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Enjoy exclusive benefits with the GG Membership PassFTX Trading Ltd., under the leadership of its new CEO John J. Ray III, has unveiled a new draft plan to "reboot" the collapsed crypto exchange.
The proposal, released on Monday, offers FTX.com claimants the chance to hold equity securities, tokens, or other interests in a newly formed offshore company.
The draft plan outlines the debtors' strategy to categorize claimants into distinct groups.
Users of the FTX.com offshore exchange will be classified as "Dotcom customers," while FTX US users will be identified as "U.S. customers."
More precisely, it proposes the formation of three primary recovery pools: the Dotcom Customer Pool, the U.S. Customer Pool, and the General Pool. These pools will include all fiat, digital assets, and other specified assets associated with FTX.com and FTX US.
The bankruptcy administrator has proposed the creation of a new company for the Dotcom customer pool. This company, formed in partnership with third-party investors, will operate a "rebooted" offshore platform, which will be inaccessible to U.S. investors.
Each Dotcom customer will receive a pro-rata share of the proceeds from a pool of assets tied to the FTX.com exchange, after deductions for the Dotcom customer convenience class and expenses.
However, the filing indicates that claims from FTT holders. the collapsed exchange’s native token, "will be canceled and extinguished as of the Effective Date and holders will not receive any distribution."
Claims from non-customers, such as those for regulatory penalties and taxes, will be subordinated.
The draft plan, which is open to amendments based on feedback from Consulting Parties and other stakeholders, presents a novel approach to resolving the complex issues surrounding the collapsed cryptocurrency exchange.
FTX didn't immediately respond to Decrypt's request for comment.
Rolling out FTX 2.0
The idea of restarting the exchange was first suggested by the new FTX boss in January this year.
"There are stakeholders we’re working with who’ve identified what they see is a viable business," Ray said at the time.
In April, FTX's lead attorney Andy Dietderich already hinted at the possibility of reviving the crypto exchange, although there wasn’t “any particular path forward” at that point.
A May court filing revealed that Ray has been actively exploring the steps required to restart the company and has been reviewing and finalizing the “FTX 2.0” materials for distribution to investors.
Boosted by the latest news, FTX’s native token FTT gained as much as 7% on Tuesday to $1,52, before retreating to $1.45 at the time of writing, per CoinGecko.