FTX.com releases restructuring plan, hints at rebooted offshore exchange

– FTX.com has revealed its reorganization plan to revive as an offshore exchange.
– The plan includes categorizing claimants into specific classes and settling a large collection of claims.
– There are 13 different classes of claims, including Dotcom customer entitlement claims, U.S. customer claims, and NFT customer claims.
– The global settlement will involve the valuation of claims in U.S. dollars based on FTX’s approved methodology.
– FTX plans to establish three recovery pools for FTX.com customers, FTX US customers, and non-attributable assets.
– NFT holders will have their separate classification, and their claims will be returned unless the NFTs were destroyed or lost.
– The plan recognizes “shortfall” claims by FTX against the unauthorized borrowing and misappropriation of assets by former CEO Sam Bankman-Fried and his associates.
– Intercompany claims and FTT claims will be canceled, indicating that FTT holders will not be compensated for their tokens.
– Liquidation of FTX’s assets will be conducted to pay out distributions to customers and creditors in cash.
– Customers may be offered voluntary elections to participate in a potential rebooted offshore FTX exchange.
– FTX has filed a lawsuit against Bankman-Fried and other directors to recover alleged misappropriated funds.
– The restructuring plan indicates a potential restart for FTX as an offshore exchange.