FTX (FTT) Surpasses Financial Goals: Exceeds Required Funds for Repayments

• FTX, a major cryptocurrency exchange, has filed an amended Plan of Reorganization and Disclosure Statement with the bankruptcy court, proposing a way to repay creditors between $14.5 billion and $16.3 billion.
• The firm has managed to recover these funds from selling assets and consolidating funds from various entities, promising to cover the losses of customers when the exchange collapsed in November 2022.
• This development is a significant relief for creditors who have been waiting for reimbursement.

FTX has proposed a plan to repay creditors between $14.5 billion and $16.3 billion, a significant recovery since the exchange’s collapse in November 2022. The firm has managed to recover these funds by selling assets and consolidating funds from various entities.

FTX’s Remarkable Recovery

FTX has achieved this recovery level by monetizing an extraordinarily diverse collection of assets, most of which were proprietary investments held by the Alameda or FTX Ventures businesses, or litigation claims. The FTX Debtors today filed their anticipated amended Plan of Reorganization and accompanying Disclosure Statement with the U.S. Bankruptcy Court.

Details of the Proposed Plan