FTX Trading Ltd. is seeking to avoid reviewing and reconciling untimely crypto account holder claims by implementing broad procedures to instantly reject new customer claims going forward.
The company, now operating as a trust to pay back customers whose crypto holdings were trapped on the trading platform when it collapsed in 2022, told the US Bankruptcy Court for the District of Delaware on Tuesday that summarily disallowing late-filed claims would be helpful as it continues to sift through more than $27 quintillion in Chapter 11 payment requests.
“The FTX Recovery Trust spends a significant amount of time and resources reviewing, ...
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