3001(e)
The Federal Rule of Bankruptcy Procedure that governs claim transfers
21 days
Objection window after a transfer is filed before it becomes final
2
Things a SAC does at once - a sale and a legal assignment

If you have looked into selling an FTX claim, you have probably run into the term SAC. It shows up in offer emails, in buyer messages, and in the paperwork itself. For most creditors it is an unfamiliar acronym attached to the single most important document in the whole transaction.

SAC stands for Sale and Assignment of Claim. It is the contract that actually moves your FTX claim from you to a buyer. The offer, the price discussion, the settlement in USDT - all of it depends on this one agreement being drafted, signed, and processed correctly.

This guide explains what a SAC agreement is, what it contains, how it connects to the formal claim transfer process, and why a buyer like Qredax insists on using one instead of an informal arrangement.

What a SAC Agreement Is

A Sale and Assignment of Claim is a private contract between a creditor - the seller - and a buyer. It does two things at once, which is why the name has two parts.

The sale is the commercial side. You agree to give up your FTX claim, and the buyer agrees to pay you an agreed amount, settled in USDT. The assignment is the legal side. It transfers the legal right to the claim - including the right to receive every future FTX distribution tied to it - from you to the buyer.

This matters because an FTX claim is not money sitting in an account. It is a legal right against the FTX Recovery Trust: the right to be paid a share of recovered assets when distributions are made. Selling that right is not like sending a crypto transfer. It needs a contract that assigns the right itself, and that contract is the SAC.

What a SAC Agreement Contains

SAC agreements vary in length and wording between buyers, but a properly drafted one covers the same core elements. When you read one, look for each of these:

  • The parties. Your legal name and the buyer's legal entity name. The buyer should be a named company, not an individual or an anonymous handle.
  • The claim being sold. The FTX entity, the claim or schedule number, the class, and the claim amount. This identifies exactly which claim is moving.
  • The purchase price. The amount you are paid and the settlement method - for CIS creditors, normally USDT to a wallet you control.
  • Representations and warranties. Statements from you that you own the claim and have not already sold or pledged it, and statements from the buyer about its authority to purchase.
  • Settlement mechanics. When payment happens relative to signing and filing, and what each side does to complete the transfer.
  • A confidentiality clause. An NDA covering the price and the details of the deal.
  • Further-assurances language. A clause requiring both sides to sign any additional documents needed to complete the transfer with the claims agent.

If an agreement you are handed is missing the claim identification, the price, or the parties' legal names, it is not a finished SAC. It is a draft, and it should not be signed.

How the SAC Fits Into the Claim Transfer Process

The SAC is the contract, but it is not the end of the process. A claim transfer in the FTX bankruptcy follows a defined sequence, and the SAC is step one.

Claim transfers are governed by Federal Rule of Bankruptcy Procedure 3001(e). After the SAC is signed, the buyer prepares and files a Notice of Transfer with Kroll, the FTX claims agent. That filing tells the Recovery Trust that the claim has changed hands.

The rule then provides a 21-day objection window. During that period, the original creditor can object if the transfer was filed in error. If no objection is raised, the transfer is recorded and the buyer becomes the holder of record. From that point, all future distributions on the claim go to the buyer, not to you.

The SAC sits underneath all of this. The Notice of Transfer is the public-facing filing; the SAC is the private agreement that gives the buyer the right to file it. One cannot work without the other.

Worth knowing: the SAC itself is never filed with the court. Only the Notice of Transfer becomes part of the public docket, and standard practice is for that notice to omit the seller's name. The commercial terms in your SAC stay private between you and the buyer.

SAC vs an Informal "I'll Buy Your Account" Message

Some creditors are approached on Telegram or Discord with a simple pitch: send your Kroll login, get paid in crypto, no paperwork. That is not a claim sale. It is the opposite of one.

