Wu said that according to @FTX_Official, FTX creditors have provided an update on the proposed settlement with preferred shareholders. In the Ch. 11 bankruptcy reorganization plan, FTX will return 100% of the assets under its control to creditors. The Department of Justice has obtained control over the distribution of the assets seized in the criminal case and made it clear that preferred shareholders are victims of the same nature as creditors under criminal law. FTX and preferred shareholders have competing claims to the proceeds of the forfeiture. While the Department of Justice will determine how to reconcile these conflicting claims, if acceptable to the Department of Justice, the settlement will resolve these issues in a manner that FTX believes is fair to both parties and avoids protracted disputes. In this settlement, FTX requires the Department of Justice to agree to a centralized distribution process through the FTX Ch. 11 bankruptcy reorganization plan, which will accelerate distributions to creditors and avoid significant unnecessary expenses. For more information on the DOJ's forfeiture proceedings and related assets, please refer to the disclosure statement filed on June 27, 2024.