FTX, the recently collapsed cryptocurrency exchange, has proposed a payment plan to reimburse its creditors fully, and some of them will even get extra compensation. The crypto exchange platform has claimed that the total compensation amount will be between $14.5 billion and $16.3 billion in recovered assets.
The compensation plan offered by FTX is subject to approval by the bankruptcy court in Delaware. As per FTX’s plan, the creditors holding claims of $50,000 or less will fall in the “convenience class” category wherein they will receive 118% of their claims within 60 days of the plan getting into effect. FTX believes that the “convenience class” plan will cover 98% of its debtors.
While the compensation plan announced by FTX might sound lucrative to some of its creditors, the former has clarified that it will reimburse the creditors for the value of their assets during the time of FTX going bankrupt in November 2022. It is imperative to note that the value of Bitcoin has shot up astronomically since the incident and several creditors are now demanding that FTX pays them as per the current market rate. This tussle is also subject to the decision made by Delaware Bankruptcy Court.
FTX had filed for bankruptcy in November 2022, leaving behind its creditors in the dark. This news has rekindled hopes of FTX creditors who lost their funds during the collapse. Nevertheless, the plan is under the court’s supervision, and the specifics for the surviving additional to be disbursed through the “Supplemental Remission Fund” still require settlement.
Also Read: FTX FTT Soars 37% Amid Repayment to Creditors Proposal
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