Frequently Asked Questions
Convert your FTX claim to get up to DOUBLE the value for your claim. Claims will initially be converted into reOX tokens at a 100% bonus of the market price, which will converge to 0% bonus over a period of 50 weeks. This means, during week 1, users will receive double the market price for their FTX claim.
FTX claim amount: $1 million
FTX claim price: $0.30
Week 1 reOX conversion amount with 100% bonus = $1 million * $0.60 = $600,000
*This example does not represent actual prices. Intended for illustrative purposes only.
An important concept to understand about bankruptcy claims is preference risk. That is, bankruptcy laws enable recovery of assets transferred to creditors within a 90-day period prior to the bankruptcy filing to ensure fair treatment among all creditors. As an exchange, FTX is likely to have numerous claims with preference or such 'clawback' risk.
To address preference risk related to FTX claims, we are converting FTX claims into Reborn OX (reOX), which will immediately serve as eligible collateral in the oUSD credit system on OPNX. In the case that a user's claim is determined to have preference, an equivalent dollar amount of the issued reOX tokens will be reclaimed from the user.