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<p>In a significant development aimed at addressing the fallout from the bankruptcy of <a href="https://www.cryptopolitan.com/ftx-lawsuit-against-bankruptcy-lawyers/" rel="noopener noreferrer nofollow">FTX</a>, its Bahamian subsidiary, FTX Digital Markets, has taken proactive steps towards reimbursing customers and creditors affected by the collapse.&nbsp;</p>
<p>Following the court’s approval to liquidate FTX’s trust assets worth $873 million, FTX Digital Markets has intensified its efforts to facilitate the return of customer funds, which have been locked since the exchange’s downfall in November 2022.</p>
<h2 class="wp-block-heading" id="claims-submission-process-commences">Claims submission process commences</h2>
<p>FTX Digital Markets recently issued an invitation to its customers and creditors to submit their claims through the designated claims portal. This portal is a pivotal platform for individuals to provide their primary contact details, initiating the claims process.&nbsp;</p>
<p>Upon submission, creditors will receive an electronic link granting access to the claims portal, where they can enter their electronic claims swiftly and securely.</p>
<p>A pivotal moment in the journey towards customer reimbursement occurred on December 19, 2023, when <a href="https://www.pwc.com/ftx" rel="noopener noreferrer nofollow" target="_blank">FTX Digital</a> Markets secured a landmark settlement with FTX Trading Ltd. This agreement established FTX Digital Markets as the operational lead in the Bahamas, tasked with maximizing recoveries for customers and creditors alike.&nbsp;</p>
<p>Peter Greaves, Joint Official Liquidator, hailed this settlement as a breakthrough, facilitating collaboration in asset monetization and customer claim adjudication across jurisdictions. Greaves emphasized that this strategic approach would expedite the return of funds to millions of affected customers globally.</p>
<h2 class="wp-block-heading" id="repayment-plans-and-strategic-shift">Repayment plans and strategic shift</h2>
<p>In August 2023, <a href="https://www.cryptopolitan.com/alerts-issued-amidst-ftx-transfers/" rel="noopener noreferrer nofollow">FTX</a> unveiled a draft creditor-repayment plan to kickstart the reimbursement process. Concurrently, the platform hinted at plans to rebrand as FTX.com, targeting international clientele.&nbsp;</p>
<p>However, subsequent developments revealed a pivot in strategy, as FTX Digital Markets opted to prioritize repayment initiatives over relaunch efforts. Citing a lack of sufficient funds and capital to sustain the rebooting program, FTX attorney Andy Dietderich acknowledged the company’s decision to abandon its relaunch plans entirely.</p>

FTX digital markets initiate customer reimbursement efforts after FTX bankruptcy

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