As it unveiled its launch webpage to allow its customers to submit claims on their frozen cash, FTX Derivatives Exchange demonstrated its efforts to set things right with all of its debtors. The native token FTT of the now-defunct trading platform, which has seen a 17.27% increase in value over the previous day and is currently trading at $1.65, is the clear winner of this action.
When FTX filed for bankruptcy back in November of last year, FTT suffered a great deal. The present price level for a token, whose all-time high (ATH) was set at $85.02, demonstrates that the once-glamourous token is no longer highly appreciated by investors in the market as a whole. However, the recent spike has revealed a different viewpoint, as seen by the more than 660% increase in trade volume.
Although the claims site that has been highlighted is not yet completely operational, it has provided instructions on how users may file claims to FTX debtors in the hopes of recovering their cash after more than $7 billion in user funds has been recovered.
The five-step process is as follows: as of Nov. 11, KYC authentication, account balance review, account information authentication, account information confirmation of balance, and, if necessary, submission of an electronic proof of claim with the FTX Debtors’ claims and noticing agent (Kroll Restructuring Administration).
Proactive step toward FTX2.0 reboot?
Many people were surprised by FTX’s implosion, in part because it gave every attentive observer the impression that it was in good health prior to doing so. Although the initial astonishment seems to have subsided, the attempt to introduce FTX2.0, as the current CEO John Ray III had previously hinted, is still a significant surprise.
The funds’ claim is positioned to operate as a major inducement to restore confidence in the exchange prior to the formal reopening of the trading platform since this strategy is now being actively implemented. Whether or if this approach is successful will depend on time.
