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 Collapsed crypto exchange FTX says it has billions of dollars more than is needed to repay creditors affected by its downfall.
 FTX forecasts that the total value of re<a rel="noopener noreferrer nofollow" title="cover" href="https://thebittimes.com/tag/cover.html">cover</a>ed assets will be between $14.5 and $16.3 billion, it said in a May 7 statement. That is more than enough to <a rel="noopener noreferrer nofollow" title="cover" href="https://thebittimes.com/tag/cover.html">cover</a> the firm’s debts, which stand at approximately $11 billion.
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Here's everything that went wrong with FTX - The Verge" data-lazy-src="https://cdn.thebittimes.com/images/2024/05/08/1aa7da2d1c050df9d2b86970c55b4de0.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/08/1aa7da2d1c050df9d2b86970c55b4de0.webp" alt="Here's everything that went wrong with FTX - The Verge">
 </noscript>
 <h2 id="span-style-font-weight-400-many-creditors-could-receive-118-of-their-claimed-amounts-span">Many Creditors Could Receive 118% Of Their Claimed Amounts</h2>
 “We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” said John Ray, FTX’s new chief executive.
 The company’s repayment plan still needs approval by a bankruptcy court.
 Creditors holding claims of $50,000 or less, amounting to about 98% of the total, would receive approximately 118% of the amount of their allowed claims within 60 days after the effective date of the repayment plan, FTX said.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The FTX Debtors today filed their anticipated amended Plan of Reorganization and accompanying Disclosure Statement with the U.S. Bankruptcy Court. Read about it here https://t.co/EGmlVdWOaS below: pic.twitter.com/bwwvRolX21
 — FTX (@FTX_Official) May 7, 2024
 </blockquote>
 
 <h2 id="span-style-font-weight-400-ftx-repayment-deal-based-on-2022-prices-is-controversial-span">FTX Repayment Deal Based on 2022 Prices Is Controversial</h2>
 There is some controversy surrounding the proposed repayment plan, since it will reimburse creditors for their assets at the time of the FTX collapse in November 2022. Many creditors argue that their reimbursements should be based on current prices instead.
 The crypto market has seen a resurgence since FTX’s downfall, with the market leader Bitcoin (BTC) surging nearly 280%.&nbsp;
 “I understand why the bankruptcy process needs to work this way but let’s not pretend victims are getting their money back,” BitGo CEO Mike Belshe said in a May 8&nbsp;post on X.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 My lawyers Moskowitz and Boies that represent FTX creditors in MDL filed an objection to Debtors motion to estimate claims at petition
 Fighting for FTX creditors to maximise re<a rel="noopener noreferrer nofollow" title="cover" href="https://thebittimes.com/tag/cover.html">cover</a>y for FTX creditors
 We may commence our adversary proceeding for property rights as unresolved pic.twitter.com/kBx8KWyScU
 — Sunil (FTX Creditor Champion) (@sunil_trades) January 12, 2024
 </blockquote>
 
 FTX creditor Sunil Kavuri said in a Jan. 12 post on X that his lawyers objected to the debtor’s motions to estimate claims based on November 2022 prices. His lawyers argued that customers should receive “at least the value of crypto back.”
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-recovers-billions-more-than-it-owes-creditors-but-repayment-plan-still-faces-controversy-tbt87747.html">https://thebittimes.com/ftx-recovers-billions-more-than-it-owes-creditors-but-repayment-plan-still-faces-controversy-tbt87747.html</a>
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FTX Recovers Billions More Than It Owes Creditors, But Repayment Plan Still Faces Controversy

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