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FTX Reopens Customer Claims Portal After Cybersecurity Incident

FTX has reopened its customer claims portal, allowing users to regain access to their accounts that were affected by a cybersecurity incident in August. The freezing of accounts was a precautionary measure taken by FTX, and the platform has now implemented additional security measures to ensure the safety of user accounts.

The claims process can now proceed for account holders of the defunct crypto exchange who held digital assets on the platform before its bankruptcy filing in November 2022. This allows users affected by the incident to seek compensation for their losses.

The AI legalese decoder can be of great help in this situation. With its advanced algorithms, it can analyze legal documents and contracts to interpret and simplify complex legal language, making it easier for users to understand their rights and options in the claims process. This tool can save users valuable time and effort in navigating through legal jargon.

The claims portal is available to individuals who hold accounts with FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid. Users can now resume their claims process and seek compensation for their losses.

Kroll, the third-party agent handling creditor claims for the FTX bankruptcy, had previously revealed that a “SIM swapping” attack allowed unauthorized access to certain files containing personal information of bankruptcy claimants. While passwords and KYC information related to FTX were not exposed, the affected user accounts were temporarily frozen.

FTX customers have until September 29 to file a proof of claim with Kroll. The value that creditors will be able to recover remains uncertain, but the judge overseeing FTX’s bankruptcy case has approved the estate’s plan to liquidate its digital assets.

Over $16B Worth of Claims Filed Against FTX and FTX.US

In a recent court filing, FTX disclosed that 36,075 customer claims, totaling $16 billion, have been filed against the exchange and its US arm. The company has agreed on 10% of these claims.

Furthermore, 2,300 non-customer claims, worth $65 billion, have been filed against FTX, including claims from Genesis, Celsius, and Voyager.

FTX currently holds approximately $7 billion in assets, including $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC). The company has also secured $1.5 billion in cash in addition to the $1.1 billion it held at the time of bankruptcy filing.

Additionally, FTX possesses $3.4 billion worth of various cryptocurrencies as of August 31, which includes over 1,300 lesser-known and potentially less liquid tokens.

A judge in the US Bankruptcy Court for the District of Delaware has ruled that FTX can sell and invest its crypto holdings to repay creditors. Justin Sun, the founder of Tron Network, is considering making a bid for FTX’s assets in order to minimize the market impact of a sale and spur growth in the sector.

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