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Cryptocurrency News 1 years ago
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FTX Shareholder Meeting Reveals Claims, Assets, and Potential Relaunch Plans

Algoine News
Summary:
Cryptocurrency exchange FTX releases presentation materials for shareholder meeting, revealing details on claims against the company, customer claims, asset holdings, potential avoidance claims, and potential actions against insiders. Over 75 potential bidders contacted for relaunch. Liquidation of crypto holdings rumored. Restricted portion covers tax status and sensitive matters. Confirmation of recovery plan expected in Q2 2024.
Cryptocurrency exchange FTX has made its presentation materials for the upcoming shareholder meeting available. The unrestricted portion provides an overview of the company's current state and progress towards settlement. Shareholders will be informed about the numerous claims against FTX, including those from Genesis, Celsius, and Voyager, totaling $65 billion. It's worth noting that some claims, such as those from FTX Digital Markets, are deemed invalid, and the IRS's claim is expected to be subordinated. Customer claims worth $16 billion have been filed, with 10% of them already agreed upon. FTX's assets, including digital assets, cash, brokerage investments, venture portfolio, tokens, and real estate, amount to over $7 billion. The company owns 38 properties in the Bahamas valued at $222 million. FTX has already monetized $588 million in avoidance claims and is examining another $16.6 billion in potential claims. It has also identified potential actions against insiders, amounting to $2.2 billion. FTX may recover $86.6 million in political and charitable donations and $190.3 million through potential actions against vendors. The company's holdings include $833 million in Bitcoin (BTC) and Ether (ETH), as well as various other tokens. FTX has reached out to more than 75 potential bidders for its relaunch, with bids accepted until Sept. 24. Confirmation of the recovery plan is expected in Q2 2024. There are rumors of FTX liquidating a significant portion of its crypto holdings. The restricted portion of the presentation will cover the company's tax status, updates on restitution and litigation, and other sensitive matters.

Published At

9/11/2023 5:27:14 PM

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