Creditors of FTX, a crypto exchange filing for bankruptcy, have revised their claim after facing opposition from the US Board of Trustees, a court-appointed auditor.
FTX's Creditors Offer Lower Settlement Value Following US Trustee's Objection
According to a court document filed Sunday, debtors have agreed to reduce the maximum claim value that can be resolved without court approval from $10 million to $7 million.
They have also agreed to include the US Trustee as a party that can review and challenge any agreement before it is finalized.
Creditors said they made these changes to address the concerns of the US Trustee, who argued that the previous proposal was too generous and lacked transparency.
FTX was once one of the largest cryptocurrency exchanges in the world, but the stock market crashed tragically. The exchange is currently going through liquidation proceedings in multiple jurisdictions.
*Not investment advice.
