FTX Digital Markets Ltd. (In Official Liquidation)

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FTX Digital Markets Limited. (In Official Liquidation)

This section is only applicable to creditors of FTX Digital Markets and customers of the FTX International platform.


Since their appointment by the Supreme Court, the JOLs have been reviewing the financial position of FTX Digital, securing assets, and investigating all paths available to the Company with a view to realising the maximum possible value for all stakeholders. This work is ongoing.


Individual customer recoveries will depend upon the assets located by both the JOLs and the Chapter 11 debtors, as well as the total claims received from customers.


Customers should submit a claim via a creditor portal which can be accessed at https://digitalmarketsclaim.pwc.com, in order to identify themselves as a customer of the Company to the JOLs and communicate their potential claims.


We expect a high volume of claim submissions from customers. Following this review, further information will be posted on this website, detailing next steps for customers who wish to make a claim.

Frequently asked questions

General FAQs

A Liquidation is the appointment of an insolvency practitioner, in the form of either a group of Joint Official Liquidators (“JOLs”) or a single Liquidator, following the direction of the Court to wind up the Company. The JOLs assume control of the Company to identify and recover the assets of the company, adjudicate claims and make distributions to creditors and claimants.

The JOLs are officers of the Court and are empowered, as agents of the company, to collect, take possession, retain, manage and realise the companies property.

When the JOLs have sufficient funds in hand for the purpose they shall, subject to the retention of such sums as may be necessary for the expenses of the winding up, declare and distribute dividends among the creditors.

In an Official Liquidation in The Bahamas there are three main types of creditors:

  • Secured creditors;

  • Preferential creditors; and

  • Unsecured creditors.

Under Bahamian law, secured creditors are creditors with claims that are secured by collateral or assets of FTX Digital. Secured creditors have a right to enforce their security without the leave of the court and without reference to the liquidator. Although a secured creditor can also request that a liquidator sells their assets on behalf of the secured creditor.

Under Bahamian law, preferential creditors primarily consist of company liabilities regarding rates, taxes, assessments or impositions made under the provisions of any Act, alongside claims by landlords, workmen, labourers, employees for arrears of wages and accrued holiday pay. Preferential creditors rank ahead of all other creditors when realisations are achieved from assets where there is no fixed charge registered.

Under Bahamian law, unsecured creditors are all other unsecured and non-preferential creditors (with the exception of shareholders/members). They rank below preferential and secured creditors.

Shareholders / members will be the last class to receive a distribution and they will only receive a distribution after everyone else has been paid in full.

Creditors have the right to elect to opt out of receiving certain documents about the Bahamian Liquidation Proceeding and the Chapter 15. Any election to opt out will not affect a creditor’s entitlement to receive dividends, should any be paid to creditors. Further details on opting out will be provided to creditors in due course.

We are aware that some FTX customers have been targeted with scams. Please do verify that emails are from legitimate sources before responding to emails and if in doubt, please contact gbl_fdm_creditors@pwc.com to confirm whether a request is legitimate. The JOLs will only contact creditors from the email addresses listed on the case website. 

We can confirm that the JOLs have sent emails to potential customers of FTX Digital from the following email addresses: FTXDigital@restructuring.pwc.co.ukclaims@ftx.pwc.com and uk_salesforce_autoforward_prod@pwc.com.

Emails from these addresses are legitimate communications from the JOLs and we intend to use these addresses going forward. These emails are available to view and download in the ‘press releases and document library’ section on the PwC FTX case website.

To note, these mailboxes are not monitored, and you should continue to contact us, if needed, via the other email addresses detailed on the case website. These communications are not junk emails, and if you believe you should have received communication from this address, please check the junk mail folder of your email.

