What is the FTX Claims Portal?
If you’re an FTX creditor, you are likely aware of the FTX Claims Portal, which has been created to facilitate the claims process for customers affected by the FTX bankruptcy.
The portal allows customers to log in using their FTX credentials to view historical transaction information and their account balances as of the FTX Debtors' filing date, which was November 11, 2022 (November 14, 2022, for Debtor West Real Shires Inc.).
What action do you need to take?
For customers who agree with the stated amount and other details provided in the portal, no further action is necessary. However, for those who disagree with the stated amount or wish to assert claims related to other activities or accounts with no net positive balances, they have the option to submit electronic proofs of claim through the portal.
Customers who no longer have access to their FTX account or have obtained their claim information from another party can still submit their claims via a separate link provided at ftx-forms.ra.kroll.com.
Is there a deadline for claims submission?
Yes, the deadline for claim submissions, known as the Customer Bar Date, is September 29, 2023. All claims must be filed prior to this date.
The FTX Claims Portal provides clear instructions to guide customers through the process, which involves three steps:
Yes! In fact, you can transfer your FTX claim on OPNX to get DOUBLE the value for your claim.
How does claim onboarding work?
No tokenization fees
Access immediate liquidity to trade
...to use as collateral for futures trading on the platform.
You can get up to double for your claim by converting your claim into Reborn OX (reOX) tokens. reOX tokens are locked OX tokens that will unlock when preference risk for a claim is settled.
Initially, FTX claims can be converted into reOX tokens at a 100% bonus (2x multiplier) of the current market price.* This means claimants can receive up to double the value for their FTX claim!
This bonus will linearly converge to 0% over a period of 50 weeks on a calendar month basis. The earlier you transfer, the more value you can get for your claim! reOX will be able to be used immediately by users as collateral on OPNX at a 25% loan-to-value (LTV) ratio.**
* Market rate of FTX claims on Claims Market.
** The LTV is subject to change based on market conditions.
Monthy 1 reOX conversion amount with 100% bonus (2x market claim price):
$1 million x $0.60 = $600,000
reOX collateral value:
$150,000 (25% of the conversion amount)
You might choose to sell your FTX claim into oUSD (on OPNX spot markets) in order to secure dollar-denominated collateral or be able to stake your collateral in the soon-to-launch oUSD vault to earn yield!
Note: The bonus does not apply to oUSD conversion.