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FTX restores customer claims portal after cyber breach

ftx-restores-customer-claims-portal-after-cyber-breach
Edited by
News
FTX restores customer claims portal after cyber breach

Bankrupt crypto exchange FTX reinstated the functionality of its customer claims portal with enhanced security measures following a recent cyberattack on non-sensitive data.

Customers can now resume submitting claims for assets held before the exchange declared insolvency in November 2022.

FTX suffered a cyberattack that led to a temporary shutdown. The breach exposed non-sensitive data of claimants but did not impact account passwords or funds. The exchange confirmed on Sept. 16 that none of its important systems were affected by the breach.

The reactivated portal allows creditors to continue submitting claims for digital assets held on the exchange prior to its insolvency in November 2022. Account holders from various FTX-related platforms including Blockfolio, FTX EU, and FTX Japan can now proceed with the claims process.

According to the reports, FTX and FTX US are currently facing lawsuits involving claims worth $16 billion, with 10% already agreed upon. Additionally, there are 2,300 non-customer claims worth $65 billion.

FTX addresses customer concerns

FTX, founded by disgraced entrepreneur Sam Bankman-Fried, had previously suspended accounts as a precautionary measure following the cyberattack. Despite this, users could still submit proof-of-claim through Kroll’s online customer form or by mail. After implementing additional security measures, FTX has now restored access to the claims portal.

As covered by crypto.news, the U.S. Bankruptcy Court for the District of Delaware has approved the sale of FTX’s digital assets. Judge John Dorsey issued a ruling allowing FTX to sell off assets in weekly batches, with the initial week having a limit of $50 million, followed by $100 million in subsequent weeks. 

However, FTX is currently prohibited from selling bitcoin, ether, and “certain insider-affiliated tokens.” The potential sale of these assets requires a separate decision by FTX, following a 10-day notice to committees and the U.S. trustee.