{"id":85818,"date":"2023-10-17T12:34:04","date_gmt":"2023-10-17T09:34:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85818"},"modified":"2025-09-13T01:38:32","modified_gmt":"2025-09-12T22:38:32","slug":"ftx-clients-could-receive-9-2-billion-by-mid-2024","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-clients-could-receive-9-2-billion-by-mid-2024\/","title":{"rendered":"FTX clients could receive $9.2 billion by mid-2024"},"content":{"rendered":"<p>By mid-2024, FTX clients could receive payouts on claims against the exchange going through<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> the bankruptcy proceedings<\/a> in the amount of $9.2 billion. This follows from the plan approved by creditor representatives and the platform\u2019s new management.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(4\/4) All creditor representatives involved agreed to support a related amended Plan of Reorganization to be filed by 12\/16\/23: <a href=\"https:\/\/t.co\/qAp9kxXNEP\">https:\/\/t.co\/qAp9kxXNEP<\/a><\/p>\n<p>\u2014 FTX (@FTX_Official) <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1714078340565344414?ref_src=twsrc%5Etfw\">October 17, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The parties reached an &#8216;important milestone&#8217; after &#8216;expanded discussions&#8217; about clients&#8217; property disputes, according to the press release.<\/p>\n<p>The agreements require court approval. Management must submit the corresponding application by December 16.<\/p>\n<p>The platform&#8217;s users are set to receive a total of $8.9 billion, with its U.S. unit at $166 million.<\/p>\n<p>The figures are equivalent to more than 90% of assets as of the end of Q2 2024.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8216;By working together, from the worst financial catastrophe I have ever seen, debtors and creditors have extracted enormous value from the situation. It could have easily resulted in nearly complete losses for customers,&#8217;<\/em> said acting FTX chief John Ray.<\/p>\n<\/blockquote>\n<p>The revised plan calls for dividing FTX&#8217;s assets into three pools:<\/p>\n<ul class=\"wp-block-list\">\n<li>set aside for the benefit of FTX users;<\/li>\n<li>set aside for the benefit of FTX.US customers;<\/li>\n<li>a common pool of other assets.<\/li>\n<\/ul>\n<p>The plan covers only the first two groups.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8216;The core terms of the plan represent a compromise among the creditors&#8217; committee, the debtors, the ad hoc customer committee and other representatives on a range of issues,&#8217;<\/em> the creditors&#8217; committee said.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The Plan Term Sheet is a compromise between the Committee, the Debtors, the ad hoc customer committee and other representatives on a range of issues that balance the rights of customer and non-customer creditors across the U.S. and foreign debtors.<\/p>\n<p>\u2014 Official Committee of Unsecured Creditors of FTX (@FTX_Committee) <a href=\"https:\/\/twitter.com\/FTX_Committee\/status\/1714093183058014393?ref_src=twsrc%5Etfw\">October 17, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>FTX may exclude from distributions any insiders, affiliated parties and customers who may have known about the commingling and improper use of deposits and corporate funds, according to the statement.<\/p>\n<p>In October, within the FTX 2.0 coalition, officials did not rule out that a successful closing of a new funding round for Anthropic of at least $2 billion would lift the AI startup&#8217;s valuation to $20\u201330 billion and lay the groundwork for a 100% return of funds to FTX clients.<\/p>\n<p>In a March presentation, the exchange&#8217;s representatives put the total shortfall to cover creditors&#8217; claims at <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-reports-1-6-billion-bitcoin-shortfall\">$8.7 billion<\/a>, of which about $1.6 billion was in Bitcoin. In June 2023, the current platform management team said it would return liquid assets <a href=\"https:\/\/u1f987.com\/en\/news\/new-ftx-leadership-has-returned-7-billion-in-liquid-assets\">amounting to around $7 billion<\/a>.<\/p>\n<p>In May, FTX filed a lawsuit against Genesis seeking to recover <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-seeks-4-billion-from-bankrupt-genesis\">$3.9 billion<\/a>. Subsequently, the amount of claims was reduced to $2 billion. The companies <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-and-genesis-settle-175-million-payment-to-alameda-research\">agreed to pay $175 million<\/a> to Alameda Research.<\/p>\n<p>In July, lawyers <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-seeks-71-million-return-from-its-charitable-divisions\">demanded the return of $71 million<\/a> from exchange-affiliated charitable entities.<\/p>\n<p>As noted, in September a court approved Robinhood&#8217;s buyback of its 55 million shares <a href=\"https:\/\/u1f987.com\/en\/news\/robinhood-to-buy-back-55-million-shares-previously-owned-by-sam-bankman-fried-for-605-7-million\">worth $605.7 million<\/a>, which had previously belonged to the platform&#8217;s founder, Sam Bankman-Fried.<\/p>\n<p>In the same month, FTX filed a lawsuit against LayerZero seeking to recover <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-sues-layerzero-seeks-86-million\">$86 million<\/a>.<\/p>\n<p>Later the platform asserted claims against the Hong Kong branch&#8217;s employees for <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-sues-former-hong-kong-subsidiary-staff-to-recover-157-3-million\">$157.3 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By mid-2024, FTX clients could receive payouts on claims against the exchange going through the bankruptcy proceedings in the amount of $9.2 billion.<\/p>\n","protected":false},"author":1,"featured_media":85819,"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":[1162,1236],"class_list":["post-85818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85818","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=85818"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85818\/revisions"}],"predecessor-version":[{"id":85820,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85818\/revisions\/85820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85819"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}