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FTX Plans to Restart International Exchange, with Customers Repaid Ahead of IRS and Lenders

The bankrupt crypto exchange FTX has filed a proposed plan of reorganization that would see the company restart its international exchange. The plan would prioritize repaying customers ahead of the IRS and unsecured lenders.

Under the plan, customers would receive 50% of their claims in cash, plus tokens to the new FTX. The remaining 50% of their claims would be converted into equity in the new company. FTT token holders would receive nothing, as they are considered equity holders in the old company.

The plan must still be voted on and approved by the court. If approved, the new FTX would only be available to international customers.

Here are the key points of the plan:

• Customers would be repaid ahead of the IRS and unsecured lenders.
• Customers would receive 50% of their claims in cash, plus tokens to the new FTX.
• The remaining 50% of their claims would be converted into equity in the new company.
• FTT token holders would receive nothing.
• The new FTX would only be available to international customers.

The plan is still subject to change, but it represents a significant step forward for FTX. If approved, it would allow the company to restart its international exchange and provide some relief to its customers.