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Home»ADOPTION NEWS»FTX unveils multibillion-dollar repayment plan to compensate creditors
ADOPTION NEWS

FTX unveils multibillion-dollar repayment plan to compensate creditors

By Crypto FlexsMay 8, 20242 Mins Read
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FTX unveils multibillion-dollar repayment plan to compensate creditors
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Bankrupt digital asset exchange FTX revealed its repayment plan to compensate creditors for damages. Repaying all claims and providing additional compensation for the time value of investments is the goal of this plan, which is being implemented pursuant to permission from the U.S. Bankruptcy Court for the District of Delaware.

repayment strategy

The strategy presented includes a recovery rate of 118% for creditors with claims less than $50,000, which equates to 98% of FTX creditors by number of claims.

Additionally, creditors with claims worth more than $50,000 will receive a full refund as well as additional compensation for the value of their time invested.

The total payment is expected to be between $14.5 billion and $16.3 billion, according to the proposal.

Payments are expected to become effective within 60 days of adoption of the proposal.

Evaluation is controversial

According to some opponents of the idea, paying off creditors based on the value of assets at the time of FTX’s bankruptcy in November 2022 would not accurately represent the potential their investments currently have.

Since the crash, the cryptocurrency market has experienced tremendous volatility, with Bitcoin rising around 280%.

Many creditors, including BitGo CEO Mike Belshe, have raised concerns as they believe the repayment plan does not take into account the actual value of the assets.

efforts to recover

Since FTX went bankrupt in 2022, the company has gone through a difficult turnaround.

The exchange identified a shortfall of $8 billion, which prompted it to take a variety of financial measures to reduce losses.

The fact that FTX has declared that it will not resume cryptocurrency exchange activities marks a strategic shift from the business model it previously used.

occult Transfer

Two wallets linked to FTX and sister company Alameda Research were responsible for initiating significant cryptocurrency transactions totaling $8.3 million. This happened right before an important deadline.

In the cryptocurrency world, suspicions are being raised as the purpose of these transactions is not revealed.

The deal came a day before FTX Debtors were required to file an amended version of their “Plan and Disclosure Statement.”

Image source: Shutterstock

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