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Home»ADOPTION NEWS»FTX plans to pay billions more to compensate creditors.
ADOPTION NEWS

FTX plans to pay billions more to compensate creditors.

By Crypto FlexsMay 8, 20243 Mins Read
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FTX plans to pay billions more to compensate creditors.
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Posted 1 minute ago In ~

FTX plans to provide at least 118% of its allowed claims to 98% of its creditors, the bankruptcy exchange said in a reorganization plan released Tuesday. Other creditors will receive full repayment and billions more in compensation for the time value of their investments, the company said.

“We are pleased to be able to propose a Chapter 11 plan that contemplates returning 100% of the bankruptcy claim amount plus interest to non-governmental creditors,” said FTX CEO John J. Ray III. . release.

The latest reorganization plan aims to ‘centralize distribution’ for FTX customers and creditors affected by the company’s collapse in 2022, regardless of the location of their assets. FTX estimates the total value of cash available for distribution to be between $14.5 billion and $16.3 billion, but the plan has not yet been finalized and approved by a U.S. Bankruptcy Court.

Under the plan, creditors allowed to claim less than $50,000 could receive 118% compensation upon court approval. FTX’s proposal envisioned repayment to be made within 60 days of the plan’s effective date.

The release stated that FTX monetized a “very diverse collection of assets,” most of which came from investments or litigation claims held by Alameda and FTX Venture companies. Because FTX held relatively small amounts of Bitcoin and Ethereum at the time of its collapse, debtors did not benefit from the recent rise in value.

The bankrupt FTX exchange indulged in illegal secret operations by its management, leading to a liquidity crisis and ultimate downfall. Former FTX CEO Sam Bankman-Fried found guilty All were indicted last November on seven criminal counts of defrauding FTX customers and investors. Bankman-Fried bit It will be about 25 years in March.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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