FTX and FTX.US Customers Could Reclaim Over 90% of Assets
If you were a customer of the now-bankrupt cryptocurrency exchanges FTX and FTX.US, there is some good news for you. An amended proposal has been put forward that aims to return more than 90% of your assets that were held by the exchange before its collapse in November of the previous year. The group of debtors overseeing the bankruptcy proceedings will submit this revised proposal to a U.S. Bankruptcy Court for consideration by December 16, 2023.
New Proposal Divides Customer Assets into Three Pools
Under this new proposal, missing customer assets will be divided into three distinct pools based on their circumstances when the Chapter 11 cases began. The first two pools are designated for assets belonging to FTX.com and FTX.US customers respectively. There will also be a “General Pool” to hold other assets. If your preference settlement amount is less than $250,000, you can accept the proposed settlement without any reduction in your claim or payment.
However, there may be challenges in recovering these assets due to factors like taxation, government claims, and token price fluctuations. Insiders, affiliates, and customers involved in misconduct may be excluded from the asset recoveries.
New Proposal Brings Hope to FTX Customers
FTX has been undergoing significant changes following its high-profile collapse last year. The newly appointed CEO has criticized the previous financial controls at the company, and FTX founder Sam Bankman-Fried is currently on trial for matters related to the collapse. This new proposal offers hope to FTX and FTX.US customers who have been waiting for the return of their assets. If approved, the plan aims to disburse around $9 billion for FTX.com and $166 million for FTX.US by the end of the second quarter in 2024.
Hot Take: Customers of Bankrupt Crypto Exchanges FTX and FTX.US May Recover Over 90% of Assets
Good news for customers of FTX and FTX.US! An amended proposal has been presented that could allow you to reclaim more than 90% of your assets held by the exchanges before their collapse. The proposal divides missing customer assets into three pools, with separate pools for FTX.com and FTX.US customers. If your preference settlement amount is less than $250,000, you can accept the proposed settlement without any reduction. However, challenges may arise due to taxation, government claims, and token price fluctuations. This new proposal brings hope to FTX customers who have been eagerly waiting for the return of their assets.
By
By
By
By