News - FTX customers may recover 90 percent of their cryptos

By Sam Fröling

FTX customers may recover 90 percent of their cryptos

Scams, crime and fraud
FTX customers may recover, 90 percent of their cryptos

A new plan by FTX's trustees lays out how aggrieved parties can recover most of their assets. 

According to a press release FTX trustees are currently working on a plan that could almost fully compensate former customers of the collapsed exchange. The announcement follows an agreement with key stakeholders on certain property rights.

The concept presented provides for repayment of up to 90 percent of all creditor assets held on the exchange before the collapse. For this purpose, the exchange will be divided into three categories: a pool for customer assets of FTX.com, one for FTX.US and a general pool.

Insiders excluded

Excluded from the plan are "insiders, participants and customers" who knew about the commingling of customer assets. New developments in the Sam Bankman-Fried lawsuit had revealed the extent of fraud within FTX's top management.

The successful implementation of the plan depends on resolving state tax issues and claims. The plan is to file the relevant documents with a U.S. bankruptcy court by Dec. 16. The compensation plan could go into effect in the fourth quarter of 2024.

Recently, it became clear how FTX officials with balances tampered To keep looking liquid.

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