FTX, a bankrupt cryptocurrencycurrency exchange, has proposed a payment plan that fully reimburses its creditors, with some receiving additional benefits. The court-approved plan outlines how FTX will disperse confiscated assets worth between $14.5 billion and $16.3 billion.
Non-governmental creditors are prioritized in the plan, and they will receive full payment with interest. Furthermore, 98% of creditors with 50,000 dollars or less in debt will receive 118% of their claims within 60 days of the plan’s ratification.
FTX Raises Questions and Hopes
However, this is a somewhat surprising event given that FTX declared bankruptcy in November 2022.Back then, the exchange was missing a considerable quantity of consumer dollars.
The recovery strategy and the return of funds from various sources, such as investments held by FTX affiliates and settlement agreements with government agencies.
This discovery has offered light and hope to FTX creditors who lost money during the collapse.Nonetheless, the proposal is subject to court supervision, and the terms for the surviving additional to be disbursed through the “Supplemental Remission Fund” must to be settled.
Also read: Pantera Increases Solana Token Holdings with Discounted FTX Auction
