FTX plans to relaunch crypto exchange
The proposed reorganization plan provides an opportunity for a certain class of debtors to pool their assets to create a new, offshore stock exchange.
This plan by the current management, led by CEO John J. Ray III, provides for the classification of FTX Group's debtors into different groups. The first group is the claimants of FTX.com offshore exchange, which is called "dotcom clients".
Next are the clients of the US exchange called "US clients", then the buyers of the NFT market, then general unsecured receivables, secured receivables, and subordinated receivables.
General receivables include those from Alameda's lenders or trading partners, while subordinated receivables include taxes and fines.
The priority of these claims will be determined according to “waterfall priorities”, and each class would receive a proportional payment in whatever funds remain after the previous class of debtors has been paid.
Members of the "dotcom" category, i.e. former clients of FTX.com, may choose to pool their assets to create what is called an "offshore exchange company". So it is a crypto exchange that would not be available in the US.
"In lieu of a full payment in cash, debtors may choose to have the Offshore Exchange Company remit non-cash compensation in the form of equity securities, tokens or other forms of ownership in the Offshore Exchange Company," the document states.
This suggests that debtors may forego a cash payment for a stake in the new exchange. Possible FTX reboots have been hinted at before with John Ray III's filings stating “FTX reboot” or “reboot 2.0”.
English (US)