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FTX, the cryptocurrency exchange that filed for bankruptcy in November 2022, has announced a new reorganization plan that could see almost all of its creditors receive over 100% of their claims in cash. The updated plan proposes that 98% of FTX creditors would get 118% of their money back. This development follows efforts to straighten out FTX's operations, which were previously in disarray with poor internal controls. The reorganization plan is part of a Chapter 11 bankruptcy proceeding aimed at providing full recoveries to customers. The plan involves a $26bn payout.
The big question that’s hanging over the $26bn FTX payout https://t.co/XrkDRbYRi7
When FTX hit bankruptcy 18 months ago, its corporate records were a mess and its internal controls were nonexistent. But efforts to straighten out the operation have led to a Chapter 11 plan where customers are slated to receive full recoveries. https://t.co/vTrOpTKxAs https://t.co/PZot90WcBk
Cryptocurrency exchange FTX, which went bankrupt in November 2022, announced that almost all of its customers could get back what they lost in cash, and then some, under a newly proposed plan. https://t.co/SLUZznR6ti
