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FTX has finalized a collaboration with Bahamian liquidators to define how to pay its creditors.
He agreement, a continuation of a previous agreement reached earlier in the year, outlines a unique approach to valuing cryptocurrency assets held by FTX and its Bahamian division. The valuation will be set based on market prices since FTX and its subsidiaries filed for bankruptcy in November 2022. This method does not take into account any subsequent market fluctuations.
Under the terms of the agreement, FTX clients will be presented with two options to receive their dues: through the liquidation process in the Bahamas or through bankruptcy proceedings in the United States.
However, it is important to note that claims tied to FTX's digital token, FTT, are classified as stocks. Consequently, these claims are not eligible for any financial reimbursement.
Regarding claims resolution, all claims for cash or digital assets from exchange customers (excluding those related to NFTs) will be assessed in US dollars. The valuation will be adjusted to the prices corresponding to the dates of submission of the respective requests.
Refund-eligible FTX.com customers are expected to decide on this plan by the second quarter of 2024. They will need to select the jurisdiction, either the Bahamas or the United States, where they prefer to have their claims processed and resolved. This decision can be made through a vote associated with your plan or through a separate procedure.
