FTX restructuring plan update: Repayment in USD, FTT not included in claims, or relaunch FTX through merger.
The bankruptcy team of FTX has updated their restructuring plan. In the latest claims plan, the claims of creditor users will be denominated in USD, and the platform token FTT will not be included in the claims calculation. Although there may be plans to relaunch or merge offshore exchanges, if there are issues related to regulation or the inability to bring value to creditors, the relaunch plan may also fall through.
How to receive a confirmation letter for claims: FTX customer claims website tutorial! How to submit claim proof, confirm balance? What details to pay attention to?
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FTX Restructuring Plan Update
FTX.com Users
According to documents, all FTX.com users, except NFT holders, will have their claims converted to USD regardless of the tokens or products held.
An "FTX.com User Fund Pool" will be established by the official team and distributed among all verified FTX.com users.
FTX.US Users
Similar to FTX.com users, FTX.US users will also have their claims denominated in USD and distributed among verified users.
NFT Original Return
Under the restructuring plan, FTX holders will be categorized separately, and NFTs will be returned in their physical form. If an NFT is lost or damaged, users can claim based on the value of the NFT at the time of application.
FTT Excluded from Claims
Additionally, claims including FTT and FTX's own equity will be invalidated, with holders not receiving any distribution of claims, as emphasized in the documents.
However, despite this, FTT has seen a 7.7% increase in the past 24 hours.
FTX May Restart, Launch Offshore Exchange
According to documents, the restructuring team has been raising funds through competitive sales of assets under FTX to protect the interests of FTX.com users.
During this process, the restructuring team may decide to collaborate with third-party investors to establish a new company outside the U.S. jurisdiction, restarting or launching an offshore platform that U.S. users cannot access, and potentially conducting this transaction through a "merger."
The restructuring team may decide to replace part of the cash with equity or tokens of this offshore platform and distribute them to users proportionally.
There is still significant uncertainty surrounding the restart of FTX, with the restructuring team stating:
If the restart occurs, it may lead to regulatory issues, delay the implementation of other plans, or fail to bring actual value to FTX.com claim holders, resulting in the cancellation of the restart plan and the decision not to collaborate with other offshore platforms.
