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COINTURK NEWS > Cryptocurrency Exchanges > FTX Crypto Exchange Presents Plan to Reopen with Third-Party Investors
Cryptocurrency Exchanges

FTX Crypto Exchange Presents Plan to Reopen with Third-Party Investors

In Brief

  • Creditors Organized into Groups Crypto exchange FTX, which had to close down due to bankruptcy, has presented a plan to organize its creditors into different plaintiff classes and reopen the exchange with third-party investors if one of the plaintiff classes accepts the plan.ContentsCreditors Organized into GroupsInterim CEO Aiming to Reopen FTX for a Long Time […]
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COINTURK NEWS 2 years ago
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Creditors Organized into Groups

Crypto exchange FTX, which had to close down due to bankruptcy, has presented a plan to organize its creditors into different plaintiff classes and reopen the exchange with third-party investors if one of the plaintiff classes accepts the plan.

Contents
Creditors Organized into GroupsInterim CEO Aiming to Reopen FTX for a Long Time

In the documents released late at night, FTX’s creditors were divided into various groups. The first group consists of offshore exchange FTX.com’s creditors, referred to as “Dotcom Customers.” The other creditor groups include customers of FTX’s US branch, customers of the NFT exchange, and general unsecured creditors, secured creditors, and capital-like creditors. General creditors include those who have received credit from Alameda or are commercial partners, while capital-like creditors include monetary penalties resulting from taxes and fines.

The priority of these groups’ claims will be determined based on the order of priority flow, and each class will receive a proportional payment from the remaining pool after the previous class’s claims are settled. The specific payment order will be determined after negotiations with stakeholders.

Members of the Dotcom Customers group (former customers of FTX.com) may prefer to pool their assets to create a revived platform either under the offshore exchange company or a reestablished platform not located in the US.

The document states, “Debtors may decide to send a non-cash consideration to the Dotcom Customer Pool in the Offshore Exchange Company, such as stocks, tokens, or other benefits in the Offshore Exchange Company, or the right to invest in such stocks, tokens, or other benefits instead of sending a cash payment.” It also mentions that debtors may waive receiving cash payment in exchange for purchasing shares from the new exchange.

Interim CEO Aiming to Reopen FTX for a Long Time

Temporary CEO John Ray III, who implied previous plans to reopen FTX, mentioned “FTX reopening” or “reopening FTX 2.0” in documents submitted in May.

However, it was observed that the proposed restructuring plan did not include an allowance for FTX Token (FTT) holders. It should be noted that FTT was classified as a security by the US Securities and Exchange Commission (SEC) in December 2022 in a complaint against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 1 August, 2023 - 9:08 am 1 August, 2023 - 9:08 am
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