- The FTX bankruptcy team said it has an agreement to settle customer claims in 2024.
- The plan will return 90% of lost assets to customers but is subject to court approval.
- FTX will exclude customers who knew about FTX’s misuse of customer funds from recovering lost assets.
FTX Trading Ltd and affiliated debtors on Tuesday announced a proposed settlement for customer property disputes that may see customers reclaim 90% of lost assets in mid-2024. The FTX debtors said the agreement reached with creditors is a “major milestone” in their Chapter 11 case.
The FTX bankruptcy committee floated a plan that was raised by FTX last year on the brink of its collapse to settle bankruptcy claims. A notice of the proposed settlement was submitted by the FTX debtors with a Delaware-based U.S. bankruptcy court on October 16. However, the group of debtors will formally file the plan on December 16 to seek the court’s approval.
As per the filing, the amended Plan Term Sheet has divided the customer asset claims into FTX.US for customers in the United States, FTX.com for customers outside the U.S., and other general claims. The committee said the plan will address variou…
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