How to Sell an FTX Bahamas Claim: PwC Transfer

Bahamas process or US process: which one is your claim in?

FTX.com customers had a choice. Under the Global Settlement Agreement between the FTX debtors in the US and FTX Digital Markets in The Bahamas, each customer could have the claim handled in either process. The deadline to choose was 16 August 2024, 4:00 p.m. Eastern Time. After that date, PwC's overview of the election says, "it will no longer be possible to switch processes", and the claim is "treated as if it does not exist in the other process".

According to the liquidators' report of December 2025, 43,202 customers chose the Bahamas process, with scheduled claims of about $808.6 million.

How to tell where your claim is:

Your portal. You log in to the FTX Digital Claim Portal at digitalmarketsclaim.pwc.com, not to the FTX Customer Portal at claims.ftx.com.
Your e-mails. Notices come from PwC, not from FTX or Kroll. PwC publishes a list of its official e-mail addresses.
Your payment notices. They are the liquidators' "Notice of Distribution Record Date". FTX's own press releases say that FTX Digital Markets "will be separately communicating distribution information" to customers in the Bahamas process.

	Bahamas process	US process
The claim is against	FTX Digital Markets Ltd. (in official liquidation)	FTX Trading Ltd. and its affiliated debtors
Who runs it	The joint official liquidators (PwC and the law firm Lennox Paton)	The FTX Recovery Trust
Court	Supreme Court of The Bahamas	US Bankruptcy Court, District of Delaware, Case 22-11068
Portal	FTX Digital Claim Portal	FTX Customer Portal
How a sale is recorded	A Transfer Notice Form issued by PwC, signed by both sides and e-mailed from the seller's FTX account address	A notice of transfer filed in the court case under Bankruptcy Rule 3001(e)
Waiting period	None published. PwC confirms the transfer in writing	21 days for the seller to object
The buyer is paid in a round if	PwC confirmed the transfer in writing before the record date	The transfer is on the claims register at the record date and the 21 days have passed without objection
KYC	The seller and the buyer, with PwC	The original holder must have passed KYC in the FTX portal

The money is meant to be the same. PwC's FAQ says creditors "will receive substantially the same return" in either process. The dates have been the same too: in all five rounds so far, PwC used the same record date and the same payment date as the US process.

Which claims can be transferred?

PwC's guide lists three cases in which it cannot process a transfer:

The claim has been paid.
The claim has been transferred.
The claim is not in the Bahamas process.

Your claim	Can it be transferred?
Convenience Class claim (US$50,000 or less) that has been paid	No. This class received "a one time, full and final distribution" of about 120%: the claim plus interest. By December 2025, 28,755 customers had been paid in full "and are no longer creditors"
Larger claim that has received some distributions	Yes, on our reading of the guide. Where distributions have already been made, the buyer is "entitled to all future payments and distributions", including post-petition interest and Supplemental Remission Fund amounts where they apply
Not paid yet: adjudication, KYC or the tax form is still in progress	The guide does not rule it out. But nothing is paid until the seller completes PwC's KYC (see below)
Not paid yet: payment details are missing	The guide does not rule it out
Not paid yet: you live in one of PwC's "potentially restricted foreign jurisdictions"	The guide does not rule it out. It also does not say whether a transfer changes when such a claim is paid
Already sold or assigned to someone else	No
Claim in the US process	Not through PwC. See how the US transfer works

Who this concerns. At the date of the December 2025 report, 11,296 claims worth about $363.5 million were still in process:
6,251 with adjudication, KYC or tax forms in progress;
2,858 waiting for payment details;
2,187 held by residents of potentially restricted foreign jurisdictions.
The buyer must check first. PwC makes the buyer "responsible for ensuring that the claim has not already been paid, sold, or transferred and is KYC-verified". It warns that buying a paid claim is "at their own risk". So expect a careful buyer to ask what your portal shows.
Whole claims. The guide describes the buyer taking "full ownership of the claim". It says nothing about selling part of a claim.

The Transfer Notice Form and the tracking ID

Agree the sale. In PwC's terms the seller is the Transferor and the buyer is the Transferee.
Ask PwC for the form. "Either the Transferor or the Transferee must email our Contact Centre to request a Transfer Notice Form." The guide gives the Contact Centre's address as uk_glb_fdm_transfers@pwc.com.
PwC issues the form "with a unique tracking ID linked to the Transfer". The form is not a download. Each transfer gets its own.
The buyer tells PwC about the purchase. The guide makes the buyer "responsible for notifying" the Contact Centre "of any intended potential and upcoming claim purchase".