You can view the email addresses that the US Process will contact you from on the official website: https://support.ftx.com/hc/en-us/articles/19223337707412-Official-Email-Addresses

Creditor FAQs

FTX Digital is an entity in the FTX group incorporated in the Bahamas. The FTX group was headquartered in and operated out of the Bahamas prior to its collapse. FTX Digital was licensed by the Securities Commission of the Bahamas (“SCB”) as a Digital Assets Business and was the principal licensed entity for the majority of products offered by the International (non-US) FTX.com platform. FTX Digital conducted customer onboarding, Know-Your-Customer checks, exchange operations, settlements and held customer fiat for the “FTX.com” or “FTX International” trading platform.

FTX Digital was placed into Provisional Liquidation following the lodgement of a Winding Up Petition by the SCB on 10 November 2022, just prior to the wider bankruptcy of the FTX Group in the US on 11 November 2022. A Winding Up Order was granted against FTX Digital by The Supreme Court of The Bahamas (the “Court”) on 10 November 2023 and the Joint Provisional Liquidators were appointed as Joint Official Liquidators (“JOLs”) at the same hearing. The duties of the JOLs are to wind up the assets of the business and return funds to customers and non-customer creditors.

The FTX group operated globally trading with more than one hundred entities. The FTX Digital liquidation is the Court-mandated process for the orderly liquidation of the FTX Digital operation and legal entity business in the Bahamas. 

Due to the poor internal record keeping and governance of the FTX group, there is not a clear perimeter between the assets and liabilities of FTX Digital, which is subject to an Official Liquidation process in the Bahamas (also known as the Bahamas Process), and FTX Trading Ltd, which is subject to a US Chapter 11 bankruptcy process (“the US Process”).

Following extensive review and analysis, the Liquidators of FTX Digital and FTX Trading Ltd and its affiliates as debtors in possession in the US Process (“US Chapter 11 Debtors”) have concluded that the assets and liabilities of the estates are so irreversibly intermingled that tracing is impossible.

Consequently, the Liquidators of FTX Digital and the US Chapter 11 Debtors have agreed to a Global Settlement Agreement, which among other things, contemplates pooling of assets from both estates so as to allow FTX.com customers to receive the same recoveries. The Settlement also allows the estates to coordinate asset realisations and distributions – allowing customers to lodge a claim in either the Bahamas Process or the US Process. Customers and non-customer creditors entitled to a distribution will receive substantially the same return at substantially the same time, regardless of the process they elect to make a claim in. Customers will be able to make a choice of opting into the Bahamas Process or claiming in the US Process.

The FTX Digital Claim Portal, under the Bahamas process, has been designed to enable creditors to view the balance of their holdings on the FTX.com trading platform, alongside the calculated claim values (at an 11 November 2022 reference date) and to lodge an electronic Proof of Debt form in one place. Furthermore, the FTX Digital Claim Portal has been designed to enable the transfer of claims between original customers and claim purchasers.

No, nothing prevents you from making a claim in multiple processes. However, creditors will only be paid a distribution from one of those processes with a procedure agreed for customers to elect which process they wish to follow. Those customers of FTX.com who have or will make a claim in both the US process and the Bahamas process will have the ability to formally elect to opt in to one or the other prior to the current scheduled Claim Bar Date. For any customers who have already submitted a claim in the US process but want to make a claim in the Bahamas process, you must positively opt in to the Bahamas process via either by submitting a Proof of Debt in the FTX Digital liquidation or making the election to opt into the Bahamas process by selecting the appropriate box in the voting process for the Chapter 11 process that will commence in the United States in due course in order to participate in the Bahamas process.

You may opt into either and will receive substantially the same level of distributions at substantially the same time (it is expected that distributions should be identical in either process).

Any customer or non-customer creditor who wishes to file a Proof of Debt may still do so up until the current scheduled Claim Bar Date.

