Frequently Asked Question

CryptoClaims.Pro is able to provide Price indications from the Buyers and the trades it has brokered. Price indications are for those who want to gauge the market, without alerting the Buyers of their intentions to Sell. The Price indications are subject to constant change and are not to be relied upon.

Firm Sell orders are for those who have accepted the terms of the Seller’s Agreement. The Buyers Bids will be subject to KYC and confirmatory Due Diligence.

The Sellers can select how they wish to receive their funds. There are few Buyers who are prepared to pay in Crypto, which means that it can potentially trade at a discount to USD.

Some of the Buyers prefer to pay wallets with the following characteristics

• The wallet was involved in the original deposit or your withdrawals from the FTX account.
• The wallet is associate with an exchange that the Buyers consider has a more robust KYC process, such as Coinbase or Kraken. Some Buyers consider Binance second tier.

Depending on the complexity and location of the Seller, it is possible to Sell your Claim and receive payment in less than 48 hours. For the larger more complex Claims it can take up to five days.

1. Your customer Claim value is computed at the time at which FTX filed for bankruptcy (known as the Petition Date). For FTX International customers (FTX.com), this was on November 11, 2022 at 10am EST. CryptoClaims.Pro aims to provide you with the exact dollar value using the debtor’s published (12/27/2023) pricing viewable here. The values given by CryptoClaims.Pro should be understood to be approximations of the final scheduled Claim dollarised amounts.

2. All Comments on the case and Bankruptcy Law should not be interpreted as Legal or Financial Advice. Elements of Bankruptcy Law or of the case described herein are opinions of the CryptoClaims.Pro team and not of your lawyers. None of the opinions contained in this website are value judgments on fairness or on how the case could run. They are simply a description of facts based on our interpretation of documents on the FTX Docket and on our interpretation of the US Chapter 11.

3. The dollarised value will be adjusted by the amount of preference exposure your Claim possesses. Only accounts with net-withdrawals exceeding $250,000 in value since November 2, 2022, will require adjustments to the Claim value.

1. A preferential transfer is a payment or transfer of assets that a Debtor makes to a Creditor before declaring bankruptcy, under US bankruptcy law. This gives the Creditor more than they would have received through the normal bankruptcy process. The idea is that in the period leading up to bankruptcy, a Debtor should not be able to favour certain Creditors over others by paying them more than they would get under the bankruptcy proceedings.

2. In the case of FTX the Debtors and Ad Hoc committee of Unsecured Creditors have agreed to a 15% repayment of withdrawals over $250k. We calculate net withdrawals (using crypto prices at the time of deposits and withdrawals) from November 2, 2022, 12AM EST until November 11, 2022 (the preference window). If this amount is less than $250,000, the preference exposure is $0. However, if the preference exposure exceeds $250,000, 15% x preference exposure will be deducted from the Claim value. For example, if you have a $250,000 Claim with $1,500,000 in net withdrawals in the preference window, your net Claim value is $250,000 – 0.15*$1,500,000 = $25,000.

2. If your Claim is marked “Disputed”, the FTX Estate is challenging the validity of the Claim. It is unclear how they will treat these Claims.

3. CryptoClaims.Pro works with Buyers of non-kyc’ ed Claims, both Contingent and Disputed. Please contact Support@CryptoClaims.Pro

If your Claim is less than $10,000, it is categorised as a Convenience Class Claim. Effectively, you are likely to get a final one-off payment in 2024 and your Claim will be considered settled.