Hope

In an unexpected turn of events, the bankruptcy administrator of the defunct crypto exchange FTX has announced plans to potentially establish a new company, potentially providing a lifeline to claimants.&nbsp; 
The idea proposes to establish a “rebooted” offshore exchange, giving claimants the option of holding equity securities, tokens, or other interests in this new business. This development comes after FTX’s new CEO, <a href="https://thecoinrise.com/ftx-ceo-in-talks-with-multiple-parties-to-launch-ftx-2-0/" rel="noopener noreferrer nofollow">John J. Ray III claimed that the company had begun the process</a> of contacting possible partners to resurrect the exchange. 
<h2 id="b-ftx-plans-to-sort-claimants-into-groups-b">FTX Plans to Sort Claimants into Groups</h2> 
As part of its reorganizational plan, <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjQ1MzQ1NA==&amp;id2=-1" rel="noopener noreferrer nofollow">FTX submitted a draft plan</a> on Monday, stating intentions to sort claimants into groups. Accordingly, FTX offshore exchange users will be classified as “dotcom customers,” while FTX US users will be categorized as “U.S. customers.”&nbsp; 
The plan further details that each holder of a “dotcom customer entitlement” will receive a pro-rata share of the proceeds from a pool of assets linked to the FTX.com exchange. This share will be calculated after deducting distributions to the “dotcom customer convenience class” and necessary expenses. 
<h2 id="b-ftx-unveils-plan-for-dotcom-customer-pool-b">FTX Unveils Plan for Dotcom Customer Pool</h2> 
According to recent filings, the administrator aims to launch a new firm, possibly in collaboration with third-party investors, to run a “rebooted” offshore platform exclusively for dotcom consumers. The objective is to resurrect the crypto exchange for non-US investors, but US investors may be denied access to the new platform. 
The filing indicates that the dotcom customer pool will have the option to receive non-cash consideration instead of an all-cash settlement. Alternatively, the dotcom customer pool may be granted rights to invest in such equity securities, tokens, or other interests. 
The plan also allows for the possibility of a merger or similar transaction as an alternative to setting up a new company.&nbsp; 
<h2 id="b-a-glimmer-of-hope-for-ftx-customers-b">A Glimmer of Hope for FTX Customers</h2> 
The proposed draft strategy provides a glimmer of hope for FTX users who have been left stranded and unsettled in the aftermath of the exchange’s financial collapse. If completed effectively, the “rebooted” offshore exchange might allow consumers to recuperate some of their capital and continue trading on a redesigned platform. 
However, the exclusion of U.S. investors from the proposed offshore platform may impact the overall recovery process and investor sentiment. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/ftx-proposes-rebooted-offshore-exchange-for-claimants/">FTX Proposes “Rebooted” Offshore Exchange for Claimants</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

FTX Proposes “Rebooted” Offshore Exchange for Claimants

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