FTX Bankruptcy Administrator submitted a plan restarting an offshore exchange with access for users outside the US.
The company intends to separate “dotcom customers” from the rest. According to the document, they will receive “a pro rata share of the proceeds from the pool of assets associated with FTX.com.”
The firm also plans to create a separate entity to manage the restart of the offshore exchange, which will not be available in the United States.
“Instead of distributing all cash, the offshore exchange company will transfer rewards to the dotcom customer pool in the form of equity securities, tokens or other assets,” the statement said.
FTT token holders’ claims “will be canceled or redeemed from the effective date” of the restart plan, and they will not be eligible for additional distribution.
In January, acting head of FTX John Ray first revealed that a dedicated working group was looking into the possibility of restarting the platform.
In April, the reorganization of the exchange with the resumption of work instead of liquidation or sale at hearings in court was allowed by lawyers from Sullivan & Cromwell. The schedule presented assumed that the detailed plan would be submitted in the third quarter.
At the same time, the idea of reviving FTX was expressed by the former head of institutional sales Zane Tackett. In his opinion, the platform should resume offering all pre-crash products by adding a tokenized claims market.
In a March presentation, representatives of the exchange estimated the total shortage of funds to cover the claims of customers and creditors at $8.7 billion, of which about $1.6 billion is in bitcoin.
Recall that in June, the new management of FTX returned $7 billion in liquid assets.
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2023-08-01 07:07:56
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