{"id":30098,"date":"2024-09-29T18:00:17","date_gmt":"2024-09-29T15:00:17","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30098"},"modified":"2024-09-29T14:19:43","modified_gmt":"2024-09-29T11:19:43","slug":"will-ftx-creditors-get-crypto-or-cash-repayments","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/will-ftx-creditors-get-crypto-or-cash-repayments\/","title":{"rendered":"Will FTX Creditors Get Crypto or Cash Repayments?"},"content":{"rendered":"<p><strong>FTX creditor campaigner Sunil Kaviri<\/strong> claims that consumers of the exchange can get between 10% and 25% of their crypto backoff. Some find it alarming that the update comes as the now-defunct exchange sends 18% of the forfeiture money ($230 million) to equity holders, or shareholders.<\/p>\n<p><em>\u201cJust a quick estimate of how much petition date is going to pay us versus current value,<\/em>\u201d the activist said.<\/p>\n<p>The report falls amid boiling excitement about <strong>FTX<\/strong> starting October distributing $16 billion to its creditors. Especially, this is yet unverified since court confirmation is still pending on the choice of restructuring for the clients of the exchange. October 7 is the court hearing day assigned for this.<\/p>\n<p>\u201c<em>The decision regarding the restructuring plan for <strong>FTX customers<\/strong> will not be made until October 7. Because the court hearing related to it is scheduled for that date. Personally, I could not find any information about what form of repayment it will be, crypto or cash, and this is very important in the context of withdrawals from the cryptocurrency market,\u201d<\/em> CryptoTrail stated.<\/p>\n<p>It comes barely two months after the court decided on a $12.7 billion payback schedule. Still, the court barred <strong>FTX and Alameda Research<\/strong>, its affiliate, from trading digital assets and did not impose any civil monetary punishment. After a US trustee protested, claiming more fair distribution among creditors, the reorganization proposal remains under debate. Sunil Kaviri, among <strong>FTX creditors<\/strong>, had also objected to the reorganization plan prior to the US Trustee&#8217;s intervention. The main points of dispute are that the plan lacks in-kind client distribution choices and has extensive exculpation clauses.<\/p>\n<p><em>\u201cIt is painfully apparent that the Debtors\u2019 proposed plan will inflict additional hardships on customers through forced taxation that could be avoided by making an \u2018in kind\u2019 distribution,\u201d<\/em> the creditors said.<\/p>\n<p>The US Securities and Exchange Commission (SEC) questioned the strategy in a similar vein. It called for changes, including eliminating the discharge clause. Should the exchange fail to implement these modifications, the securities regulator promised to oppose the confirmation of the scheme.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX creditor campaigner Sunil Kaviri claims that consumers of the exchange can get between 10% and 25% of their crypto backoff. Some find it alarming that the update comes as the now-defunct exchange sends 18% of the forfeiture money ($230 million) to equity holders, or shareholders. \u201cJust a quick estimate of how much petition date<\/p>\n","protected":false},"author":6,"featured_media":30099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[496,4440],"class_list":["post-30098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-ftx-creditors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will FTX Creditors Get Crypto or Cash Repayments? - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/will-ftx-creditors-get-crypto-or-cash-repayments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will FTX Creditors Get Crypto or Cash Repayments? - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"FTX creditor campaigner Sunil Kaviri claims that consumers of the exchange can get between 10% and 25% of their crypto backoff. 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