Without a SAC, nothing is assigned. The Recovery Trust still considers you the holder of record. The claim is still legally yours, which means the next distribution still comes to you - and the person who "paid" you now has a reason to pressure you for it. There is no contract, no representations, no settlement schedule, and no recourse if the other side disappears.

A SAC converts a handshake into an enforceable transfer. It is the difference between selling an asset and simply handing someone your password.

Why Qredax Uses a Formal SAC

Qredax structures every purchase through a SAC for the same reason institutional claim buyers do: it is the only mechanism that produces a clean, final transfer recognised by the Recovery Trust.

For the seller, the formal route has concrete advantages. The price is fixed in writing before anything is signed. Settlement terms are defined, so you know when USDT arrives relative to signing. The confidentiality clause limits what the buyer can disclose. And once the transfer clears the objection window, you are fully out of the position - you are not waiting on a distribution, not exposed to a future dispute over the claim, and not dependent on the buyer's goodwill.

An informal deal offers none of that. The formality is not bureaucracy; it is the protection.

What a SAC Does Not Do

It is just as useful to know the limits of the document.

A SAC does not change the underlying claim. It does not raise your claim's class, fix a KYC problem with the claims agent, or resolve a dispute the Trust has raised. Those are properties of the claim itself, and the price in the SAC reflects them - a claim with an unresolved issue is priced accordingly.

A SAC also does not give the buyer your identity documents or portal access. A correctly run sale is completed through the SAC and the Notice of Transfer process, not by handing over your Kroll credentials. Any buyer who needs your login to "complete" a SAC is doing something other than a standard claim transfer.

Reading a SAC Before You Sign

Before you sign, slow down and check four things.

The numbers match. Claim amount, class, and claim number should match what you see in your Kroll records. The price should match the offer you were quoted.

The buyer is a named entity. You should be assigning your claim to a company with a legal name, not to a person or a pseudonym.

Settlement is defined. The agreement should state clearly when you are paid. Vague language about payment "after processing" with no timeframe is a reason to ask questions.

You understand the irrevocability. Once the transfer clears the 21-day window, it is final. That is the intended outcome of a sale - but it should be a decision you make with open eyes, not a surprise.

A SAC is a normal, well-understood instrument used in billions of dollars of bankruptcy claim transfers every year. Treated with the attention any contract deserves, it is exactly what protects you.

FAQ

What does SAC stand for?
SAC stands for Sale and Assignment of Claim. It is the contract used to sell an FTX bankruptcy claim. The agreement combines a sale - the buyer pays the seller an agreed amount, normally in USDT - with a legal assignment that transfers the claim and all future distribution rights from the seller to the buyer.
Is the SAC agreement filed with the court?
No. The SAC itself stays private between the seller and the buyer. What gets filed is a separate Notice of Transfer, submitted to Kroll under Federal Rule of Bankruptcy Procedure 3001(e). Standard practice is for that public notice to omit the seller's name, so the commercial terms in the SAC are not part of the public docket.
How long after signing a SAC does the transfer become final?
After the SAC is signed, the buyer files a Notice of Transfer with Kroll. Rule 3001(e) provides a 21-day objection window. If no objection is filed in that period, the transfer is recorded and the buyer becomes the holder of record. Payment to the seller is governed by the settlement terms written into the SAC.
Can I sell my FTX claim without a SAC agreement?
Not as a real sale. Without a SAC, nothing is legally assigned - the Recovery Trust still treats you as the holder of record, and any future distribution still goes to you. An informal arrangement with no contract gives you no enforceable terms and no recourse. A SAC is what turns an offer into a completed, recognised transfer.
What should I check before signing a SAC?
Confirm the claim amount, class, and claim number match your Kroll records, and that the price matches your quoted offer. Make sure the buyer is a named legal entity, not an individual. Check that the settlement timing is clearly defined. And understand that once the transfer clears the 21-day window, it is final.

Get a binding offer with a clear SAC.

Send us your claim number, class, and jurisdiction. We respond with a firm offer within one business day, and the SAC terms are on the table before you sign anything. No obligation to accept.

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