News - FTX wants to restart "offshore" stock market

By Luc Vesters

FTX wants to restart "offshore" stock market


The trustees of FTX on July 31 submitted a plan to restructure the insolvent crypto empire. For example, the restart of the offshore exchange is planned to compensate international users. The administration team wants to value customers' claims in US dollars from the day of the bankruptcy and repay them from FTX's assets, it said.

"We are pleased today to deliver on our commitment to submit the plan at this relatively early stage," new FTX chief executive John Ray said in a statement. In addition, the plan divides creditors into several groups, including dot-com customers (FTX's offshore exchange), U.S. customer pool, NFT holders and general unsecured claims. Ray believes that reopening would potentially offer more value to customers than simply liquidating the assets and closing or selling the platform.

The proprietary FTT token responded to the news with an eight percent price jump. At the time of writing, FTT is trading at $1.43. Last week, the USA government, dropped charges against FTX founder Sam Bankman-Fried.

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