FTX Customers Must Vote on the Liquidation Process Before August 17th!

2024-07-30

FTX Customers Vote on the Liquidation Process

BittimeFTX is entering an important stage in the liquidation process. FTX customers must decide whether to participate in the official liquidation process in the Bahamas (Bahamas Process) or in a Chapter 11 case in the United States (US Process).  

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FTX Liquidation Process

FTX Digital Markets Ltd liquidation process involves two different jurisdictions, each with unique procedures and legal implications. FTX customers need to understand the differences between these two options to make an informed decision.

  1. Bahamas Process: This process is an official liquidation taking place in the Bahamas, where FTX Digital Markets Ltd. registered. This process may have different rules and procedures than the process in the United States.
  2. US Process (Chapter 11): This process involves submission under Chapter 11 in United States courts, known as bankruptcy reorganization proceedings. This process allows the company to continue operating while developing a plan to pay creditors.

 

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Q&A Session for FTX Customers

To help customers understand their options, liquidators FTX Digital Markets Ltd. has scheduled several live Q&A sessions. This session will provide a brief summary of the liquidation process, the steps required to make the selection, and will be followed by a question and answer session.

  • First session: Wednesday, July 31 2024 at 08:00 WIB
  • Second Session: Wednesday, 01 August 2024, at 06:00 WIB

 

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The Importance of the Liquidation Process

The liquidation process is a complex and crucial stage in handling company bankruptcy, especially large companies like FTX. The decisions a customer makes can have a significant impact on the final outcome of their claim. Therefore, it is very important for customers to fully understand both available options before making a final decision.

PFTX.com subscribers must decide whether to participate in the Bahamas Proceedings or the US Proceedings before August 17, 2024. With the help of the Q&A session and the information available, FTX subscribers are expected to make informed decisions to protect their assets.

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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.

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