The bankrupt cryptocurrency exchange FTX has officially confirmed its plans to relaunch following the announcement that the government would drop a federal charge against its founder Sam Bankman-Fried.
The announcement comes after federal prosecutors on Thursday dropped a federal campaign charge against FTX founder Sam Bankman-Fried.
The feds said they dropped the campaign finance charge against the crypto scammer and Democrat donor due to a ‘procedural failing.’
Sam Bankman-Fried, a 30-year-old Democrat darling, spent more than $40 million to fund the midterms with his Ponzi scheme through the crypto exchange he founded (FTX). Up to $2 billion is ‘missing’ after FTX collapsed last year.
The plans were unveiled by the bankruptcy administrators, with John J. Ray III, appointed CEO in the aftermath of FTX’s collapse in November 2022, leading the charge.
The new plan will focus on serving offshore clients and includes a detailed pathway for one class of claimants, in cooperation with third-party investors, to restart the FTX exchange.
However, this plan requires collective agreement before any decision can be made. According to the proposition, former FTT holders are not entitled to receive anything, according to Watcher.guru.
“We are pleased today to deliver on our commitment to file the Plan at this relatively early stage – before the expiration of the customer bar dates, the completion of our pending investigations and the preparation of a disclosure statement,” said John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors.
“This is expected to facilitate creditor feedback to further discuss open issues in the Plan with stakeholders, including the unsecured creditors committee, the ad hoc committee of non-U.S. customers and other parties with whom we have been in discussion. Our goal is to achieve a consensual plan and emergence from bankruptcy. We are committed to working through these matters in the third quarter of 2023 and to filing an amended plan and a disclosure statement in the fourth quarter of 2023,” he added.
“I would like to thank the entire FTX Debtors team for helping us to reach this milestone in the Bankruptcy process, while at the same time continuing the hard work underway to maximize recoveries for customers and creditors. I would especially like to give my deepest gratitude to the independent Board of Directors who have devoted substantial time and energy from the early difficult days of this bankruptcy and throughout the last several months to provide the necessary governance and leadership as we navigated through these difficult matters,” Ray continued.