Don’t Miss the Deadline: FTX Users Urged to File Claims
If you were a user of the troubled crypto exchange FTX, renowned trader Peter Brandt has an important message for you. He is urging former users to take note of the upcoming “claims bar date” on September 29, 2023, at 4:00 p.m. Eastern Time. This deadline marks the final opportunity for customers to file claims against the exchange’s estate.
To initiate the claims process, you must visit the dedicated customer claims portal and submit your claim in U.S. dollars. Make sure to specify your preferred asset, whether it’s a cryptocurrency, fiat currency, or NFT.
FTX’s Struggles Continue
FTX has been facing significant challenges in recovering billions of dollars in missing assets. In a recent development, the exchange filed a lawsuit against former Salameda employees, seeking to recoup $157.3 million.
Salameda is a Hong Kong-based entity connected to FTX and its various divisions. The exchange is also trying to recover funds from Genesis Global Capital.
In addition, FTX is pursuing restitution from Sam Bankman-Fried’s parents for luxury properties and allegedly misappropriated funds.
Coinbase’s Expansion Plans Fail
Coinbase had been considering expanding into Europe by acquiring FTX Europe, but negotiations between the two exchanges fell through.
The U.S.-based exchange wanted to offer cryptocurrency derivatives in the European market, which has seen a significant increase in trading volume compared to spot trading.
Hot Take: Act Now Before It’s Too Late
The crypto landscape remains uncertain as FTX struggles with asset recovery and legal battles while Coinbase’s European expansion plans evolve. With the September 29 deadline approaching, FTX users must act promptly to file their claims and navigate the turbulent waters of the exchange’s bankruptcy case.
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