FTX Appoints Kroll as Claims Agent, to Update Users on Bankruptcy Progress

Claims officers and notifiers such as Kroll are often assigned to bankruptcy files where the number of creditors exceeds one thousand. New

Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are informed of developments throughout its bankruptcy filing in under Chapter 11.

Known as the "Complaints and Opinions Officer", Kroll was appointed to the position on November 12 and the news was made public on November 17. Its purpose is to compile a database of all complaints against FTX Trading and 101 affiliates.

Press release:

FTX Group has appointed Kroll as its claims agent, and all official documents filed with the U.S. Bankruptcy Court are available online at https://t.co/7Bsn9Ggckf. pic.twitter.com/OFuCmlJXgJ

As of this writing, this database only lists eight claims, including one from Singapore-based blockchain developer Ethereal Tech for $11.7 million, but will soon be expanded as further claims against the group will be filed.

For example, another case Kroll worked on, that of car rental company Hertz, has 62,061 claims against it as part of its Chapter 11 bankruptcy filing.

The eight claims currently included already amount to $40.9 million, although FTX Trading alone owes clients and investors up to $8 billion.

As part of the filing, the company has also compiled a list of interested parties that it will keep informed of developments, which it says is incomplete and does not currently include customers.

This list is currently made up of approximately 750 parties who have some interest in the matter, with some of the groups included being debtors, banks, owners, insurers, administrators, landlords and regulators.< /p>

Some notable names included in the list are National Australia Ba...