FTX announced plans to relaunch the exchange
Crypto exchange FTX has announced plans to relaunch the exchange with the creation of an international marketplace
Claims of FTT token holders "will be canceled or redeemed as of the effective period" of the relaunch plan
The bankrupt crypto exchange FTX has unveiled a relaunch plan that, among other things, calls for the creation of a new international trading platform - for customers outside the United States.
The document categorizes all FTX users into several groups: "dotcom clients" (users of the international ("offshore") venue FTX.com), US clients (FTX US users), and NFT exchange users. Further categories include general unsecured claims (in particular, from creditors and clients of Alameda Research, a fund associated with the exchange), secured liabilities and subordinated claims (sanctions and fines).
In compensating representatives of all of these categories, each successive group will receive a pro rata share of the remaining pool of funds. The more precise order of payments will be determined after negotiations with stakeholders.
"Instead of distributing all cash, the offshore exchange company will transfer the remuneration to the pool of dotcom customers in the form of equity securities, tokens or other assets," the document notes.
Claims of FTT token holders "will be canceled or redeemed as of the effective period" of the cryptocurrency exchange's relaunch plan, with no additional distribution.
On June 28, FTX CEO John Ray said that the company has "launched a stakeholder engagement process to reboot the FTX.com exchange." As The Wall Street Journal's sources noted, the exchange will likely rebrand itself at relaunch.
FTX Group's bankruptcy proceedings have been ongoing for several months. Management companies began dealing with refunds from recipients of donations from ex-exchange CEO Bankman-Fried and his former colleagues back in late December 2022. The company said that if the previously transferred funds are not returned voluntarily, FTX representatives will appeal to the court to return not only the money itself, but also the interest on it, which will accrue from the date of filing documents with the court.
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