FTX Digital Markets Ltd. press release

11^th July 2024 - Customers of FTX.com are invited to choose to have their claims handled and settled in the Official Liquidation of FTX Digital Markets Ltd. under the supervision of the Supreme Court of The Bahamas (“the Bahamas Process”). Customers can expect to have their claims paid at the same time and in the same amount as in the US Chapter 11 Process, with the expectation that all creditor claims will be paid in full, including accrued interest.

The Joint Official Liquidators (“Liquidators”) of FTX Digital Markets Ltd., Kevin Cambridge and Peter Greaves of PwC and Brian Simms KC of Lennox Paton, have notified customers of FTX.com (“Dotcom Customers”) that they may elect to submit their claim in the Bahamas Process. All Dotcom Customers are welcome to submit a claim in the Bahamas Process via the FTX Digital Claim Portal (available here - https://digitalmarketsclaim.pwc.com/) which launched in February 2024, even if they have not submitted in the Bahamas Process to date. Dotcom Customers who have already submitted a claim and wish to remain in the Bahamas Process are required to take positive action to confirm their choice to continue to have their claim handled in the Bahamas Process. Any Dotcom Customer or other creditor choosing to pursue their claim in the Bahamas Process as opposed to the Chapter 11 proceedings in the US (the “US Process”) must do so before the Election Deadline of 4:00 PM Prevailing Eastern Time, 16 August 2024 (“Election Deadline”) in order to receive distributions in the Bahamas Process in respect of their claims.

Dotcom Customers and non-customer creditors are set to be paid in excess of 100% in respect of their claims in the Liquidation of FTX Digital Markets Ltd., in line with projected payments in the US Process.

FTX Digital Markets Ltd. executed a Global Settlement Agreement with FTX Trading Ltd. and its affiliated debtor entities subject to Chapter 11 proceedings in the US, which will see assets combined from the respective estates, enabling a coordinated and accelerated return of significant value to creditors. As a result, Dotcom Customers are entitled to claim in either the Bahamas Process or through the US Process. Dotcom Customers are now required to make a choice between the two processes as they cannot continue to participate in both. The Liquidators of FTX Digital Markets Ltd. have released an Election Process Overview through the FTX Digital Claim Portal which outlines relevant information and considerations.

In a joint statement, the Joint Official Liquidators of FTX Digital Markets, Peter Greaves and Kevin Cambridge of PwC and Brian Simms KC of Lennox Paton said:

“We are delighted to invite all customers of FTX.com to elect to make their claims and receive distributions in the Bahamas Process.  Distributions will be made on the same basis as in the US Process, with returns expected to be well in excess of 100% of balances outstanding at the date of insolvency. Constructive collaboration under the Global Settlement Agreement reached with the Chapter 11 Debtors has put the Liquidators in a position to drive this positive outcome which gives Dotcom Customers a choice of jurisdiction for their claims. The FTX Digital Claim Portal has a streamlined process for FTX.com customers to submit their claims and make their election. If you have not already submitted a claim, there is still time to do so before the 16 August deadline.”

ENDS

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