A second address. PwC's FAQ tells customers who want to transfer a claim to write to gbl_fdm_creditors@pwc.com for instructions. Both are pwc.com mailboxes. The guide is the document written for transfers, so start with its address.
Copy the address yourself from the guide on pwc.com. Do not take it from an e-mail or a chat message.
Not published. PwC has not published the form itself, a fee for a transfer or a processing time.

Both sides sign, and the form goes from the original account e-mail

Complete and signed. "The Transfer Notice form must be completed in full and signed by both the Transferor and the Transferee."
Sent by the seller. "The completed form must be sent via email to our Contact Centre from the original FTX claim owner's email address." That is the address registered on your FTX account.
What PwC refuses. Forms that are incomplete, unsigned, show incorrect claim details, or are "submitted from any other email address without supporting evidence". In those cases "the Transfer will not be processed".

The reason is simple. PwC identifies an account holder by the e-mail address on the FTX account. It used the same rule for its creditors' meeting in March 2026: the forms had to be sent "from the email of record on your FTX Account".

Check that you can still send from that address. If it is an old mailbox, recover it before you agree a sale.
If you cannot, the guide leaves a door open: a form from another address may be accepted with "supporting evidence". It does not say what evidence. Ask the Contact Centre before you sign anything.
Nobody sends it for you. The form has to come from your own mailbox. A buyer who asks for your e-mail password or your portal login "to send it for you" is asking for something PwC's procedure does not need.

KYC for the seller and the buyer

The rule. "No distributions shall be made until both the Transferor and Transferee complete our KYC process." PwC contacts both sides by e-mail to start it, "to the extent they have not already done so".
What PwC's KYC involves. It runs through a provider, Sumsub. An individual gives a photo ID, passes a liveness check and proves an address. A company uploads proof of incorporation, and the people who own or control it are verified too.
Deadlines. PwC's FAQ asks customers to complete KYC within 30 days of the invitation. PwC's status page says customers who do not satisfy the request within 60 days of a second request are "deemed to have forfeited their right to receive a distribution".
Selling does not remove your KYC. If you have not completed PwC's KYC, the buyer is not paid either. That is why PwC says buyers "are strongly encouraged to purchase claims that are already KYC-approved", and why your KYC status affects whether a buyer makes an offer.
Two different checks. PwC's KYC is one. The buyer's own identity check of you is another. Passing one does not count for the other.
After the transfer. A payment also needs a payment option and a tax form. The buyer is the one being paid, so that part is for the buyer to arrange. This is our inference; the guide does not specify who arranges these steps.

If your problem is KYC in the US process, see FTX claim forfeited or KYC failed.

The portal update

PwC updates its records. "The FTX Digital Claim Portal will be updated to reflect the Transfer, after which the Transferee will be required to create a claim for the transferred account."
PwC notifies the buyer "when the updates are processed".
For you as the seller, the transfer is complete when PwC has confirmed it. Ask the buyer for a copy of the confirmation and keep it with your agreement.
Payments you have already received. The guide deals with future payments only. Your agreement should say who keeps a payment that arrives while the transfer is pending.

Timing, and what can delay a transfer

PwC publishes no processing time. It does publish one rule, in the same words in each of its last three record-date notices:

"Claim Transfers not confirmed in writing by us before the Record Date will not be recognised and payments will be remitted to the beneficiary recorded on our schedules at the Record Date."

So the date that counts is the date of PwC's written confirmation, not the date you signed or sent the form.

PwC's notice	Record date	Payment from
24 July 2025	15 August 2025	30 September 2025
15 January 2026	14 February 2026	31 March 2026
27 May 2026	16 June 2026	31 July 2026

Short notice. Each notice came 20 to 30 days before the record date. That leaves little time to request a form, sign it, send it and receive a confirmation.
Now. As of 13 November 2026, PwC's document library shows no notice after 27 May 2026. FTX has not announced a sixth record date in the US process either. See our estimate of the next record date.

What can delay or stop a transfer:

The form comes from the wrong e-mail address, or is incomplete, unsigned or shows wrong claim details.
KYC. Either side has not completed PwC's KYC.
Adjudication. PwC has not yet decided the amount of the claim. In December 2025, 424 claims were still pending.
A dispute over ownership. The December 2025 report mentions one dispute about who owns a claim after a purported assignment under foreign law. The liquidators told both sides they could ask the Bahamian court for directions.
Residence. PwC's list of potentially restricted foreign jurisdictions has 46 entries. The record-date notices say claims of their residents "will not be eligible to receive a distribution at this time". The list page says the jurisdictions "continue to be assessed" and gives no date.
A request sent shortly before a record date.

