 /PRNewswire/ -- FTX Trading Ltd. and its affiliated debtors (together, the "FTX Debtors") today announced that one of their debtor affiliates, Alameda Research Ltd., filed a lawsuit against Grayscale Investments, LLC ("Grayscale") in the Court of Chancery in the State of Delaware.
  • The FTX Debtors also asserted claims against Grayscale's CEO, Michael Sonnenshein, and its owners, Digital Currency Group and Barry Silbert.
  • The FTX Debtors are seeking injunctive relief to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts (the "Trusts") and realize over a quarter billion dollars in asset value for the FTX Debtors' customers and creditors.
  • If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors' shares would be worth at least $550 million, approximately 90% more than the current value of the FTX Debtors' shares today.

FTX Debtors Publish Second Presentation for Stakeholders

Retrieved on: 
Thursday, March 2, 2023

WILMINGTON, Del., March 2, 2023 /PRNewswire/ -- FTX Trading Ltd. and its affiliated debtors (together, the "FTX Debtors") announced that they met with the Official Committee of Unsecured Creditors (the "UCC") in their chapter 11 cases this morning and shared a presentation that will be filed on the docket in the chapter 11 cases today.  The presentation describes for the first time publicly the magnitude of the shortfalls discovered in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges.

Key Points: 
  • "This is the second in what the FTX Debtors anticipate will be a series of presentations as we continue to uncover the facts of this situation," said John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors.
  • The presentation describes the steps taken by the FTX Debtors to identify and inventory the wallets associated with the FTX.com and FTX.US exchanges.
  • The presentation updates the information concerning the total amount of "liquid assets" at the FTX Debtors and their debtor and non-debtor subsidiaries disclosed on January 17, 2023.
  • The FTX Debtors believe the transparency provided through these presentations is important for stakeholders and the public, and to ensure that all stakeholders have roughly contemporaneous access to the preliminary information as it develops.

FTX Debtors Send Messages to Recipients of Avoidable Donations

Retrieved on: 
Sunday, February 5, 2023

WILMINGTON, Del., Feb. 5, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced the FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors (collectively, the "FTX Contributors"). These recipients are requested to return such funds to the FTX Debtors by February 28, 2023.

Key Points: 
  • FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced the FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors (collectively, the "FTX Contributors").
  • These recipients are requested to return such funds to the FTX Debtors by February 28, 2023.
  • The messages follow the December 19, 2022, announcement by the FTX Debtors that they have established arrangements for such recipients to return funds voluntarily by contacting ( [email protected] ).
  • Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX Contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.