FTX Activates Customer Information Request Screen - COINTURK NEWS
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FTX Activates Customer Information Request Screen

10:10 pm (147 days ago)
July 11, 2023

FTX, which defrauded its customers and went bankrupt using their funds, has activated the customer information request screen. FTX’s collapse, which marked the last quarter of last year, caused massive losses for cryptocurrencies. FTX, the world’s second-largest cryptocurrency exchange in terms of volume, continues its bankruptcy process.

What FTX Victims Should Do

The bankruptcy committee announced that the screen where victims can see their assets and request balance refunds has been opened. Users who enter the address in the tweet below should first log in to the opened address with their email and password. Then, you must verify your identity for the account. You do not need to perform any additional actions after KYC procedures.

The bankruptcy committee may ask victims to provide proof of their receivables. If the process goes as expected after the hearing expected to be held in November, a significant portion of the assets on hand may be distributed to the victims in the first half of 2024. The bankruptcy committee, which has collected approximately $8 billion in assets, continues to strive to collect receivables.

FTX and Alameda also have billions of dollars in corporate debt. Some of these have applied to the court for priority repayment. If they get what they want, a much smaller portion of individual customers’ losses can be covered.

Why is FTT Token Rising?

The local token of the exchange, FTT, which has gone bankrupt and, more importantly, has been revealed to defraud its customers, has started to rise again. Speculative traders increased their purchases in the midst of rumors that the exchange will be reactivated with the opening of the customer information request screen. The price increased by about 25 percent.

However, investors should not forget that FTT Token belongs to a bankrupt exchange. Moreover, the available assets still do not cover the receivables, and the reactivation of the exchange will also bring serious question marks. Will people use FTX when there are dozens of alternatives, taking the risk of being a victim for the second time? Will the court accept that the expenses to restart the exchange will be covered from customer balances? All these indicate that the probability of FTT Token going to zero in the future is higher than expected.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their transactions based on their own research.

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