FTX Introduces a Refund Proposal for its Users
FTX has submitted a revised restructuring plan that values its assets at the time of filing for bankruptcy.
Bitcoin was trading at $17,000 at that time, but its current price is over $41,100. Similarly, the FTT token was valued at around $26 in November 2022, but it is now trading at $3.7.
The plan allows certain classes of creditors to vote on these changes and the authors claim to have made trade-offs to create the best outcome.
However, one creditor has pointed out that this plan contradicts FTX’s Terms of Service, where digital assets are considered the property of the users.
A vote on the plan is expected to take place in 2024. It has also been reported that FTX spent over $118 million on legal and consulting services between August and October, equivalent to $1.3 million per day or $53,000 per hour.
