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Bankrupt FTX Customers To Get More Than 90% Asset Return In Amended Proposal

Published:

The debtors of the bankrupt FTX cryptocurrency exchange have announced the latest progress on their 11-chapter cases.

Due to an amended proposal, the interim committee which includes an unsecured creditors committee, non-United States customers, and those who file a collective lawsuit about assets controversies is now anticipating the possibility of getting over 90% of their assets.

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Fast Facts

  • The main objective of this latest move is to return funds that were held by FTX before its collapse last year in November.
  • By December 16 this year, the group of debtors that are in charge of the bankruptcy procedure will file the plan to a United States Bankruptcy Court for assessment.
  • According to the proposal of the debtors, they plan to divide the customer’s missing assets into 3 different pools according to the situation at the beginning of the Chapter 11 cases.
  • The assets will be divided into; Assets for FTX.US customers, FTC.com customers; and a General Pool of assets. Moreover, the amended proposal states that those customers who have a preference settlement amount lower than $250,000 will get the settlement without any deduction on their payment or claim.
  • In addition, the preference settlement is set at 15% of the customer’s withdrawals on the crypto exchange 9 days before its collapse.
  • Furthermore, the creditors will see a “Shortfall Claim” against the general pool which will correspond to the overall estimate of missing assets at FTX which is valued at almost $9 billion for the exchange.

What’s Happening In Crypto Today?

As of the time of this writing, Bitcoin is changing hands at $28,461.90, with a slight increase in market cap by 2.31% and a higher increase in trading volume by 106.16%.

On the side of Ethereum, its price at the moment is at $1,589.86, with a slight increase in market cap by 0.53% and a higher increase in trading volume by 82.38%.

  • Meanwhile, Tether at this moment is changing hands at $1.00, with a slight increase in market cap by 0.09% and an increase also in trading volume by 67.83%.
  • As for BNB, it is presently trading at $212.90, with a drop in market cap by 0.08% and an increase in trading volume by 15.23%.
  • While, XRP is right at this moment selling at $0.4923, with a slight increase in market cap by 0.07% and an increase also in trading volume by 61.40%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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