The calculated claim values between the US Process and the Bahamas Process are expected to be substantially the same. The customer claim values set out in the FTX Digital Claim Portal are based on a value reference date of 11 November 2022 at 10:00am ET / 3:00pm UTC in accordance with an order made by the Supreme Court of the Bahamas dated 22 January 2024. The valuation rates are based on the digital assets conversion table adopted by the Chapter 11 process as sanctioned by the US Bankruptcy Court. Please note that by submitting your claim(s) to the Bahamas Process, your claim(s) will be adjudicated by the JOLs and either admitted or rejected for distribution. If admitted for distribution you will be notified of the admitted USD Claim value of your claims in due course. Note, the calculated claim values are based on the estimation motion at the petition date, which is subject to change.

Pursuant to the Order 8 rule 2(2) of the Chapter 308 Companies Liquidation Rules 2012 of the Statue Law of the Bahamas, the First Creditor’s Meeting was held in order to conduct a vote on the appointment of a liquidation committee. The First Creditor’s Meeting was held on 15 March 2024 at 10:30am EDT at Baha Mar Convention Center, 1 Baha Mar Blvd, Nassau, The Bahamas. 

Attendance at the First Creditors’ Meeting was not mandatory and does not impact the ability of a customer or non-customer creditor to submit a claim in due course and to establish their claim. Note, that submitting a “First Creditors’ Meeting Voting and Proof of Debt Form” does not automatically qualify you for a distribution.

Creditors who were unable to attend could still register to watch the virtual broadcast or could appoint a chairperson or an individual as their proxy to attend and vote in the First Creditors’ Meeting in person on their behalf.

Creditors could appoint the chair, or another individual as their proxy by filling in and submitting the First Creditor Meeting Voting and Proof of Debt form, which was to be submitted before 10 March 2024 at 5.00pm EDT. The JOLs took the opportunity to provide all creditors with an update on the liquidation at the meeting.

A claim can be made by submitting an electronic proof of debt form on the FTX Digital Claim Portal. The FTX Digital Claim Portal was launched in February 2024 and claims should be submitted prior to the current scheduled Claim Bar Date. After this point the JOLs will not accept any further claims in the FTX Digital estate.

The First Creditors’ Meeting Voting and Proof of Debt Form is solely for voting purposes in the First Creditors’ Meeting. This form is not for the purpose of adjudicating claims and qualifying customers or non-customer creditors for distributions. In order to avoid losing your entitlement to a distribution from the Bahamas Process, you are encouraged to submit a proof of debt form with your supporting documents on the claim portal website before the current scheduled Claim Bar Date. 

Customers and non-customer creditors should claim liabilities against the FTX Digital estate, including all outstanding principal and accrued but unpaid interest, incurred on or before the Valuation Date (i.e. 11 November 2022). Note, the calculated claim values are based on the estimation motion at the petition date, which is subject to change.

Creditors are at liberty to sell their claim(s) at any juncture and the new claim owners are advised to obtain all of the necessary information and/ or documents in order to corroborate the identity of the original owner of the claim. Prior to a distribution in either the US Process or the Bahamas Process, customers and non-customer creditors will be subject to Know-Your-Customer (“KYC”) checks. Holders of purchased claims will be subject to KYC checks themselves as well as in relation to the original claimant. 

Employee FAQs

What happened to the employees as part of the Liquidation?

Following the appointment of Brian Simms KC, of Lennox Paton, Bahamas, Kevin Cambridge, of PwC Bahamas and Peter Greaves, of PwC Hong Kong, as Joint Official Liquidators (“JOLs”) on 10 November 2023 to carry out the winding up of the Company as directed by the Court.

Any remaining employee contracts that had not already been terminated, were forthwith terminated upon granting of this order. The JOLs have written to any affected employees.

Who can I contact for employee related queries?

If you believe you are an employee of the Company but have not received any communication directly or have any further employee related queries, please contact the JOLs’ team at bs_employees_FTX_FDM@pwc.com.

Media FAQs

Who can I contact with media related queries?

Please direct all media enquiries to Mike Davies, Global Corporate Affairs and Communications, mike.davies@pwc.com

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