💸🔓 FTX's Billion-Dollar Comeback Plan REVEALED! 🌐✨ Dive into the crypto drama as FTX unveils its strategy to return billions to customers and creditors. But WAIT, key details left hanging! Will the exchange rise from the ashes? 💰🚀 #FTXRevival #CryptoMystery
FTX Trading Ltd. has presented its latest proposal to address its bankruptcy case, aiming to return substantial sums to customers and creditors. However, critical details, such as the potential restart of the defunct crypto exchange, valuation methods for digital tokens, and expected creditor returns, remain undisclosed.
The reorganization plan, currently lacking key specifics, is scheduled for creditor voting next year, potentially incorporating additional details. Following this, it will undergo final approval from US Bankruptcy Judge John Dorsey. Major creditor and customer groups involved in the Chapter 11 case have broadly agreed to the outlined plan.
The proposed payout plan entails distributing billions in cash after liquidating a significant portion of the firm's cryptocurrencies. Last month, FTX founder Sam Bankman-Fried's conviction for orchestrating a massive fraud added complexity to the case, which originated from the collapse of the FTX exchange.
FTX filed for bankruptcy last year, with Bankman-Fried relinquishing control to restructuring professionals. Advisors have since been diligently tracking assets and addressing a convoluted debt structure involving various creditors, including those who invested cash and crypto on the platform.
Case reference: FTX Trading Ltd., 22-11068, U.S. Bankruptcy Court for the District of Delaware.
- Report Bloomberg