FTT is going down?
📌#FTX Recent attention:
[1] The progress of FTX's bankruptcy case is currently slow because the IRS is still evaluating the amount of claims against FTX, and there are still 4 months left before the deadline required by the bankruptcy court. (income tax, employment tax and penalties owed from 2018 to 2022)
It is reported that the IRS claim amount has dropped from the initial $44 billion to $24 billion and may drop again to $3 billion to $5 billion (IRS/CFTC). The debtor team requires a quick resolution of this dispute, and the two parties have begun negotiations
Undoubtedly, the IRS claim has undermined FTX's restructuring plan and seriously delayed the time to return creditor customer assets
But fortunately, the IRS is an "administrative claim". According to the "residual property priority" of Chapter 11 of the Bankruptcy Law, before any government and tax authorities receive compensation, the money will be paid to FTX customers first. This has been agreed by the US government, so there is no need to worry that the IRS or CFTC will take away all the creditor's compensation assets;
Note: Only by clearing the obstacles of the IRS can FTX smoothly implement the next bankruptcy plan, including paying creditors an estimated 100% of the compensation funds;
[2] FTX will hold a "comprehensive hearing" at the Delaware Bankruptcy Court at 2 a.m. (Beijing time) on April 25. The specific hearing expectations will be listed the day before the meeting;
[3] FTX Bahamas joint liquidators have transferred all $FTT tokens in the wallet to a new wallet, about 196 million FTT, accounting for 59.55% of the total FTT tokens, worth $249 million.
The intention of this move is unclear. Please pay attention to whether the FTX case library has plans to release relevant liquidation documents #FTT ;
[4] Regarding the "FTX 2.0 restart plan" that everyone has consulted me about the most, the key words have disappeared from the monthly report of FTXCOM/FTXJP. I think it has been cancelled for the time being.
