FTX, the failed crypto exchange, will seek customer approval for its Chapter 11 plan to compensate victims and resolve government penalties stemming from the platform’s fraudulent collapse in November 2022.
The decision by Judge John Dorsey marks a significant step forward in the two-year-long bankruptcy proceedings, as voting by creditors plays a pivotal role in restructuring efforts. While FTX’s plan has gained support from key customer committees, a vocal group remains opposed and demands substantial revisions.
FTX Offers Customers 119% Asset Recovery
According to Bloomberg, under the proposed plan, most FTX customers are expected to recover 119% of their assets as of the day the company filed for Chapter 11 in November 2022. Other creditors may receive up to 143% of their owed amounts.
FTX’s legal team maintains that bankruptcy law necessitates valuing claims based on their value at the time of filing, despite subsequent increases in cryptocurrency prices.
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