How to stay safe

Check the sender. PwC says some FTX creditors have been targeted with scam and phishing e-mails. Compare the sender with PwC's list of official addresses, and open the portal from PwC's site, not from a link in an e-mail.
Never share your portal login, your e-mail password or your 2FA codes.
Never pay upfront. A buyer pays you, not the other way round.
Check the buyer. See how to verify that a claim buyer is legitimate.

How Paxtibi handles a Bahamas claim

Paxtibi buys FTX claims in both processes. With a Bahamas claim, the sale itself works as with any FTX claim. Only the transfer step is different: it follows PwC's procedure.

Tell us it is a Bahamas claim. Send what the FTX Digital Claim Portal shows: the stage, the adjudicated amount, the KYC status and any distributions already received. PwC expects the buyer to check this before buying.
Written offer within 24 hours. There is no upfront payment and no obligation to accept. We do not charge a separate fee: the price we quote is final.
Our identity check. You complete KYC with our verification provider, Sumsub. It usually takes about 10 minutes. This is separate from PwC's KYC.
The assignment agreement. You receive a contract preview and then the final agreement to sign electronically.
The PwC transfer. We notify PwC's Contact Centre, as the guide requires of the buyer, and PwC issues the Transfer Notice Form. We complete and sign our part. You sign yours and e-mail the completed form from your FTX account address. If PwC asks either of us for KYC, each of us completes it.
Payment. For crypto payouts we first send a $10 test transaction, then the full amount. The agreement states when payment is made.

The $28 court filing fee and the 21-day notice period belong to the US process. They do not apply here.

Our take

On paper the PwC transfer is simpler than the US one: one form, no court filing, no 21-day wait. In two places it is stricter. The form must come from the mailbox of the original FTX account. And PwC pays nothing until the seller has completed its KYC. A sale does not get around either rule.

For many Bahamas customers the question no longer arises, because Convenience Class claims were paid in full. A sale is worth considering if your claim is larger and still has payments to come, or if it has not been paid at all. Before you ask for offers, check three things: that you can send e-mail from your FTX account address, your KYC status in the PwC portal, and what you have already received. And leave time. PwC must confirm the transfer in writing before a record date, and it gave only 20 to 30 days' notice of the last three.

FAQ

Can I sell an FTX claim that is in the Bahamas process?

Yes, unless it has been paid or has already been transferred. PwC, which handles the Bahamas process for the joint official liquidators of FTX Digital Markets Ltd., sets out the procedure in its Claim Transfers User Guide. It cannot process a transfer of a claim that has been paid, has already been transferred or is not in the Bahamas process.

How do I transfer an FTX Digital Markets claim to a buyer?

The seller or the buyer e-mails PwC's Contact Centre and asks for a Transfer Notice Form. PwC issues the form with a unique tracking ID. Both sides complete and sign it, and it is e-mailed back from the e-mail address of the original FTX account. PwC then updates the FTX Digital Claim Portal.

What is the PwC Transfer Notice Form?

It is the form PwC issues to record the transfer of a claim in the Bahamas process. Each form carries a unique tracking ID linked to one transfer. PwC does not accept a form that is incomplete, unsigned, shows incorrect claim details or comes from another e-mail address without supporting evidence.

Do both the seller and the buyer have to pass KYC?

Yes. PwC's guide says no distributions are made until both the seller and the buyer complete its KYC process. PwC contacts both by e-mail if they have not completed it yet. The buyer normally runs its own identity check on the seller as well.

Can I sell a Bahamas claim that has already been paid?

No. PwC cannot process the transfer of a claim that has been paid. Convenience Class claims received one full and final distribution, so they cannot be sold after it. If a larger claim has received some distributions, the buyer is entitled to the future payments.

How long does a PwC claim transfer take?

PwC does not publish a processing time. What matters is the record date: a transfer that PwC has not confirmed in writing before the record date is not recognised for that round, and the payment goes to the holder on PwC's records. As of 13 November 2026 no new record date has been announced.

Sources

Disclaimer:this article is for information only and is not legal, tax or financial advice. Paxtibi buys bankruptcy claims and has a commercial interest in FTX claims. Paxtibi is not affiliated with PwC, the joint official liquidators of FTX Digital Markets Ltd. or FTX.

How to Sell an FTX Bahamas Claim (FTX Digital Markets): the PwC Transfer, Step by Step

Key facts