News - FTX plans payout with millions in losses

By Mike Hesp

FTX plans payout with millions in losses

FTX customers are still worried about their crypto assets. A new insolvency plan could affect payouts - with a loss of millions.

On December 16, the administrators of FTX an amended reorganization plan reorganization plan in that could potentially lead to millions in losses for crypto exchange creditors.

Under the plan, creditors' claims are to be valued at crypto prices - which were significantly lower than today - on Nov. 11, 2022.

Bitcoin, for example, was trading at just under $18,000 more than a year ago. In the meantime, however, the cryptocurrency's price has more than doubled and currently stands at $41,167.

At the time of writing, Ethereum is trading at $2,174, also significantly higher than its price of $1,284 on Nov. 11, 2022.

FTX creditor Sunil Kavuri noted that the new reorganization plan ignores FTX's terms of service. "Digital assets are owned by the users and not FTX Trading," Kavuri said.

The FTX trustees' decision is not yet final. Certain groups of creditors will have a chance to vote on the plan before it becomes final.

Planned for the future: the reopening of the crypto exchange. Of the 75 candidates who wanted to take over FTX, three remain. Here is what is known about the candidates.

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