Ad Hoc Committee Seeks to Protect Crypto Investors from Bankruptcy Risks
• A group of non-U.S. FTX customers have filed a joinder in support of a Motion of Debtors for Entry of Interim and Final Orders to have their names and private information redacted from court documents as part of the crypto exchange’s Chapter 11 bankruptcy process.
• The group is comprised of 15 people in individual or representative capacities, suggesting there is a far greater number in the group. In total, the Ad Hoc Committee claims to represent people or entities with around $1.9 billion worth of locked assets in FTX.com.
• The group stressed that publicly revealing the names and private information of customers runs the potential risk of identity theft, targeted attacks and „other injury.“
As the crypto space continues to expand and more investors pour their money into digital assets, it is essential for the companies in the industry to protect their customers from any potential harm. This is why a group of non-U.S. FTX customers have filed a joinder in support of a Motion of Debtors for Entry of Interim and Final Orders to have their names and private information redacted from court documents as part of the crypto exchange’s Chapter 11 bankruptcy process.
The Ad Hoc Committee of Non-US Customers of FTX.com (Ad Hoc Committee) is comprised of 15 people in individual or representative capacities, suggesting there is a far greater number in the group. In total, the Ad Hoc Committee claims to represent people or entities with around $1.9 billion worth of locked assets in FTX.com. The group called for the debtors to withhold confidential customer information, to protect the customers and their assets from any potential harm.
The group stressed that publicly revealing the names and private information of customers runs the potential risk of identity theft, targeted attacks and „other injury.“ The Ad Hoc Committee stated in their filing that, “Requiring the Debtors to disclose the FTX.com customers‘ names and other identifying information to the general public would cause irreparable harm, further victimizing the FTX.com customers whose assets were misappropriated.”
The group is hoping that their filing will protect the customers and their assets from any harm, and ensure that their private information is not revealed to the public. The filing also seeks to ensure that these customers are protected from any potential risks that could arise from the bankruptcy process.
It is clear that the crypto space is growing and more people are investing their money into digital assets. As such, it is important for companies to protect their customers from any potential harm. This is why the Ad Hoc Committee is pushing to have their names and private information redacted from court documents as part of the crypto exchange’s Chapter 11 bankruptcy process. The group believes that this will protect the customers and their assets from any potential risks and ensure that their private information is not made public. Ultimately, this will help to ensure that the customers are not subject to any harm or risks that could arise from the bankruptcy process.