FTX Officially Floats Plan to Restart International Crypto Exchange

FTX Officially Floats Plan to Restart International Crypto Exchange

FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange operations with third-party investors.

Claimants of FTX

The court filings have categorized the claimants of the defunct exchanges into different groups: claimants of FTX.com offshore exchange, called the “dotcom customers”; customers of the FTX US exchange; customers of the non-fungible token (NFT) exchange; and other general unsecured, secured and subordinated claims. The ones in general claims include Alameda’s lenders or trading partners, while taxes and fines from penalties were kept under subordinated claims.

FTX administrators will meet the claims based on “waterfall priorities,” meaning each class of claimants will receive a pro-rata payout from the pool after payouts to the preceding class of claimants are finished.

Reopening the Offshore Exchange

The “dotcom” category claimants of FTX have been given the option to pool their assets to create an “offshore exchange company” or the “rebooted” platform not available to US customers. The debtors must forgo their rights to receive the cash in exchange for a share in the new exchange.

“Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests,” the court filing stated.

However, the plans do not provide any compensation to the FTT token holders. The US Securities and Exchange Commission (SEC) labeled the exchange token as an unregistered security.

The proposal to relaunch FTX did not come as a surprise. Earlier media reports repealed that interim CEO John Ray III has floated the idea of a relaunch and also initiated talks.

“We are pleased today to deliver on our commitment to file the Plan at this relatively early stage – before the expiration of the customer bar dates, the completion of our pending investigations, and the preparation of a disclosure statement,” Ray said in a recent statement.

This article was written by Arnab Shome at www.financemagnates.com.

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