FTX Claims Portal
In November 2022, FTX Trading Ltd. (“FTX”) and its affiliates, including Quoine Pte. Ltd. (“Quoine”), filed for Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the district of Delaware (“Chapter 11 Proceedings”. As part of the Chapter 11 Proceedings, the claims administrator Kroll have sent an email out to all users of services offered by FTX or its affiliates, including the Liquid exchange operated by Quoine, detailing the process for submitting customer claims.
Please see the attached document sharing email contents
As the email explains, customers have until September 29th 2023 to submit a claim to FTX, Quoine, and/or other affiliates..
This email included a unique customer code (Account ID). You will use this as part of the claim process, your unique customer code is your Liquid Account Number
What is the FTX Claims Portal
The FTX Claims Portal (https://claims.ftx.com) is available for customers to be able to view their account balances and transactions before they file a claim. When a user logs in to the FTX Claims Portal, they go through a process which includes verifying their email and their identity (KYC), viewing their balances and transactions, and clicking on a button that securely routes them to the Kroll portal to file their claim. If they need a guide, they can use this support article: https://support.ftx.com/hc/en-us/articles/16738866768788-Filing-a-Customer-Claim. All our support articles are currently in English, but we are looking into having these translated.
What does this mean
FTX Trading Ltd. has an obligation to hear any and all claims that creditors may have. This portal has been set up to make this process more efficient and more accurate by prefilling the user balance at the time of bankruptcy.
The release of this claims portal is to facilitate a standard part of the bankruptcy process, and does not indicate any change to bankruptcy structure.
Why have I received this email
This email was sent to all customers holding an account on Liquid with an account balance as of 11-Nov-2022 at 11:00 EST. Liquid is operated by Quoine, a subsidiary of FTX, and is subject to the Chapter 11 Proceedings. The customer claims process is a court-approved step in the Chapter 11 Proceedings.
What do you need to do
No action is required by users who agree with the balances in the claims schedule.
You can submit a claim that confirms the balances, but this will not change the timeline for settlement. Claims that reject the prefilled balances will be scheduled for a review. This may or may not affect the timeline for settlement.
Log onto the FTX Customer Claims Portal - https://claims.ftx.com/
To start go to the bottom of the page and select Liquid in the Select Platform drop down box then click on the Get Started button(see below).
You log in using your Liquid account credentials - email address, password and 2FA code.
(Please ensure the domain name is claims.ftx.com before entering your credentials)
Customers who would like to view their account information in the Customer Schedules on the Kroll website should refer to the documents published in June.
Completing KYC within the portal
Follow the steps as instructed, you will be asked to verify your identity and provide some personal information, including KYC documents.
The recovery KYC is requested regardless of their KYC status when FTX/Liquid was still in operation.
Here is a link to some helpful hints to complete KYC
Why is my KYC not getting approved?
Individuals that are in the “On Hold” status are in the manual review queue. Given the volume of customers going through the KYC process, we expect this will take some time for the team to manually review the applications and follow-up with the individual customers as needed. The point being, there is nothing for the customer to do when they are “on hold” other then to watch for any reach out by the KYC support team or if their status changes to “documents requested” whereby they will return to the KYC step in the customer portal and can uploaded the required documents.
The customer does not need to wait for the KYC to complete in order to submit a claim, so if they do want to submit a claim they should continue to that step in the portal.
For details on all KYC Status please check out this article - https://help.liquid.com/en/articles/8230809-claims-portal-kyc-status-explained
What Next?
Once you have completed the Account Owner authentication you will be able to confirm the balances on your account.
The balance you will see was snapshotted as of 11-Nov-2022 at 11:00 EST. However, Liquid Global continued to operate for a short time afterwards so the balance reported through the claims portal may be different from your current account balance on Liquid. In this case, please input your current Liquid account balance.
For questions that are more specific to how the claim is filed after they are routed to the Kroll portal, or about the form on the Kroll portal will be routed to the Kroll team for clarification