Bankrupt cryptocurrency exchange FTX will repay more than 90% to its creditors if the necessary approval can be obtained by the court.
By cryptocurrency exchange FTX Monday, October 16 A statement made today is for investors waiting to save their money. hope gave. In order to speed up the repayment process, the stock exchange new announced that a compromise had been reached. Aforementioned compromisewas achieved between FTX creditors, representatives of customers outside the United States, and a committee of unsecured creditors.
The new offer to be submitted to the court at the point of compromise December 16, 2023It is planned to be filed and detailed by . Following this filing, if the court approves it and the process progresses as desired, all FTX creditors second of 2024 in the quarter payment is planned to be done.
If the process goes as planned World in diameter FTX users in total $8.9 billion And FTX.US to its users 166 million dollar Payment is expected to be made.
The refund process in question is the ongoing asset recovery efforts of the FTX team, the founder The case of Sam Bankman-Fried (SBF) and what needs to be taken various regulatory approvals It may take longer depending on factors such as.
FTX front refund process Dividing into 3 pools plans to do. These pools include assets reserved for FTX clients, assets for FTX.US clients, and a “Public Pool” consisting of other assets.
FTX’s new CEO dealing with bankruptcy court John Ray In his statement on the issue, he talked about the functioning of the process and the terms of reconciliation. pleased is emphasized:
Together, the reconciliation team manages to salvage the wreckage of the most difficult financial disaster I have ever seen. There has been a tremendous recovery from a situation where almost everything was destroyed, and I am quite happy with the current conditions.
Providing data tracking services to creditors X.claim Data shared by at the end of last month will be paid to FTX creditors the amount increased had revealed.