Key Points:
The debtors’ group, overseeing the bankruptcy process, plans to file the proposal with a U.S. Bankruptcy Court by December 16, 2023. FTX collapsed after CoinDesk published revelations about its balance sheet. The new CEO, John J. Ray III, criticized the company’s financial controls, and founder Sam Bankman-Fried is facing criminal charges.
The proposal suggests dividing the missing customer assets into three pools based on the circumstances at the start of the Chapter 11 cases: assets for FTX.com customers, assets for FTX.US customers, and a general pool of other assets. Customers with a preference settlement amount below $250,000 can accept the settlement without any reduction in claim or payment. Creditors would also receive a “Shortfall Claim” against the general pool, corresponding to the estimated value of the missing assets at the exchange. However, there may be obstacles to the recoveries, such as taxes, government claims, and token price fluctuations.
Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
These coins offer impressive tech, strong communities, and, most importantly, accessible prices that won’t break…
Explore how John, a NYC taxi driver, struck gold with ETH. See how BlockDAG’s BULLRUN100…
According to Amr Taha, the USDT daily net inflow into cryptocurrency exchanges has jumped above…
BNBChain Google Cloud Investment provides $10M in cloud credits to support MVB program projects, enabling…
Lost Dogs: The Way is an attractive game on Telegram developed by Notcoin combined with…
Google Cloud ZetaChain collaboration brings enhanced security to ZetaChain as Google Cloud joins as a…
This website uses cookies.