FTX Victims' Self-Help Guide: Seeking Compensation from FTX International and FTX US through Various Channels
Following the previous article on "FTX Disaster Relief Self-Help Guide | Save Your Account Balance and Records with This Step Beyond Screenshots," experts were consulted to provide more proactive self-help methods for FTX disaster victims!
Update 11/14: As this case has entered Chapter 11 for reorganization, unless there are exceptions under Section 1113, if the court deems that class action lawsuits are not conducive to reorganization, class action lawsuits will be dismissed, and it is possible to appoint a single representative for negotiation. Therefore, it is recommended to engage a U.S. attorney familiar with local court operations.Furthermore, before the declaration of reorganization, the jurisdictional courts designated for the international version are in the UK; for the U.S. version, it is the California court. Therefore, consideration should be given to the designated courts and applicable laws of both sides. Judgment should not be made based on our country's laws and practices!
Prior to getting started, two pieces of information can be updated for reference:
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- On the evening of 11/10, SBF stated that he was raising funds "SBF's Latest Statement | Full Steam Ahead for Liquidity Next Week, Every Penny, Collateral Will Be Given to Users"
- On the same evening, the Japanese Financial Services Agency has ordered FTX Japan to cease operations until the situation improves; Tether is also reported to have frozen 46 million USDT on the TRON blockchain for FTX, and it is understood that an official statement is being prepared.
Table of Contents
FTX Disaster Survivors' Self-Rescue Guide: People's Legal Hammer
Due to the existence of two entities within the FTX Group, FTX International and FTX US, experts recommend taking self-rescue actions through two paths.Special thanks to the anonymous expert interviewed
Here are the rights claims for Taiwanese users on FTX International and/or US versions:
For FTX International
01. Seek ADR Alternative Dispute Resolution (ADR):
- Take a snapshot of the assets held to prove how much belongs to you.
- Be sure to email FTX to assert how your assets should be handled. Email information:[email protected]/[email protected]
- According to the " FTX Terms of Service," sections 38.11-38.13, in case of arbitration, both parties are designated to the Singapore International Arbitration Centre " SIAC," applying English and Welsh law, with English as the designated language, and a designated arbitrator. It is recommended to seek an arbitrator familiar with SIAC operations to assist.
- When you registered as a user, you have agreed to waive the claim of class action lawsuits! Therefore, when asserting rights through SIAC, consider the amount of assets held! Arbitration incurs fees, information:https://siac.org.sg/fee-calculator 11/14 Update: As this case has entered Chapter 11 for restructuring, if there are no exceptions in clause 1113, the court deems class action lawsuits unfavorable for restructuring, so they are rejected, and it is possible to appoint a single representative for negotiations. It is recommended to have a US lawyer familiar with local court operations handle this. Secondly, before the declaration of restructuring, the jurisdictional court for the International version is designated as the UK; for the US version, it is the California court. Therefore, the courts and laws designated by both parties should be considered. Do not judge based on our country's laws and practices!
02. If you wish to file a complaint with the regulatory authority:
- You can complain to the Bahamas Securities Commission, complaint website:https://www.scb.gov.bs/complaints/
03. If you wish to initiate a lawsuit directly:
- You may need to hire a lawyer familiar with English and Welsh law to file a lawsuit against FTX in the UK.
04. Your USD assets do not have deposit insurance protection, so there is no need to claim this part. Review the FDIC warning news about FTX.
For FTX US
01. If you wish to seek ADR Alternative Dispute Resolution:
Take a snapshot of the assets held to prove how much belongs to you.
- Be sure to email FTX to assert how your assets should be handled. Email information:[email protected]/[email protected]
- According to the " FTX US Terms of Service," section 30 states that in case of arbitration, both parties are designated to the American Arbitration Association " AAA," applying federal arbitration law and California law, with English as the designated language. It is advisable to seek an arbitrator familiar with AAA operations to assist.
- When you registered as a user, you have agreed to waive the claim of class action lawsuits! Therefore, when asserting rights through AAA, consider the amount of assets held!
02. If you wish to file a complaint with the regulatory authority:
- 01 You can complain to the CFTC, complaint website:
https://www.cftc.gov/LearnAndProtect/ReparationsProgram/index.htm - https://www.cftc.gov/LearnAndProtect/ReparationsProgram/DetermineYourEligibility Non-US citizens need to pay before filing a complaint.
03. If you wish to initiate a lawsuit directly:
- You may need to hire a lawyer familiar with California law to file a lawsuit against FTX US in Alameda County, California.