Bankrupt cryptocurrency exchange FTX has announced a new plan that aims to refund more than 90% of creditor holdings held at the exchange prior to its November 2022 collapse.
Bankrupt cryptocurrency exchange FTX has announced a new plan that aims to refund more than 90% of creditor holdings held at the exchange prior to its November 2022 collapse. The debtors' organization in charge of the bankruptcy process plans to formally present this proposal to a United States Bankruptcy Court by December 16, 2023.
The plan anticipates that FTX.com and FTX US customers might recover more than 90% of the distributable value globally if the Amended Plan is approved by the Bankruptcy Court by the end of the second quarter of 2024. The estimated worth of FTX.com is $8.9 billion, while that of FTX.US is $166 million.
The proposed settlement was praised as a significant milestone by FTX CEO John. J. Ray III, who noted the value gained from what could have been a near-total loss for FTX users.
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