Bankrupt cryptocurrency exchange FTX has announced a proposed plan to restart its platform for international customers.
FTX May Restart for International Customers
The filing by bankruptcy administrators includes a reorganization strategy that will create different classes of claimants and offer a way for a particular class to relaunch FTX.com in collaboration with third-party investors. According to the proposed plan, beneficiaries will be divided into various groups according to their own interests.
The first category, called “Dotcom clients”, consists of beneficiaries of the FTX.com offshore exchange.
The next groups include customers of the US stock exchange and NFT exchange, followed by general unsecured receivables, secured receivables and subordinated receivables, which include fines from taxes and penalties.
The most important proposal in the plan is for “dotcom clients” to pool their assets to form a new offshore exchange company and essentially relaunch the FTX platform.
This new exchange will only operate for offshore customers, excluding customers in the United States.
Instead of receiving a cash payment, claimants can receive a non-cash consideration such as stocks, tokens or shares in the new exchange, thereby gaining a stake in the relaunched platform.
Specifically, the plan does not offer any payments to holders of the FTT token, which was previously considered a security by the US Securities and Exchange Commission (SEC).
The plan clearly states that FTT requests will be canceled and released after the effective date of the plan.
*Not investment advice.
