FTX debt acquisition in 2024: FTXCreditor detailed process for lazy people

Hi, I am DarrenLu. I wrote this article in 2022 and had to start again. I briefly summarized the investment records and reviews of the currency circle for six years. I compiled my participation records since 2017 and reviewed the lessons I learned from the FTX incident.

In the blink of an eye, we are now in 2024. Bitcoin has reached a new high a while ago, Solana has risen from $9 back to $200, and the US Bitcoin EFT has brought in a large number of US dollar purchases. The blockchain industry continues to boom, and I’m back on the road.

This article mainly wants to share with you the acquisition process of FTXCreditor, a debt acquisition company, to provide an option for those who want to sell debt and withdraw liquidity early. This article will mainly share with you the acquisition process and payment methods.

What is FTX Debt Acquisition?

As the information about FTX's liquidation becomes more and more clear, some institutions have begun to acquire the claims of these failed exchanges since the time of their collapse, purchasing claims from users at a certain percentage discount based on the information available in the market. For example, when the market first collapsed, someone purchased debt at a large price of 10%. In 2023/11, the over-the-counter acquisition rate of FTX debt reached 50%. By 2024/3, the recent over-the-counter acquisition rate had reached 97% (based on 2022 /11 bankruptcy price calculation).

Of course, not everyone can get nearly 100% compensation. This compensation ratio depends on the size of your claim. If your amount is less than US$100,000, it will usually be between 70% and 74%, and only if it exceeds US$3 million, you can get an acquisition ratio of 92%-97%.

If your amount is less than $50,000, the ratio may be even lower (because of the administrative fees of the court, etc.). If your amount is less than $10,000, there is no need to look further. Just wait for the final settlement result.

How do I ask for a quote for my debt?

There are many debt acquisition institutions on the market, including 117Partners, CHEROKEE, and FTX Creditor, which this article will mainly introduce. The basic process is that they will ask you to provide the Customer Code given by FTX, and provide basic deposit and withdrawal records. Wait for the other party's preliminary evaluation of the quotation. This part can be done directly online.

Since I have not received a reply from 117Partners and the experience with CHEROKEE is quite poor, this article only contains the transaction process and process records of FTX Creditor. You can also compare with multiple parties.

First, go to the FTX Creditor official website and enter your Customer Code. You can directly check the value of your assets. Here you can check whether it matches what you saw from the FTX official website before. If there is no problem, you can preliminarily fill out the form.

The content of the form is not difficult, so I won’t explain it here. Just provide it to him based on the KYC information he requires and some designated transfer records. After the form is sent, you will receive a letter telling you the amount of the debt you will receive in about 12 hours.

If after receiving the quotation for debt acquisition, you feel that the amount is too different from what you imagined, then there is no need to respond in particular. But if you think this offer is acceptable, then you need to fill in the KYC information within the time specified by him, and book an online meeting and transaction time with them (book with Calendly). After selecting a time, you need to enter some basic information. If your English skills are not good enough, you can apply for translation at the same time. Currently, translations into Chinese, Korean, Spanish, and Portuguese are supported.

After the reservation is completed, you will receive a Google Calendar invitation, which will include some notes and a draft of the signed document. It will also provide you with a link to the online meeting. The meeting will be held via Zoom. Remember to read the relevant content first. Pass.

The reservation has been completed here, and the next step is to actually enter the online meeting transaction on the same day.

How does the acquisition process for online meetings work?

Because I was really nervous at the moment, I didn’t have any special screenshot process. I just wanted to make sure that I would not be defrauded again, so the following is mainly a text record. If there is anything unclear, you can leave a message or go to X or IG . ask me.

You don't need to prepare any special information before the video conference. Just prepare the FTX website and email account. Even if you prepare, he will need to ask you to log in on the spot to ensure that you are the person you are.

1. First log in to the official website of FTX Claim, then log in and click on the account name he needs to confirm.

2. You will be asked to click on the account deposit information and Kroll claim application screen to view all details.

3. Next, please download all deposit and withdrawal records and contract records of all sub-accounts, and send them to the person interviewing you.

4. Next, you will be asked to open your email, enter the keywords he mentioned, and check whether you have received the corresponding letters and the names of other debt acquirers (make sure you have not sold to other units). For example, I asked CHEROKEE before, and he specifically asked me to click on it. I was also specifically asked about Steaker's letter.

5. Finally, everything has been checked here. He will check the transaction records you just sent on site to make sure that all the records are the same as those you submitted before. You need to wait a moment here.

6. Use DocuSign to sign the acquisition content that has been provided before. Basically, it only takes a few clicks to complete the signature.

After arriving here, the acquisition process has basically been completed, leaving only the part of transferring money:

1. He will reconfirm with you the address you filled in at that time to transfer to. FTX Creditor uses ERC20-USDC for payment. Be sure to confirm again before providing the address. (It’s okay to provide the address of the exchange. I provided OKX)

2. After confirmation, he will ask you to cooperate in changing the password of your FTX account, remove 2FA, and set it to FTX Creditor's 2FA.

3. After completing the above process, USDC will be sent directly to you. Once receipt is confirmed, the transaction will be completed.

There was an episode here. At the moment, I thought this was a bit strange, because if I even changed the 2FA, it meant that I had no right to log in at all. I started to think about various scenarios of being cheated... blabla.

So I raised this concern immediately, and FTX Creditor was also very nice. He told me that it was okay and it was almost completed here, so he transferred the money to me first, and then I changed to 2FA after confirming receipt. So in the end, I confirmed receipt of USDC on OKX before completing the final change to 2FA.

OK! We're Done. Thank You!

The above is the acquisition process of FTX Creditor. I hope this content will be of some help to you who want to sell debt. In addition, it seems that everyone who completes the debt acquisition will receive a letter with a transaction record, which contains a referral link. As long as I recommend a person to successfully trade, I can get 1% feedback.

Then I think my purpose is not to earn this feedback. You can use my referral link . As long as I receive 1% of the feedback, you can send me a private message if you need it, and I will return it to you in full. I mainly hope to help Everyone can reply a little more. (But I don’t know what the specific process here is, and I don’t have a place to check it. XD, so if anyone really uses it, you can ask me~)

Recommended link for debt acquisition: https://ftxcreditor.com/sell_claim?afmc=0007GPVR

write at the end

I think there are no more than three reasons for selling debt:

1. Your amount is large enough to get more than 70% of the claim

2. This debt actually occupies a large amount of your total assets, and you want to withdraw this liquidity as soon as possible for other purposes.

3. I am afraid that the FTX bankruptcy and liquidation team will make trouble later, and I want to reduce uncertainty.

Therefore, you can first ask yourself what is the purpose of getting the money back at a discount now, and make a plan for getting it back first. Don't rush into high-leverage contracts and try to make money back. If you rush to make money back, you will lose more money.

Is now a good time to buy coins? I’m not very clear, but the funds I have withdrawn so far are to continue participating in this circle.

If you have any questions, you can leave a message or ask me on X or IG . I wish you all good luck, Mr. Long will make a lot of money!
If this article is helpful to you, you are sure to sell your debt: https://ftxcreditor.com/sell_claim?afmc=0007GPVR