FTX said it anticipated the figure based on the monetization of assets, most of which were investments owned by Alameda Research, a cryptocurrency-focused hedge fund controlled by Sam Bankman-Fried.
The operating firm of FTX cryptocurrencies filed an amendment to its reorganization plan with a U.S. bankruptcy court that will allow it to distribute between $14.5 billion and $16.3 billion to creditors, the company said in a statement issued Tuesday.
FTX said it anticipated the figure based on the monetization of assets, most of which were investments owned by Alameda Research, a cryptocurrency-focused hedge fund controlled by Sam Bankman-Fried.
The amount includes assets under the control of Chapter 11 bankruptcy debtors, as well as those controlled by the liquidators of FTX Bahamas Digital Markets, the Bahamas Securities Commission, the liquidators of FTX’s Australian unit, the United States Department of Justice (DOJ) and various private parties, the statement added.
The company said the revised plan focuses on a series of agreements reached consensually with interested parties, including cases that are still subject to court approval.
Earlier this year, a judge sentenced cryptocurrency trading platform founder Sam Bankman-Fried to 25 years in prison for stealing $8 billion from his clients.
FTX, once among the world’s leading digital currency operators, shook the sector in November 2022 by filing for bankruptcy, leaving approximately 9 million customers and investors facing billions of dollars in losses. (Reporting by Gursimran Kaur in Bengaluru. Editing in Spanish by Marion Giraldo)
Source: Ambito
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