- Only offshore customers will be able to use the relaunched exchange
- Claimants are organized into six groups according to priority
- FTT token holders won't get anything
FTX bankruptcy administrators have proposed a plan, under which FTX.com would once again see the light of day, CoinDesk wrote. Only offshore customers will be able to use the relaunched exchange, and holders of the FTT token will not get anything.
Classes of claimants
The bankruptcy administrators have suggested organizing FTX creditors into different classes of claimants. One group has a route to restart the exchange with third-party investors if its members give consent to this.
Dotcom, US, NFT, and general claims
According to a filed document, the claimants will be organized into the following groups:
1. Claimants of the offshore exchange, who are referred to as “dotcom customers”
2. Former users of the US exchange, or “US customers”
3. Users of FTX’s NFT platform
4. General unsecured claims. Those will include claims from Alameda partners or lenders
5. Secured claims
6. Subordinated claims – taxes and fines.
So-called waterfall priorities will establish the order the claims will be covered in. Each group gets a pro-rata payout of the liquidity remaining in the pool after the previous group has been compensated. Dotcom claimants can combine their assets to create a “relaunched” or an “offshore exchange company” that US users won’t have access to.
Remittance in tokens, equity, or other assets
The filed document states that the debtors can decide the new offshore exchange will remit non-cash consideration to the dotcom client group in the form of tokens, equity, or other assets held in the exchange, or the right to invest in such tokens, equity, etc. The document explicitly states that no FTT claim holder shall receive any disbursements for their claim. All FTT claims shall become null and void on the effective date.
At the time of writing, the FTT token had gained 5.42% in the last 24 hours and was trading at $1.43.
