FTX, the bankrupt cryptocurrency exchange, is set to appeal to a judge on Tuesday, June 25, for permission to let its customers vote on a cash repayment plan.
According to Reuters, the U.S. Bankruptcy Judge John Dorsey will hold a hearing to approve the plan to initiate the voting process at a court in Wilmington, Delaware.
In October 2023, FTX’s new management and its creditors agreed on a settlement plan that could potentially allow creditors to recover up to 90% of their funds by mid-2024. The plan sets a shortfall claim value of approximately $8.9 billion for FTX.com users and $166 million for FTX US users. However, some customers are resisting the plan and pushing for higher repayments.
These customers argued that FTX is basing repayments on lower cryptocurrency prices from November 2022. For example, a customer holding one bitcoin at the time of bankruptcy would receive about $16,800 in cash despite bitcoin’s current value of around $60,000.
Consequently, a group of creditors has formed a voting bloc to oppose the plan, contending that their holdings are worth more now due to the rise in crypto prices.
The current management, led by John Ray III, has been aggressively working to recover FTX’s assets. Since filing for bankruptcy in November 2022, FTX has recovered approximately $16 billion, including over $12 billion in cash, potentially allowing it to repay customers up to 118% of their claims.
In February 2024, they requested permission from the Delaware bankruptcy court to sell trust fund assets worth approximately $744 million, including holdings managed by Bitwise and Grayscale.
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FTX’s collapse, which led to the bankruptcy of other firms like BlockFi and Genesis Global Trading, had a significant impact on the cryptocurrency market. Once valued at $32 billion and ranking as the third-largest crypto exchange globally, its downfall resulted in nearly $3.4 billion owed to creditors by associated firms.
In other developments, Pantera Capital has expressed interest in raising $250 million to purchase SOL tokens from FTX Estate at a discounted price, while CoinShares recently reported a successful sale of its claim in FTX, achieving a recovery rate of 116%.
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