FTX Intends to Relaunch Its Cryptocurrency Exchange
Defunct crypto exchange FTX has proposed a restructuring plan for its creditors, dividing them into different classes of claimants. If agreed upon, one class of claimants may restart the FTX exchange with third-party investors
The filing categorizes claimants into various groups:1️ "Dotcom customers": Claimants of FTX.com offshore exchange.2️ "U.S. customers": Customers of the U.S. exchange.3️ Customers of its NFT exchange.4️ General unsecured claims.5️ Secured claims.6️ Subordinated claims, including taxes and fines from penalties.
The priority of these claims will follow "waterfall priorities," with each class receiving a pro-rata payout after the preceding class is settled. The specific order of payout will be negotiated with stakeholders
Members of the "Dotcom claimants" category (former FTX.com customers) have an intriguing option: They may pool their assets to create an "offshore exchange company" or a "rebooted" platform not available in the U.S
Instead of a cash payout, the debtors may offer non-cash consideration, such as equity securities, tokens, or other interests in the Offshore Exchange Company, or rights to invest in such equity securities or tokens
Possible reboots of FTX have been hinted at before, as interim CEO John Ray III mentioned "FTX restart" or a "2.0 reboot" in May
The FTT token was classified as a security by the SEC in a December complaint against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison.