TLDR
- Several FTX creditors have received official verification under the Bahamas legal process.
- The approval of these claims allows verified creditors to be included in upcoming distributions.
- The Bahamas process faced delays due to complex regulatory and Know Your Customer requirements.
- An estimated 290 million dollars in validated FTX claims remain unpaid as of late June.
- The joint liquidators managing the case include PricewaterhouseCoopers and Brian Simms.
Several FTX creditors received confirmation this week under the Bahamas legal process, marking a significant milestone in the bankruptcy. The validation of claimants clears the way for future distributions, offering progress in a case delayed by regulatory challenges. This update follows months of stalled verifications and delayed disbursements for many involved in the international claims process.
Bahamas Process Approves Claims Amid Regulatory Delays
FTX creditors navigating the Bahamas legal process have begun receiving official verifications for their claims. These verifications follow a prolonged period of regulatory compliance checks, primarily tied to UK and EU-style legal standards. As a result, Know Your Customer procedures extended the time required to approve and release valid claims.
FTX Bahamas: KYC
Good news: Some FTX creditors have finally been verified in the Bahamas process
The record date has not been announced for the next distribution so those verified will be included pic.twitter.com/rAifeFw6BD
— Sunil (FTX Creditor Champion) (@sunil_trades) July 22, 2025
Joint liquidators, PricewaterhouseCoopers and Bahamian King’s Counsel Brian Simms, continue to oversee the legal administration under strict jurisdictional rules. According to representative Sunil Kavuri, verified claimants are now eligible for future creditor distributions under the Bahamas estate. Though more approvals are expected, approximately $290 million in validated claims remain unpaid as of June.
Similar cross-border complications delayed payouts for creditors in past crypto failures, such as Mt. Gox and Celsius. However, legal experts suggest these regulatory efforts will enhance the framework for fair and legally sound distributions. With the Bahamas approvals moving forward, stakeholders expect increased efficiency in future payment rounds.
US Bankruptcy Court Holds Omnibus Hearing Today
In parallel, the United States Bankruptcy Court is conducting an omnibus hearing today for the ongoing FTX Chapter 11 proceedings. The hearing began at 9:30 a.m. ET in the District of Delaware before Chief Judge Karen B. Owens. This is the first of three planned sessions, with further hearings scheduled for August 12 and September 11.
A key topic includes the proposed “Restricted Jurisdiction Procedure,” which could impact creditors in 49 countries. If approved, legal opinions will determine whether FTX can distribute funds to restricted regions such as China. Creditors from affected nations may face exclusion from future payouts based on legal findings.
