Bankrupt cryptocurrency exchange FTX introduced reorganization plan. Among other things, it involves the creation of a new offshore trading platform.
The plan divides all FTX Trading users into four groups:
- dotcom clients. The main category of traders who used the services of the offshore exchange FTX.com;
- US clients. FTX US division users;
- NFT holders on the branded marketplace;
- general unsecured claims, including those from creditors and clients of Alameda Research;
- secured obligations;
- subordinate claims, including fines and sanctions.
Compensation payments for these categories will be made in a cascade. That is, each next group will receive a proportional part of the remaining pool of funds.
The specific payment procedure has not yet been determined. It is assumed that the exchange will form it after negotiations with interested parties.
The FTT token “because of stock-like characteristics” will be destroyed. Holders will not receive any additional compensation.
The right to reorganize the exchange will receive only one category of customers – users of FTX.com. However, the plan also includes the option to replace cash compensation with a portion of equity securities, “tokens, other derivatives or rights to invest in them.”
The company stressed that the proposed plan is still in development. Therefore, the categories, conditions for payment of compensation and terms may differ significantly.
Despite the information about the liquidation of FTT, the price of the token jumped by more than 7% over the past day, according to Coin Market Cap.
The first rumors about a possible restart of FTX appeared at the end of January 2023. In March, the investment company Jefferies was in talks to buy the exchange in order to reorganize it.
And only in May these rumors were commented on by the new management of the company. At the end of June, the exchange announced the start of negotiations on reorganization with the Committee of Creditors.
Source: Cryptocurrency
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