FTX Plans to Return Billions to Creditors
Adekunle Joshua
FTX Trading Ltd. plans to return billions to its customers and creditors
However, the company has left several questions unanswered, including whether FTX will restart its defunct crypto exchange, how the company will estimate the value of certain assets, and how much creditors can expect to receive
The reimbursement plan is expected to be submitted to creditors for a vote, likely with additional key details, before receiving approval from US Bankruptcy Judge John Dorsey
Following the liquidation of a significant portion of the firm's assets, billions are expected to be distributed in cash
This proposed payout plan aims to bring closure to the complex proceedings
Last month, FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud that triggered the FTX collapse