- FTX announced restoring its Customer Claims portal.
- The exchange previously halted operations because of a security breach.
- Over $16 billion in customer claims remain unprocessed.
Cryptocurrency exchange FTX’s new management is on a mission to make its users whole again after the chaos it stirred last year. However, its efforts were marred in August by a cyberattack that enabled hackers to siphon funds from their rightful owners, due to which the exchange was forced to pause operations.
Now, with the threat eliminated and the aftermath of the storm behind them, the defunct exchange is preparing to return online.
FTX Customer Claims Portal Back Online
On Sunday, September 17, FTX announced restoring its Customer Claims portal with improved security protocols. Previously, the platform’s bankruptcy claims agent, Kroll, had fallen victim to a security breach that exposed non-sensitive data.
The breach, which occurred on August 19th, stemmed from a sim-swapping attack involving a Kroll employee and provided an unauthorized individual with access to files detailing the personal information of the exchange’s claimants in the ongoing legal case.
The exchange has informed users that they can now access their accounts and proceed with the claims process for crypto assets they held on the exchange before the bankruptcy filing in November 2022.
The claims portal is currently open to customers with FTX, FTX US, Blockfolio, FTX EU, and FTX Japan accounts. According to reports, over 36,000 customer claims worth $16 billion have been filed against FTX and FTX US, of which only 10% have been agreed on.
On the Flipside
- The Customer Claims platform went offline on launch day in July for unknown reasons.
- FTX recently received approval to sell its assets worth $3.4 billion in weekly batches.
Why This Matters
FTX’s collapse had a very lasting impact on the crypto landscape. Aftershocks from the exchange’s downfall still affect the industry as regulators use stricter measures against crypto platforms in the US. Reactivating the claims portal will help users recover their funds and alleviate tensions.
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