NEW YORK : FTX on Tuesday will ask a judge to allow customers of the bankrupt crypto exchange to vote on a liquidation plan that would pay them back in cash, over the objections of some customers who have demanded higher repayments.
Since filing for bankruptcy, FTX has recovered up to $16 billion to repay customers, including over $12 billion in cash, and it says it will repay all customer claims in full. The company will ask U.S. Bankruptcy Judge John Dorsey to approve its disclosure statement and open voting on the wind-down plan at a Tuesday court hearing in Wilmington, Delaware.
Aggrieved FTX customers have urged the court not to allow votes to go forward on a bankruptcy plan that they say is fatally flawed, and they have separately filed lawsuits outside of bankruptcy court seeking rulings that FTX never owned customer deposits and must repay their full, current value. FTX, once among the world's top crypto exchanges, shook the sector with its collapse, leaving an estimated 9 million customers and investors facing billions of dollars in losses.
Cash payments are the only fair way to distribute value to a wide variety of customers, who had different types of cryptocurrency assets whose values have fluctuated greatly since the company went bankrupt, Ray said.
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