How can FTX creditors sell their claims in Xclaim?

23-01-20 10:11
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Recently, the news that Su Zhu of Sanjian Capital is participating in the establishment of a new centralized crypto trading platform "GTX" has triggered hot discussions in the industry, and also made the industry focus on this bond trading market formed for crypto assets.


However, as GTX is still 2-3 months away from being officially launched, users who are interested in and have the need to trade bonds on related crypto-bankruptcy platforms are still unable to actually experience how to trade bonds. Therefore, BlockBeats chooses Xclaim platform, which is currently in this field and will be one of the main rivals of GTX in the future, to conduct the actual experience of encrypted creditor's rights trading for readers' reference.


How do you list claims in Xclaim


First entryXclaimFrom the website homepage, click on "Cash Out My Crypto" to list your claims on FTX, BlockFi, Celsius and Voyager on Xclaim.



If you select FTX's credit, then fill in the email address to proceed to the next step.



In order to improve their own personal information. For domestic FTX creditors, the option is "no" in the US.



Next, list your assets in the FTX account, including the specific currency and amount.



The next step is to provide information about the claim.


Whether proof of claim has been filed with a claims agent or bankruptcy court? And whether any part of your account balance was transferred from the account after August 12, 2022? Each creditor can choose truthfully according to his actual situation.


However, in order for Xclaim to properly evaluate its claim, the user also needs to provide evidence of account balance and recent account activity with FTX, and should provide any additional supporting documents as possible. However, since FTX users cannot access their accounts at this time, creditors can also complete this file later.



Finally, the user clicks Submit.



How do I buy a claim in Xclaim


Continue to experience FTX claims trading. If users want to purchase FTX claims on the Xclaim platform, they can directly click the "Purchase Claims" option from the Xclaim homepage.



It can be seen that Xclaim offers more options to purchase debt than only selling debt of 4 bankrupt platforms. In the future, debt transactions of Silvergate, Gemini, DCG and other platforms will be launched.


When choosing FTX's debt transaction, you can first choose to view more FTX's debt, and then select the specific one you want to buy according to the index on the left: debt amount, creditor's location, creditor's attributes, and creditor's supporting documents.



Once the choice is made, the user will be able to see the creditor's information about the claim and can even ask for additional due diligence.


However, the claims listed on the Xclaim platform are currently under the state of private bidding, and users cannot complete a successful purchase transaction for the time being.



Finally, the Xclaim platform's steps for trading crypto claims are basically as shown above. Once the platform is fully functional, users can have a complete trading experience while helping the crypto account holder bypass the bankruptcy process and cash out at the best possible price.


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