FTX Moves Toward 90% Settlement For Creditors, Here’s The Timeline
The post FTX Moves Toward 90% Settlement For Creditors, Here’s The Timeline appeared on BitcoinEthereumNews.com. After thorough investigations, reports have revealed a significant amount of funds missing from FTX customer assets. Following this, FTX Trading Ltd and its associated list of debtors have come together to propose a settlement that would see the majority of lost crypto and financial assets refunded back to customers. FTX Customers Set To Regain Lost Assets On Monday, October 16, FTX debtors agreed to settle its pending Chapter 11 court case, “Customer Shortfall Case.” The bankrupt crypto exchange proposed a resolution, offering FTX customers more than 90% of their missing assets toward the end of Q2 2024. FTX debtors have also put forward a $9 billion reimbursement for FTX.com and another $166 million for FTX.US. The filing, which is set for December 16, 2023, will see FTX debtors segregating their assets into three distinct portions. One of the portions would hold assets for the benefit of FTX.com, the second portion would be focused on FTX.US, while the third part would be a general pool for any other asset. According to a post from FTX’s official X (formerly Twitter) account, the proposal may be poised to be approved by the Bankruptcy Court to enable victims of the crypto exchange failure to be favorably compensated. “If approved by the Bankruptcy Court, the settlement will create a special ‘Shortfall Claim’ to benefit customers, as previously proposed by the FTX Debtors in July, and facilitate an offer to eligible customers to settle customer preference exposure at an agreed amount,” the post read. The Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, John J. Ray III, embraced the newest development and improvement in the FTX case. He stated that he was elated to see victims of the FTX debacle recompensed and showed appreciation to the independent Board of Directors supervising the case.…
The post FTX Moves Toward 90% Settlement For Creditors, Here’s The Timeline appeared on BitcoinEthereumNews.com.
After thorough investigations, reports have revealed a significant amount of funds missing from FTX customer assets. Following this, FTX Trading Ltd and its associated list of debtors have come together to propose a settlement that would see the majority of lost crypto and financial assets refunded back to customers. FTX Customers Set To Regain Lost Assets On Monday, October 16, FTX debtors agreed to settle its pending Chapter 11 court case, “Customer Shortfall Case.” The bankrupt crypto exchange proposed a resolution, offering FTX customers more than 90% of their missing assets toward the end of Q2 2024. FTX debtors have also put forward a $9 billion reimbursement for FTX.com and another $166 million for FTX.US. The filing, which is set for December 16, 2023, will see FTX debtors segregating their assets into three distinct portions. One of the portions would hold assets for the benefit of FTX.com, the second portion would be focused on FTX.US, while the third part would be a general pool for any other asset. According to a post from FTX’s official X (formerly Twitter) account, the proposal may be poised to be approved by the Bankruptcy Court to enable victims of the crypto exchange failure to be favorably compensated. “If approved by the Bankruptcy Court, the settlement will create a special ‘Shortfall Claim’ to benefit customers, as previously proposed by the FTX Debtors in July, and facilitate an offer to eligible customers to settle customer preference exposure at an agreed amount,” the post read. The Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, John J. Ray III, embraced the newest development and improvement in the FTX case. He stated that he was elated to see victims of the FTX debacle recompensed and showed appreciation to the independent Board of Directors supervising the case.…
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