FTX update for 01-18-2023 Titelbild

FTX update for 01-18-2023

FTX update for 01-18-2023

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 The current situation with FTX, the bankrupt cryptocurrency exchange, has several key developments. As of April 2023, FTX had recovered over $7.3 billion in cash and liquid crypto assets, marking an increase of more than $800 million since January. This recovery is a significant step in addressing the fallout from the company's collapse. The increase in the recovery amount is partly due to the recent rise in cryptocurrency prices. FTX's new CEO, John Ray, has been focusing on stabilizing the situation and is contemplating options for possibly restarting the crypto exchange, though this would require significant capital and a reevaluation of the company's operations.
Additionally, FTX has filed a reorganization plan to end its bankruptcy, with a proposal to distribute billions in cash to creditors and customers after most of FTX’s cryptocurrencies are liquidated. The company's plan involves dividing the assets into three pools for the benefit of FTX.com customers, U.S. customers, and a general pool of other assets. However, it's anticipated that customers of both exchanges will not be paid in full, and FTX.com will likely see a greater percentage of losses.
In terms of customer repayments, FTX debtors estimate that customers of FTX.com and FTX.US would collectively receive 90% of assets available for distribution. The "shortfall claim" is estimated to be approximately $8.9 billion for FTX.com and $166 million for FTX.US, and if approved by the bankruptcy court, these funds are expected to be disbursed by the end of the second quarter of 2024.
It's also important to note that part of the proposed plan includes a clause where customers who withdrew over $250,000 from the exchange within nine days of bankruptcy would have their claim reduced by 15% of the amount, while claims under $250,000 wouldn’t be subject to a reduction.
The broader context of FTX's collapse has had significant impacts on the cryptocurrency world, contributing to instability and uncertainty in the market​


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