FTX offered compensation to creditors
Bankrupt cryptocurrency exchange FTX has proposed a new compensation plan that would see 98% of creditors receive 118% of their funds. The remaining customers will receive a 100% refund. The exchange's press release stated that the plan will allow all disputes, both with public and private parties, to be resolved without lengthy litigation. After the new compensation plan became known, the FTT exchange token increased in value by 20%. Despite the fact that the platform's managers abandoned the plan to restart, the asset continues to be traded on some cryptocurrency exchanges, including the largest cryptocurrency exchange Binance. Let us recall that FTX owes clients $11 billion, but management was able to sell the remaining assets in the amount of $16.3 billion. Funds were raised through over-the-counter sales of SOL, shares of the Grayscale Bitcoin Trust and other assets that they managed to gain access to. An additional factor that had a positive impact on fundraising was the growth of the cryptocurrency market. FTX's proposal includes several agreements with the US Internal Revenue Service (IRS), the US Department of Justice and other agencies. A hearing to discuss the compensation plan is scheduled for June 2024. Earlier, the former head of FTX, Sam Bankman-Fried, signed a settlement agreement with a group of exchange clients who had lost funds, promising to help pursue well-known promoters.
