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FTX, in bankruptcy, estimates that it will return all the money to most of its creditors

FTX, in bankruptcy, estimates that it will return all the money to most of its creditors

The platform of cryptocurrencies In bankruptcy, FTX estimates that it will return all the money to most of its creditors, according to a new restructuring plan with which it seeks to resolve government and former client lawsuits.without costly and lengthy litigation”.

FTX managers have submitted their proposed plan to Delaware bankruptcy court, according to a statement late Tuesday, noting that they have collected assets distributable to creditors worth between $14.5 billion and $16.3 billion.

The creditors to whom FTX owes US$50,000 or less, which represents 98% of the total, will recover their claimed money plus extra compensation within 60 days after the plan comes into effect, if it is approved by the judge, the note indicates.

And apart from them, “other creditors will receive 100% of their allowed claims plus billions in compensation for the time value of their investments”, he adds.

In that sense, explain when FTX entered bankruptcy in November 2022, it only had 0.1% of the bitcoin and 1.2% of the ethereum that it had reported to clients, which has prevented managers from benefiting from the increase in value of those cryptocurrencies “losses” during the bankruptcy process.

The person responsible for the restructuring of FTXJohn Ray III, CEO of the bankrupt company, thanked the collaboration of the Government of the United States and the Bahamas, where the company was based, to obtain assets with which to pay creditors.

FTX has achieved this level of recovery by monetizing an extraordinarily diverse collection of assets, most of them investments owned by Alameda or FTX Ventures’ businesses, or lawsuits.”, he indicates.

FTXwhich was one of the largest cryptocurrency platforms in the world, collapsed in November 2022, leaving a multimillion-dollar hole after many users rushed to withdraw their funds amid reports that questioned the company’s solvency.

Its founder, Sam Bankman-Fried, 32, was convicted of fraud and money laundering last March and sentenced to 25 years in prison and compensation of US$11 billion to those affected; sentence and sentence that he has recently appealed.

Source: Gestion

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