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The cryptocurrency exchange FTX is planning to distribute a total of $6 billion to its users following a careful evaluation of its restructuring plan. This distribution will include individuals affected by the company’s collapse in 2022. The restructuring plan has been submitted for review by a special committee, which has expressed its support for the initiative.
Strong Support Confirmed
FTX has received robust support from its creditors, enabling the distribution of $6.83 billion to all affected investors and users. Approximately 94% of creditors classified under “Dot com customer claims” backed the plan. All members of the committee (66 individuals) voted in favor, marking a significant step toward the distribution of FTX’s creditor assets.
During the voting process conducted by Kroll Restructuring Administration, nearly all creditor classes supported the proposal. Only two classes abstained from voting, but it is assumed they also support the plan. Analyst Tom Dunleavy indicated that the distribution could happen within the next 4 to 8 weeks and is likely to be completed before the end of the year.
FTX Reimbursements
According to the restructuring plan, 89.1% of creditors in the “U.S. customer claims” category will receive $60.99 million. In the “Dotcom easy claims” category, 95.88% of creditors will be entitled to $223.59 million. These creditors will receive at least 118% of their claims in cash, although losses may occur due to fluctuations in cryptocurrency market valuation at the time of claims.
FTX’s CEO and Chief Restructuring Officer, John Ray, stated;
“Our plan focuses on fully reimbursing non-governmental creditors.”
John Ray emphasized that the plan aims to fully repay non-governmental creditors’ claims along with interest and intends to resolve complex disputes with both government and private sectors.
Former executives involved in the FTX fraud continue to face penalties. Former Alameda Research CEO Caroline Ellison was sentenced to two years in prison for her role in FTX’s collapse. Former FTX CEO Sam Bankman-Fried received a 25-year prison sentence and is currently appealing the decision.
FTX’s planned $6 billion distribution to users is expected to provide significant liquidity support to cryptocurrency markets. The successful completion of the distribution process could help recover some of the users’ losses.
