About Qredax

Qredax is a specialized buyer of FTX bankruptcy claims from creditors in CIS jurisdictions — Russia, Belarus, Ukraine, Kazakhstan, and surrounding countries. We focus on claim categories that other buyers refuse or underprice: KYC-blocked claims, restricted-jurisdiction claims, expunged claims, and Class 7 Convenience claims.

What we do

The FTX Recovery Trust is distributing approximately $14.7 billion to former FTX customers across multiple tranches running through 2027 and beyond. Distributions are processed through Kroll, the court-appointed claims agent, under a Sale and Assignment of Claim (SAC) framework defined by Bankruptcy Rule 3001(e).

Many CIS creditors cannot access these distributions directly. Reasons include:

• KYC verification with Kroll fails or stalls for non-US passports — particularly Russian, Belarusian, and Iranian passports.
• The November 2025 motion regarding restricted jurisdictions was withdrawn, but operational delays for CIS holders remain.
• Expunged claims are administratively removed from the distribution roll, even when the underlying ownership is valid.
• Multi-year delays mean creditors with immediate liquidity needs cannot wait for full distribution.

Qredax purchases these claims directly. We become the holder of record at Kroll, complete KYC as the new holder, and pay the original creditor in USDT within 24-48 hours of signing the SAC agreement.

Methodology

Pricing and risk assessment is based on systematic monitoring of the FTX bankruptcy proceedings. Our research stack includes:

We monitor every relevant court filing, transfer notice, and Recovery Trust update in real time. Pricing reflects the specific risk profile of each claim — claim class, KYC status, jurisdiction, and whether the claim is in dispute or has been expunged. We do not use generic discount rates.

How we differ from other buyers

Most active claim buyers in the FTX market focus on US and Western European creditors with clean Class 5A claims. They generally decline:

• Claims from creditors in restricted or sanctioned jurisdictions
• Claims stuck in KYC verification
• Expunged claims requiring Rule 60(b) reinstatement work
• Smaller Class 7 Convenience claims

Qredax specializes in exactly these segments. We accept the operational complexity that other buyers avoid.

Process and documentation

Every transaction is executed under a written Sale and Assignment of Claim (SAC) agreement registered with Kroll. The SAC documents the buyer (Qredax), the seller, the claim amount, and the agreed price. Sellers may have the SAC reviewed by independent counsel before signing.

We do not request upfront fees. We do not request payment in unusual tokens or to personal wallets. We sign an NDA before any document exchange. Payment is sent only after the SAC is signed by both parties.

Anonymity and operational structure

Qredax operates as a private specialized buyer. Crypto-native creditors are familiar with the convention of pseudonymous founders in the industry — most major Web3 protocols and trading firms are run by anonymous or pseudonymous teams. Our credibility rests on the audit trail: every SAC agreement is registered with Kroll on the public bankruptcy docket and is independently verifiable.

For sellers who require additional verification before sharing documents, we recommend reviewing our published research on the FTX claims market (see articles linked from the homepage), reviewing the public docket history of our SAC filings (which appear under the buyer name on the Kroll registry once a transaction is completed), and using independent counsel for SAC review.

Sources we monitor

• Kroll FTX claims portal — official claims registry and customer code system
• FTX Recovery Trust quarterly reports and distribution announcements
• OFAC SDN list — for sanctions screening of all parties
• Public commentary from major creditor advocates and bankruptcy practitioners