The customers of FTX and FTX.US, two bankrupt crypto exchanges, might see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors, stated Cointelegraph.
Sources revealed that on October 17, 2023, FTX debtors mentioned that they reached a “major milestone” in their Chapter 11 case. This is expected to take place after “extensive discussions” with the unsecured creditors’ committee and class action plaintiffs regarding customer property disputes.
“Together, starting in the most challenging financial disaster I have seen, the debtors and their creditors have created enormous value from a situation that easily could have been a near-total loss for customers,” John J. Ray III, CEO, chief restructuring officer, FTX, explained.
However, FTX debtors mentioned that customers of both exchanges will not be paid in full. Furthermore, FTX.com might see a greater percentage of losses, Cointelegraph concluded.
(With insights from Cointelegraph)
