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FTX announced the launch of repayments in Q1 next year! How to confirm if the KYC for claims is completed, and the step-by-step guide for submitting the required tax forms.
The bankrupt Cryptocurrencyexchange FTX liquidation group issued an official press release yesterday saying that creditors expect to officially receive repayment in Q1 next year. This article supplements how creditors can confirm that the claim KYC is complete? and the teaching of filling out mandatory tax forms. (Synopsis: FTX repayment bailout? Inject “$16 billion” analysts: cooperate with interest rate cuts and elections to help BTC rise above 120,000) (Background supplement: FTX repayment plan is overwhelmingly agreed by creditors, when will the compensation start at the earliest?) FTT jumps 10%) In early October, after two years of bankruptcy restructuring proceedings, Judge John Dorsey formally approved the bankruptcy repayment plan submitted by the FTX restructuring team, which the company estimates will have as much as $14.5 billion to $16.3 billion in cash available for distribution once all assets are sold. According to the latest official press release issued by the Root bankruptcy team yesterday, creditors are expected to officially receive repayment in Q1 next year. The relevant distribution schedule is as follows: In early December, the debtor expects to enter into a final arrangement with professional distribution agents who will assist FTX in distributing the collection to global clients in supported jurisdictions. At that time, the debtor will provide instructions to the Client to establish an approved account with the Distributor on the Existing Client Portal. By the end of December, the debtor is expected to announce the exact effective date after the court order approves the reserve for disputed claims, which is a prerequisite for distribution under the confirmation order. The debtor currently expects the scheme to come into effect in early January 2025. According to the confirmation order, the initial distribution will be made within 60 days thereafter to the holder in the program facilitation category who is allowed to claim (the initial distribution). The assignment record date for the first assignment will be the same as the effective date. Ask the creditor to complete the relevant KYC verification It is also important to note that in order to be eligible to receive repayment on the initial distribution date, the client must establish an approved account with the distribution agent before the distribution record date, complete the KYC verification and submit the required tax forms. How can I confirm if my claim KYC is complete? For the KYC verification section, if you have not already done so, please log in to the FTX Customer Claims Portal Claims.ftx.com. If it is not shown as shown in the figure below for On Hold or Verified, please follow the FTX Claim Application Tutorial previously written by the district, which includes 10 steps to teach you to fill out, KYC upload, and finally receive the official Kroll certificate. How to submit a tax form Log in to the customer claims website normally and select the corresponding platform to start, filling in the information is divided into 8 steps: Verify the account; Verify the identity of the account holder; KYC; View Account Balances; Check the status of proof of claim; conducting voting; Select tax needs; Select a payment option. If you are a creditor of FTX, you should have completed the above 8 options, lit up and ticked in the previous claim steps. The tax requirements added to this request will pop up when you log in, please refer to the following steps: 1. Click “Generate Tax Form”; 2. Taiwanese users need to click “No” to indicate that they are non-US tax users; 3. Individual users should click “Individual” in the beneficiary option; 4. Finally fill in the W-8 BEN form, including name, date of birth, nationality, if you are a Taiwanese user, please fill in the Taiwan ID number in Foreign Tax Identification Numer (FTIN), or fill in the uniform number here if you are not an individual entity. What is the W-8 BEN form? For many non-U.S. taxpayers, they may not be familiar with what a Form W-8 BEN is. In fact, the U.S. W-8 BEN English translation is proof of foreign status of the U.S. withholding beneficial owner, which is a tax document submitted to the U.S. withholding agent by a non-U.S. citizen or resident (alien). This form is mainly used for the following purposes: Apply for drop tax rate or exemption from withholding tax: Under tax treaties between the United States and certain countries, foreigners may be eligible for lower withholding tax rates (e.g., income from dividends, interest, royalties, etc.). After filing Form W-8 BEN, U.S. payers can apply the negotiated preferential tax rate instead of the standard 30% withholding rate. Proof of Status and Foreign Tax Residency: This form allows taxpayers to prove that they are not a U.S. tax resident and therefore are not subject to the U.S. global taxation system. Prevent double taxation: Filing forms can help foreign taxpayers avoid double taxation in the United States and their country of residence. Also, Form W-8 BEN is for individuals, while W-8 BEN-E is for foreign entities, such as companies or other organizations. Related reports Will FTX’s $12.7 billion settlement agreement with the CFTC affect creditors’ compensation? SBF ex-girlfriend Caroline is afraid of being locked up! FTX case asks judge for lighter sentence: I am very well-behaved. How did he build a DeFi empire after the bankruptcy of FTX and the collapse of the Solana ecosystem? 〈FTX announces that repayment will start in Q1 next year! How to confirm whether the claim KYC has been completed, the mandatory tax form submission steps are fully taught" This article was first published in BlockTempo “Dynamic Trend - The Most Influential Block Chain News Media”.