Hi Guys,

It's Big & big #alert About $FTT $24 Billion Settlement !!!

FTX Might Settle Its $24 Billion IRS Tax Bill for $200 Million.

If approved by the judge, FTX would pay the IRS $200 million now and $685 million as a junior subordinated claim later.

FTX, once a prominent player in the cryptocurrency market, filed for Chapter 11 bankruptcy in November 2022 following a dramatic collapse.

The company faced a liquidity crisis triggered by a surge in customer

withdrawals and revelations of financial mismanagement.

At its peak, FTX was the third-largest cryptocurrency exchange globally, but the fallout exposed a substantial financial black hole, leading to its downfall and subsequent legal challenges.

The IRS had initially filed claims against FTX exceeding $44 billion, later adjusted to $24 billion. The proposed settlement significantly reduces these claims, with the IRS set to receive a $200 million priority claim and a $685 million junior subordinated claim.

These claims will be addressed as part of FTX's proposed reorganization plan, which is scheduled for a court hearing on June 25.

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