On November 11, 2022, 134 entities of the FTX business, the world’s third-largest cryptocurrency exchange, filed for Chapter 11 protection in the bankruptcy court in the District of Delaware.
Given Eversheds Sutherland’s prominent role in the FTX cases as lead counsel for the Ad Hoc Committee of Non-US Customers of FTX.com, we are well-positioned to help individual customers and creditors efficiently and economically participate in the FTX claims process and stay informed about the FTX cases.
How Eversheds Sutherland can help
The FTX customers and creditors who retain Eversheds Sutherland as counsel for the FTX claims process will receive the following services:
Monitoring of the bankruptcy cases.
- Access to a confidential website with summaries and analyses of material developments.
- Analysis and explanation of the claims procedures proposed by the FTX Debtors, including procedures for return of customer property.
- Insights on expected recoveries.
- Advice regarding preparation and review of your claim to ensure it is filed correctly and on time.
We are also able to provide further services if you request, including defending any objections to your filed proof of claim or defending an action to claw back amounts you may have received prior to the FTX bankruptcy filings.
Recovering on your claim
Filing a proof of claim is an essential part of the bankruptcy process, which, if mishandled, can affect a claim’s acceptance by the bankruptcy court as well as limit or even negate your chance of receiving a payout on your claim. The procedures to submit a proof of claim will likely not be established by the bankruptcy court until spring of this year at the earliest.
Importantly, while we believe that customers have ownership claims to assets being managed by the FTX debtors, FTX customers will still likely have to file a proof of claims in the bankruptcy case for the shortfall in exposure after return of customer assets.
Engaging Eversheds Sutherland to assist with the filing of your claim will help ensure the claim is filed before the claims bar date, all required information is included with the claim, and that all requirements under the U.S. Bankruptcy Code and Bankruptcy Rules, as well as any other requirements provided for in the established claims procedures, are met.
If you are interested in engaging Eversheds Sutherland to protect your claim against FTX you can register your interest via the link below.
You can also contact us at FTXClaims@eversheds-sutherland.com with any questions.
For more information about the Ad Hoc Committee of Non-US Customers of FTX.com, please visit the link below.