FTX Dotcom Creditors Vote Massively in Favor of Reorganizing Plan
The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value.
Updated Oct 1, 2024, 6:38 p.m. Published Oct 1, 2024, 8:56 a.m.
- Over 94% of so-called FTX Dotcom customers voted to accept the reorganization plan.
- Nearly all creditor classes voted in favor of the plan.
- Two creditor classes did not return ballots and were presumed to accept.
A plan to reorganize bankrupt crypto exchange stalwart FTX has gained support from 94% of creditors who were clients of the FTX.com offshore exchange, the so-called Dotcom creditors, results of a vote from restructuring agent Kroll show.
The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value. Two classes of creditors did not return ballots and are presumed to accept the plan, Kroll said.
With creditor approval secured, the next step is for the bankruptcy court to confirm the reorganization plan. A hearing is set for Oct. 7. Potential challenges remain, however, including possible objections from the U.S. Securities and Exchange Commission regarding the use of stablecoins for repayments, as previously reported.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
