FTX Creditors See Progress as Bahamas Verifies Claims, U.S. Court Hearing Begins

• Several FTX creditors have been officially verified in the Bahamas and will be included in future payouts.

• A settlement between FTX Bahamas and Celsius has cleared legal obstacles and may speed up distributions.

• A U.S. court hearing reviews payout restrictions for 49 countries, which could exclude some creditors.

FTX’s complex international bankruptcy process has taken a key step forward this week, with several creditors now officially verified under the Bahamas’ legal framework. The update comes as U.S. and Bahamian courts work to untangle the exchange’s multi-jurisdictional collapse and push toward asset distributions.

Verified Claims in the Bahamas Process

On July 22, creditor representative Sunil Kavuri confirmed that multiple FTX creditors were successfully verified in the Bahamas-based legal process. These creditors will now be eligible for future distributions.

The process in The Bahamas, led by joint liquidators PricewaterhouseCoopers (PwC) and Bahamian King’s Counsel Brian Simms, has faced significant delays. Local regulatory standards, modeled on UK and EU compliance rules, have required rigorous Know Your Customer (KYC) checks. As of late June, roughly $290 million in validated claims remained unpaid under this process.

While the additional verifications signal progress, strict legal requirements slow the approval timeline. This methodical approach could result in a stronger long-term payout structure for all affected users.

A separate settlement between FTX’s Bahamian unit and Celsius Network has resolved ongoing disputes over clawback claims. The resolution eliminates a legal obstacle and is expected to accelerate asset recovery and distribution across both platforms.

These developments align with lessons from other collapsed crypto entities, including Mt. Gox and Celsius, where global coordination proved essential. The emergence of a secure, regulation-compliant payments framework remains a priority as FTX’s liquidation unfolds.

U.S. Omnibus Hearing Kicks Off

In parallel, the United States Bankruptcy Court for the District of Delaware is holding its scheduled omnibus hearing today, July 22, at 9:30 a.m. ET. The hearing, overseen by Chief Judge Karen B. Owens, is the first of three slated sessions, with the next two scheduled for August 12 and September 11.

A central topic is the proposed “Restricted Jurisdiction Procedure,” which would determine whether creditors in 49 restricted countries, including China, can legally receive payouts. FTX will seek formal legal opinions on distributions to affected jurisdictions if the court approves the measure. Some claimants may ultimately be excluded based on regulatory guidance.

The ongoing coordination between U.S. and Bahamian legal teams, recent claim verifications, and global settlement efforts mark a turning point in the FTX bankruptcy process. With key hearings underway and major hurdles addressed, creditors could begin to see structured progress toward fund recovery.