{"id":1160,"date":"2024-05-08T12:10:18","date_gmt":"2024-05-08T12:10:18","guid":{"rendered":"https:\/\/cryptd.in\/ftx-has-amassed-more-money-than-needed-for-repayments\/"},"modified":"2024-05-08T12:10:18","modified_gmt":"2024-05-08T12:10:18","slug":"ftx-has-amassed-more-money-than-needed-for-repayments","status":"publish","type":"post","link":"https:\/\/cryptd.in\/fi\/ftx-has-amassed-more-money-than-needed-for-repayments\/","title":{"rendered":"FTX Has Amassed More Money Than Needed for Repayments\u00a0"},"content":{"rendered":"

FTX filed an amended Plan of Reorganization and Disclosure Statement with the bankruptcy court on May 7 as part of its ongoing case.<\/p>\n

The firm has proposed a way to repay creditors between $14.5 billion and $16.3 billion, which it has recovered from selling assets and consolidating funds from various entities. It owes customers and other non-governmental creditors about $11 billion.<\/p>\n

This is billions of dollars more than it needs to cover what customers lost when the exchange collapsed in November 2022, and great news for creditors waiting for reimbursement.<\/p>\n

FTX Back in The Black<\/h2>\n

\u201cFTX has achieved this recovery level by monetizing an extraordinarily diverse collection of assets<\/a>, most of which were proprietary investments held by the Alameda or FTX Ventures businesses, or litigation claims,\u201d it stated in the ilmoitus<\/a>.<\/p>\n

The FTX Debtors today filed their anticipated amended Plan of Reorganization and accompanying Disclosure Statement with the U.S. Bankruptcy Court. Read about it here https:\/\/t.co\/EGmlVdWOaS<\/a> below: pic.twitter.com\/bwwvRolX21<\/a><\/p>\n

\u2014 FTX (@FTX_Official) May 7, 2024<\/a><\/p>\n\n

Under the proposed plan, 98% of FTX creditors with claims under $50,000 would receive around 118% of their allowed claims in cash within 60 days after the plan is approved.<\/p>\n

Other non-governmental creditors would receive 100% of their allowed claims, plus potential additional interest payments of up to 9% from when FTX filed for bankruptcy.<\/p>\n

FTX Chief Executive Officer John Ray said, \u201cIn any bankruptcy, this is just an unbelievable result.\u201d<\/p>\n

He added, \u201cWe are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.\u201d<\/p>\n

Additionally, FTX has reached settlements to resolve huge claims from the United States IRS (Internal Revenue Service) and the Commodity Futures Trading Commission (CFTC).<\/p>\n

It aims to create a fund to provide supplemental payments to some creditors using recoveries that would have gone to regulators.<\/p>\n

However, the payouts are still several months away as the firm finalizes its bankruptcy case.<\/p>\n

Crypto Recovery<\/h2>\n

Much of that excess cash has been attributed to the recovery in cryptocurrency markets, particularly its heavy holdings such as Solana<\/a>.<\/p>\n

SOL prices have surged more than 1,100% since November 2022, when they fell below $12 in the wake of the exchange meltdown.<\/p>\n

The asset is currently trading around $149, following a 4.5% decline on the day. SOL hit a 2024 high of $208 in mid-March but remains down 43% from its November 2021 peak price of $260.<\/p>\n

Virka FTX Has Amassed More Money Than Needed for Repayments\u00a0<\/a> ilmestyi ensin osoitteessa CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

FTX filed an amended Plan of Reorganization and Disclosure Statement with the bankruptcy court on May 7 as part of its ongoing case. The firm has proposed a way to repay creditors between $14.5 billion and $16.3 billion, which it has recovered from selling assets and consolidating funds from various entities. It owes customers and […]<\/p>\n","protected":false},"author":0,"featured_media":1161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nFTX Has Amassed More Money Than Needed for Repayments\u00a0 - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/fi\/ftx-has-amassed-more-money-than-needed-for-repayments\/\" \/>\n<meta property=\"og:locale\" content=\"fi_FI\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX Has Amassed More Money Than Needed for Repayments\u00a0 - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"FTX filed an amended Plan of Reorganization and Disclosure Statement with the bankruptcy court on May 7 as part of its ongoing case. 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