FTX Announces Proposal to Return Over 90% of Customer Funds

marza2 (39)in #ft • 10 months ago

WEB3
FTX Announces Proposal to Return Over 90% of Customer Funds

October 17, 2023
1
MINS

By
Soumen Datta

WEB3
The proposal, expected to undergo review and final approval by the U.S. Bankruptcy Court in December, highlights a significant milestone in the ongoing FTX case.

A New Proposed Settlement From FTX
FTX, the embattled cryptocurrency exchange, has unveiled a proposal to reimburse creditors with more than 90% of their funds. The announcement signals a pivotal step forward in the bankruptcy case, with the proposal set for submission to the U.S. Bankruptcy Court for final approval in December.

John. J. Ray III, FTX CEO, and the chief restructuring officer hailed the proposed settlement as a significant milestone in the case, emphasizing the value created from what could have been a dire financial catastrophe for customers. The proposal outlines the division of missing customer assets into three pools based on the circumstances at the onset of the Chapter 11 cases.

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