The SEC has issued a warning about FTX’s plans to use stablecoins and other crypto assets for creditor repayments.
FTX’s bankruptcy costs have surpassed $800 million, showing the heavy financial toll.
After the U.S. court’s order for FTX to pay $12.7 billion and repay creditors, the exchange is facing new challenges in its repayment efforts. The US Securities and Exchange Commission (SEC) has issued a warning against the bankrupt exchange’s strategy for repaying creditors.
The SEC’s latest filing suggests a “possible objection to using stablecoins or other crypto assets” for these repayments. This comes amid a growing financial burden, with FTX’s bankruptcy-related costs now exceeding $800 million.
The SEC Filling (Source: Kroll)
The SEC’s filing, submitted on August 30 to the Delaware Bankruptcy Court, highlights issues with FTX’s proposed use of stablecoins. Although stablecoin payments are not explicitly illegal, the SEC has reserved the right t
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