FTX Creditors Claims Update: Bahamas Claims Approved, US Hearing Underway
Main Idea
FTX creditors have seen progress with approved claims in the Bahamas, while KYC and regulatory hurdles delay $290 million in claims, and a US bankruptcy court hearing is underway to address further creditor issues.
Key Points
1. Some FTX creditors have been officially verified under the Bahamas legal process, marking progress in claims approval.
2. KYC and UK/EU-style regulatory frameworks have delayed $290 million in approved claims as of late June.
3. A settlement between FTX’s Bahamas unit and Celsius Network has resolved a dispute over clawback claims.
4. A US bankruptcy court hearing is underway to address key agenda items, including potential exclusions of residents from restricted countries from future distributions.
Description
Some FTX creditors in The Bahamas have now been verified, unlocking eligibility for future distributions. KYC hurdles and UK/EU-style regulations have delayed $290 million in approved claims. Residents from 49 countries, including China, could be excluded from distributions. A breakthrough for FTX creditors has emerged this week, as multiple claimants were officially verified under the separate Bahamas legal process, marking a long-awaited step forward. Creditor representative Sunil Kavuri confi...
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