FTX may relaunch crypto exchange for international clients
FTX may relaunch crypto exchange for international clients
The bankrupt cryptocurrency exchange FTX has found a way to restart, proposing to divide its creditors into several groups, giving one of them the opportunity to launch the platform with third-party investors, provided that all its claimants agree.
In the first group, the exchange proposes to include all claimants of the FTX.com offshore exchange, which it calls "dotcom customers"; the second group includes U.S. customers; the third group includes customers of the NFT exchange; the fourth group includes customers with general unsecured claims, then those with secured claims; and the last group includes all those with subordinated claims.
The primary claims consist of claims from creditors or trading partners of Alameda, while the secondary claims are taxes and penalties, according to the CoinDesk website.
The payouts will follow a pattern: each group will receive a pro rata payment from what's left of the pool after the previous group's distribution is completed.
Meanwhile, members of the dot-com category (former FTX.com customers) can pool their assets to form an "offshore exchange company," which is not available in the U.S.
"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," FTX said in its filing, suggesting that the debtors could forgo a cash payout for an interest in the new exchange.
It's worth noting that hints of an FTX reboot have been seen before, with reports from John Ray III, the interim CEO of the bankrupt exchange, mentioning the phrases "2.0 reboot" and "FTX restart".
Also read: Coinbase disagrees with Brian Armstrong's opinion in the FT.
