11/ Disclosure. This thread is general information, not legal advice. Reading it does not create an attorney–client relationship. Consult your own counsel about your specific situation. Hope this helps and thanks. -Nick.

10/ Takeaway. Venue affects speed and leverage, but the fatal issue is tracing ownership. Without iron-clad records, customer claims sit behind trade creditors and are locked at petition-date values. Organize early, gather evidence, and negotiate with clear eyes.

9/ Action Items for Customers. Demand your shares (specific performance). Push the creditors’ committee to obtain bank records and stock ledgers; every traceable breadcrumb helps. Retain a valuation expert to fight petition-date pricing. Follow the venue-transfer motion but.

8/ Values Frozen at Bankruptcy Filing. Bankruptcy law fixes monetary claims at the petition date. Any post-filing gains in Ripple, SpaceX, or Anthropic belong to the bankruptcy estate, not subordinated 510(b) customer claims. This is not good for Linqto customers.

7/ What § 510(b) Means. Fail the ownership test and customer claims become “damages from buying a security.”. Section 510(b) automatically subordinates that claim below trade creditors in Texas. This is likely why Linqto filed in Houston.

6/ Why Stock Ownership is Hard to Prove. For customers to get their stock, you must show:. 1. You already held an equitable interest, and. 2. You can trace your cash to those exact certificates. Commingled cash and missing ledgers makes both tests very hard in Texas.

5/ What Actually Happened. Cash left the SPV to Linqto Liquidshares and stock stayed in Linqto’s name. Customers got only an “economic interest” slip; no separate ledgers, broker took a commission first. Getting your stock is now an uphill battle. How it worked 👇

4/ What Customers Were Promised. Customer cash was to stay in a Series SPV that bought a matching block of shares in select private companies. Those shares were supposed to be held for customers, and each membership unit meant one share. How it was supposed to work 👇

3/ Why Texas?. Houston runs the nation’s fastest complex-case docket; plans often confirm in six-to-eight months. Zoom hearings keep costs down. Fifth-Circuit precedent (§ 510(b)) pushes most investor-loss claims behind trade creditors—exactly the leverage management wants.

2/ Case Overview. Filed: 7/7/25 in SDTX Bankruptcy Court (Houston). Assets: ≈$500M in pre-IPO stock of 111 companies. Creditors: 13,000+ customers promised stock in private companies like Ripple, SpaceX, and Anthropic now stand in line with other creditors.

LINQTO’S COLLAPSE: WHAT 13,000+ CUSTOMERS NEED TO KNOW. Quick breakdown by a Houston bankruptcy lawyer who has led official creditor committees.

8/ . Remember: once your claim is expunged it’s gone forever—your money goes to other creditors. This thread is educational only, not legal advice—it does not create an attorney-client relationship.

7/ . What can you do? Talk to a bankruptcy lawyer. When did you FIRST learn of KYC deadlines?.How long have your docs been “pending”?.Did Kroll/FTX ever fix your ticket?. Your real-world stories show the Court this process wasn’t “flawless.”.

6/. The reality is that first hard deadlines only appeared on Feb 3 2025:.Mar 1 2025 — “Start KYC”.Jun 1 2025 — finish uploads. Before then? KYC was “required,” but no deadlines. 30 days versus 2 years is a big difference when the penalty is losing your entire claim.

5/. FTX tells the Court they “worked with customers who reached out” for help. Yet thousands report:.🔁 portal access issues.📤 stuck “pending” for months.📧 support tickets unanswered. Why are so many creditors filing pro se motions complaining of KYC issues?.

4/. Why FTX creditors likely missed numerous reminders: . In Aug 2023 Kroll leaked claimant emails triggering waves of phishing. FTX warned everyone to distrust unexpected emails—many creditors shoveled notices straight to spam. Yet FTX now blames you for missing the emails.

3/. The timeline reality:. Feb 3 2025 order—not 2023—set the first hard clock: Start KYC by Mar 1.Finish by Jun 1. Before that? KYC was “required,” but no drop-dead dates or mass-wipe penalties. Calling that “two years” is… generous.

2/. What FTX just told the judge:. “There have been numerous reminders… over the last two years … all creditors have had ample time and notice to complete the KYC procedures.”.Those still unfinished are “chronically absent & unresponsive.”

BREAKING: FTX says customers had “TWO YEARS” to finish KYC—yet the deadlines only appeared this February. How over $1.3 B in customer claims could vanish if the Court refuses to extend deadlines. 🧵👇

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