FTX liquidators reveal updated plan to pay creditors
FTX signed a new agreement with Bahamian liquidators overseeing a small unit of the bankrupt crypto firm which lays out details about how to pay creditors of the fraud-tainted companies, according to a statement.
Under the proposal, FTX and the Bahamian unit will value crypto currencies based on the dates the companies sought court protection last year without taking into account changes in market value since then; FTX and most of its units filed bankruptcy in November, 2022.
The agreement builds on a deal the two sides struck earlier this year
Customers will also get a choice to be paid through the liquidation case in the Bahamas or the bankruptcy case in the US
Claims against FTX involving the company’s FTT digital token will be treated as equity and not receive any payout
The case is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.
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