Urgent: FTX Users Urged to File Claims as September 29 Deadline Looms

Astute trader Peter Brandt has taken to the forefront of the FTX bankruptcy case, urging former users to heed a vital deadline on the horizon. Brandt has spotlighted the imminent “claims bar date” of September 29, 2023, at 4:00 p.m. Eastern Time. This date holds immense significance, marking the final opportunity for the exchange’s customers to file claims against the beleaguered crypto exchange’s estate.

Per his post, customers must access the dedicated customer claims portal to initiate the claims process. Notably, all claims must be made in U.S. dollars and specify the preferred asset, cryptocurrency, fiat currency, or NFT.

FTX’s Ongoing Struggles

FTX has been grappling with the uphill task of recovering billions of dollars in missing assets. In a recent twist, the exchange filed a lawsuit against former Salameda employees, aiming to recoup $157.3 million.

Salameda, linked to the disgraced Sam Bankman-Fried, is a Hong Kong-based entity intricately connected to FTX and its various divisions, including charity and life sciences. In addition, the exchange is also endeavoring to recover funds from Genesis Global Capital.

FTX’s legal endeavors also extend to seeking restitution from Sam Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, for luxury properties and allegedly “fraudulently transferred and misappropriated funds.”

Coinbase’s Expansion Plans

Amidst the turmoil surrounding FTX, Coinbase, a U.S. exchange, had been contemplating expansion into Europe by acquiring FTX Europe, the European branch of FTX. However, negotiations between the two exchanges failed to reach fruition.

Coinbase had sought to offer cryptocurrency derivatives in the European market. This sector has witnessed a six-fold surge in trading volume compared to spot trading in the latter half of 2023.

Consequently, the crypto landscape remains in flux, with FTX struggling to recover assets, legal battles intensifying, and Coinbase’s plans for European expansion evolving. As the September 29 deadline looms, FTX users must act promptly to file their claims and navigate the turbulent waters of the crypto exchange’s bankruptcy case.