The now-defunct FTX crypto exchange announced a proposed settlement plan this week that aims to resolve disputes over customer assets lost when the company filed for bankruptcy in November 2022.
FTX Debtors Chart Path to Redress: 90% Asset Recovery Proposed in Bankruptcy Plan
The FTX debtors’ proposed settlement plan includes priority payouts to customers and an offer to reduce potential preference liability, with customers expected to recover over 90% of assets worldwide if approved. FTX filed the settlement plan in Delaware bankruptcy court and aims to gain approval by the second quarter of 2024.
The proposed settlement divides FTX assets into three pools — one for FTX.com customers, one for FTX US customers, and a general pool — and grants customers priority “shortfall claims” against the general pool totaling an estimated $9 billion.
“Taking into account both the priority and the non-priority portions of the shortfall claim, the FTX Debtors estimate that customers of F
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