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What is the purpose of FTX creditors voting on the bankruptcy plan? How to vote using Kroll Voting?

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What is the purpose of FTX creditors voting on the bankruptcy plan? How to vote using Kroll Voting?

The voting for the bankruptcy plan FTX is negotiating with the court has begun, and eligible users can participate in the voting through the bankruptcy claims website of Kroll, a U.S. bankruptcy processing company, at https://claims.ftx.com/. However, the voting content is very complex. How should FTX users make their choices? The following is a research and summary. Note: This case is based on Class 7A users, i.e., those with a claim value of less than $50,000.

Disclaimer: As FTX does not provide a clear and understandable explanation, this content is the result of independent investigation and is for reference only. Please verify with multiple sources.

Regarding the eligibility for voting on FTX: Will FTX creditors receive no compensation? What does receiving an Impaired Claim in the mailbox mean? Is there a chance for FTT compensation?

Table of Contents

1. Logging into the FTX Claims website, you will be able to see the Voting section

If you have successfully submitted your information on Kroll's website and passed all verifications, you will see the sixth step: Voting. This voting will end on August 16 this year and its purpose is to express whether you agree with the plan submitted by FTX bankruptcy handling team to the court. You can also see your category on this page. For definitions of different categories, please refer to

2. Holding multiple assets with FTX may result in multiple voting rights categories

After entering the Kroll voting, users will see their Plan Class, as shown in this image. In this example, the user qualifies for both Class 7a and Classes 13-18, with different voting rights for each category. In this article, we will explain using Class 7a users. Please click "Click here to submit your ballot for this Plan Class" to vote.

3. Key voting option: Will you give up the U.S. and choose to claim in the Bahamas?

According to the agreement reached between the debtor and FTX Bahamas on January 24, 2024, once you choose to claim against FTX Bahamas, you cannot claim against the debtor in the U.S. bankruptcy court, and this decision is irreversible.

In Item 1, you can make this significant decision here. If you "want to participate in the U.S. plan and not in the Bahamas claim," please "do not" check the option in Item 1, or simply do not participate in this voting activity.

Additionally, if you "choose to participate in the Bahamas claim and give up the U.S. claim," you do not need to fill out other Items.

Using Class 7a users as an example, if you "check" the box below, it means you "agree to give up the U.S. plan" and plan to claim in the Bahamas. However, please be aware that if you decide to claim in the Bahamas, make sure you have submitted a claim application to the Bahamas claims website operated by PWC before August 16 to avoid losing your rights.

4. Summary of Other Items
  • Item 2. Explains the rights related to FTX's acquisition of Singapore company Quoine Pte. Ltd. and its relationship with FTX Japan
  • Item 3. Displays the voting numbers based on user's claim amounts
  • Item 4. Check to agree to FTX's regulated voting numbers, allowances, and distribution amounts
  • Item 5. Reminder to read Appendix A Annex A
  • Item 6. Agree or disagree with the amount and payment terms under your category
  • Item 7. Check to agree or disagree
  • Item 8. Third-party releases, signifies your agreement to waive claims against certain specific parties, such as: Bahamas JOL, FTX DM, Special Committee and its acting representatives, official committees, supporting parties, and all claim holders who have accepted the plan and not exited
  • Item 9. Signature authorization
  • Item 10. Fill in relevant information

Disclaimer for those who are too lazy to read

Since the FTX assets obtained in the Bahamas are minimal, mostly local real estate, the expected compensation capability is limited; therefore, it is not recommended to easily give up the U.S. process.

Unless you fall into the following categories of FTX users, consider choosing to claim in the Bahamas:

  1. If you missed the U.S. claims process and have not completed KYC within the deadline, you can only choose to claim in the Bahamas
  2. If the majority of assets in your account are FTT tokens that have been confirmed by the U.S. not to be compensated

The above is for reference only and not absolute. Please choose carefully.