August Cybersecurity Incident Restores FTX Claims Portal to Operation

In a recent statement, FTX clarified that the suspension of customer accounts was a precautionary measure and highlighted the implementation of additional security measures on the claims platform to ensure the safety of user accounts.

According to FTX, account holders of the defunct cryptocurrency exchange can now access their accounts and initiate the claims process for the digital assets they held on the exchange prior to its November 2022 bankruptcy filing.

The claims portal is available to individuals who hold accounts with FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid.

Users impacted by the incident can now resume the claims process and pursue reimbursement for their losses.

Kroll, the third-party agent managing creditor claims for the FTX bankruptcy, disclosed in August that a "SIM swapping" attack had enabled a threat actor to access certain files containing the personal information of bankruptcy claimants in the cases of BlockFi, FTX, and Genesis.

In response, Kroll halted the compromised user accounts. However, FTX clarified that no FTX-related passwords or KYC information were compromised.

Kroll has until September 29 to receive an evidence of claim from FTX customers. Judge supervising FTX's bankruptcy case has recently approved the estate's plan to initiate the liquidation of its digital assets, though the extent of the value that creditors will be able to recover remains uncertain.

Over $16B in Claims Have Been Filed Against FTX and FTX.US

FTX disclosed in a recent court filing that 36,075 customer claims totaling $16 billion have been lodged against the exchange and its US subsidiary.

The company reported at the time that 10% of these claims had been settled.

The filing also noted that 2,300 non-customer claims totaling $65 billion had been filed against the entity, including claims from Genesis, Celsius, and Voyager.

In addition, it was disclosed that FTX possesses approximately $7 billion in assets, including $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).

In addition to the $1.1 billion in cash it held on November 11, when it filed for bankruptcy, the company reported accumulating $1.5 billion in additional cash.

FTX possesses $3.4 billion worth of various cryptocurrencies as of 31 August, including over 1,300 tokens that are less well-known and less liquid, such as MAPS and Serum (SRM).

A judge in the US Bankruptcy Court for the District of Delaware ruled on Wednesday that FTX may sell and invest its cryptocurrency holdings to repay creditors.

Justin Sun, the founder of Tron Network, has stated that he is contemplating a bid for FTX's assets in an effort to reduce the market impact of a sale and to stimulate sector development.