Us cryptocurrency trading platform FTX announcedBonusrouletteonlineA repayment plan after the crash. The company's revised restructuring plan submitted to the US bankruptcy court on May 7 local time shows that the company will have between $14.5 billion and $16.3 billion available once all asset sales are completed. At present, FTX owes its customers and itsBonusrouletteonlineHis non-government creditors are about $11 billion.

This means that almost all account holders, that is, all non-government creditors, can get back 100% of the amount they have claimed and receive a varying amount of interest.

According to an announcement issued by FTX late Tuesday, the company has filed a restructuring plan with the Delaware Federal bankruptcy Court, proposing to centralize all assets related to FTX at the time of its collapse in November 2022 to global customers and other creditors.

In this reimbursement plan, creditors who file claims of less than $50,000 will be able to receive 118% of the claim within 60 days after the bankruptcy court approves the plan, that is, interest will be paid at an annualized rate of 9% in addition to full payment. These creditors account for 98 per cent of the total, according to FTX. The rest of the creditors will also receive 100 per cent of the full claim, plus "billions of dollars" in time value compensation.

While this is ostensibly a proposal to fully compensate the minefield exchange for losses, it remains to be seen whether creditors, especially the large number of retail investors, will be willing to accept the plan: the amount that creditors can claim is based on the cash value of the cryptocurrency at the time of FTX's bankruptcy in November 2022.

In response, the bankruptcy administrator of FTX also replied positively that the reason for not catching up with the rise in bitcoin prices was that by the time they took over FTX, most of the cryptocurrencies that were supposed to lie in the purse of the exchange had disappeared-at that time, FTX only held what customers thought the exchange should hold.Bonusrouletteonline.1% Bitcoin and 1Bonusrouletteonline.2% of the ethernet square. As a result, the debtor is unable to profit from the rise in currency prices during the bankruptcy reorganization.

So the money compensated to clients mainly comes from the money found by selling the portfolios of FTX and Alameda research. Managers sold 2/3 of their stake in Anthropic, an AI startup, for nearly $900 million earlier this year. FTX invested $500m in Anthropic in 2021.

John Ray III, the current CEO of FTX, has said publicly that the company was a "dump fire" and "crime scene" when he took over FTX. He also accused FTX founder Sam Bankman-Fried (SBF) of looting money from customers' accounts for personal luxury.

U.S. District Judge Lewis A.Kaplan finally sentenced SBF to 25 years in prison and confiscated more than $11 billion in assets on seven counts, including fraud and money laundering, in federal court in Manhattan. It is reported that the 25-year sentence is much lower than the 40-50 years required by federal prosecutors, but far higher than the five-to six-and-a-half years recommended by SBF's lawyers.

In November 2022, CoinDesk, the media focused on cryptocurrency, released the flawed balance sheet of Alameda Reaearch, a hedge fund owned by SBF, causing industry-wide panic and concern about FTX and its liquidity. Before that, many clients were already uneasy about their investments because of the decline of the cryptocurrency market and the opaque financial structure of FTX. It is reported that FTX has no credible financial documents and accounting firm responsible for financial audit. In the same month, FTX declared bankruptcy, costing its customers billions of dollars.

According to the indictment of the US Department of Justice, Alameda Reaearch has been misappropriating FTX's deposits in various ways, turning FTX customers into Alameda Reaearch's "cash machines". SBF himself withdrew money from Alameda Reaearch and used the money for private luxury, venture capital, corporate sponsorship, political donations and so on.

The dramatic collapse of FTX shocked the market, but also caused an uproar, its associated funding gap and many investors, but also made the cryptocurrency market continued to fluctuate. In terms of development time, when FTX expands, cryptocurrency, including Bitcoin, is in a new upward cycle, and the popularity of the cryptocurrency market masks the risks and crises behind it. Since the second half of 2022, the cryptocurrency market has experienced sharp fluctuations, in which the liquidity of FTX has been tested. The misappropriation of exchange funds by SBF was unable to repay, further exacerbating the risk after the bank run. " Su Xiaorui, a senior consultant for Analysys Analysis of the financial industry, pointed out.

After the liquidation of FTX bankruptcy, a number of US regulators publicly stressed the importance of rectifying the cryptocurrency market to prevent the spread of financial risks. Since 2023, the US Securities Regulatory Commission has tightened its regulation of encrypted currency. Sun Yuchen and Zhao Changpeng have been sued one after another, and a number of head encrypted currency exchanges have been accused of being involved in illegal exhibition industry.

Comprehensive report of Beijing Business Daily