FTX Reopens States Portal for Users Influenced by Cybersecurity Incident
FTX has reopened its customer states portal, allowing users whose accounts were influenced by a cybersecurity incident in August to access their accounts and proceed with the states process. The freezing of customer accounts was a precautionary measure, and FTX has implemented additional security measures on the states platform to secure the safety of user accounts. Account holders of the defunct cryptocurrency exchange can now seek compensation for their losses.
States Portal Availability and Process
The states portal is available to individuals who hold accounts with FTX, FTX Unitedย States, Blockfolio, FTX EU, FTX Japan, and Liquid. Users influenced by the incident can resume their states process and file a proof of claim with Kroll until September 29. Althoughย while the extent of the value that creditors will recover remains uncertain, the judge overseeing FTXโs bankruptcy case has approved the liquidation of its digital assets.
Over $16B Worth of States Filed Against FTX and FTX.US
In a recent court filing, FTX disclosed that 36,075 customer states worth $16 Billion have been filed against the exchange and its Unitedย States arm. The company stated that 10% of those states had been agreed upon. Inย addition, 2,300 non-customer states worth $65 Billion have been filed against FTX, including those from Genesis, Celsius, and Voyager.
FTXโs Assets and Probable Sale
FTX holds approximately $7 Billion in assets, including $1.16 Billion worth of Solanaย (SOL) tokens and $560 Million in Bitcoin. The company has secured $1.5 Billion in cash in addition to the $1.1 Billion it held at the time of filing for bankruptcy. FTX likewise possesses $3.4 Billion worth of numerous digitalย currencies, including lesser-known tokens. A judge has ruled that FTX can sell and invest its cryptocurrency holdings to repay creditors.
Justin Sun Considers Bid for FTX Assets
Justin Sun, the founder of Tron Network, is considering making a bid for the assets held by FTX to minimize the market impact of a sale and stimulate growth in the sector.
Hot Take: FTX Reopens States Portal and Prepares for Asset Liquidation
FTX has reopened its states portal, allowing users influenced by a cybersecurity incident to resume the states process. With over $16 Billion worth of states filed against FTX and FTX Unitedย States, the extent of creditor recovery remains uncertain. Nonetheless, FTXโs approval to liquidate its digital assets provides some hope for compensation. Justin Sunโs probable bid for FTXโs assets adds an interesting twist to the situation as he aims toย lower market impact and foster growth in the cryptocurrency sector.
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