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  • The bankruptcy administrators have submitted a promising proposal for the potential revival of FTX.com.
  • The re-booted exchange will exclusively serve offshore customers.
  • Under the proposed scheme, FTT token holders would receive no benefits whatsoever.

 

FTX, the now-defunct cryptocurrency exchange, has put forth a proposal to categorize its creditors into distinct classes based on their claims. Moreover, the company has outlined a potential route for one specific class of claimants to relaunch the FTX exchange by partnering with third-party investors, subject to the approval of the concerned group.

On Monday night U.S. time, a filing was released, categorizing the claimants into distinct groups. The initial group consists of claimants associated with FTX.com offshore exchange, referred to as "dotcom customers". Following that are the customers of the U.S. exchange, termed "U.S. customers". Afterward, there are customers from its NFT exchange, as well as general unsecured claims, secured claims, and subordinated claims. Within the general claims, one can find those originating from Alameda's lenders or trading partners, while subordinated claims comprise taxes and fines resulting from penalties.

The priority of these claims will be established based on the concept of "waterfall priorities," wherein each class will receive a proportional payout from the remaining pool after the previous class has been fully compensated. The exact sequence of payouts is determined through negotiations involving stakeholders.

Former customers of FTX.com, who fall under the category of Dotcom claimants, have the option to collectively combine their assets and establish what is referred to as an "offshore exchange company" or a "rebooted" platform that will not be accessible within the United States.

“Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests,” the document reads, suggesting that the debtors could forgo a cash payout for a stake in the new exchange.

There have been previous indications of potential reboots for FTX, as mentioned in billing statements from interim CEO John Ray III in May, which referred to a "FTX restart" or a "2.0 reboot."

Singapore-based Wassielawyer, a crypto Twitter legal personality with an anthropomorphic penguin persona, pointed out that the proposed restructuring plan fails to account for FTT holders.

In a December complaint lodged against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, the SEC referred to the token as a security.

“No Holder of an FTT Claim shall receive any Distributions on account of its FTT Claim. On and after the Effective Date, all FTT Claims shall be canceled, released, and extinguished and shall be of no further force and effect, whether surrendered for cancelation or otherwise,” the document reads.

FTT has surged by 10.5% and is currently trading at $1.50, as reported by CoinCryptoUs market data.