{"id":82442,"date":"2023-08-01T10:06:26","date_gmt":"2023-08-01T07:06:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82442"},"modified":"2025-09-12T05:04:12","modified_gmt":"2025-09-12T02:04:12","slug":"ftx-proposes-restarting-its-offshore-exchange","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-proposes-restarting-its-offshore-exchange\/","title":{"rendered":"FTX proposes restarting its offshore exchange"},"content":{"rendered":"

The FTX bankruptcy administrator presented a plan<\/a> to restart the offshore exchange with access for users outside the United States.<\/p>\n

The company intends to separate “dot-com clients” from the rest. According to the document, they will receive “a proportional share of the revenues from the asset pool linked to FTX.com.”<\/p>\n

The firm also plans to establish a separate organization to run the offshore exchange restart, which will not be accessible in the United States.<\/p>\n

\n

“Rather than distributing all cash, the offshore exchange company would transfer the remuneration to the dot-com clients pool in the form of equity securities, tokens or other assets,” the statement said.<\/p>\n<\/blockquote>\n

FTT token holders\u2019 claims will be cancelled or redeemed as of the effective date of the restart plan, and they will not be entitled to any further distributions.<\/p>\n

In January, the current head of FTX, John Ray first disclosed<\/a> that a special task force was examining the possibility of restarting the platform.<\/p>\n

In April, during court hearings, lawyers from Sullivan & Cromwell allowed<\/a> the restructuring of the exchange with a restart of operations rather than liquidation or sale. The presented timetable envisaged that the detailed plan would be filed in the third quarter.<\/p>\n

That same period, the idea of reviving FTX advocated<\/a> by former head of institutional sales Zayn Takett. In his view, the platform should restart offering all products that existed before the collapse, adding a market for tokenised claims.<\/p>\n

In a March presentation, representatives of the exchange assessed the total shortfall of funds to cover customer and creditor claims at $8.7 billion<\/a>, of which about $1.6 billion is in Bitcoin.<\/p>\n

In June, the new FTX leadership returned<\/a> $7 billion in liquid assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The FTX bankruptcy administrator presented a plan to restart the offshore exchange with access for users outside the United States.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1236],"class_list":["post-82442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82442"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82442\/revisions"}],"predecessor-version":[{"id":82443,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82442\/revisions\/82443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}