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A proposed settlement filed on October 16 could see FTX customers receive the majority of their lost funds by the second quarter of 2024.
The settlement comes after months of discussion between FTX debtors and creditor groups, including an unsecured creditors committee and a non-US customers committee.
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If approved by the Delaware bankruptcy court, it would distribute an estimated $8.9 billion to FTX.com customers and $166 million to FTX.US customers.
"Together, starting in the most challenging financial disaster I have seen, the debtors and their creditors have created enormous value from a situation that easily could have been a near-total loss for customers," said John J. Ray III, FTX's CEO and chief restructuring officer.
The proposed settlement divides FTX assets into three pools, with one for FTX.com customers and another for US customers. Only these two pools are included in the customer repayment funds. FTX admits customers will likely not be fully repaid, with FTX.com users facing a greater percentage of losses.
The settlement also allows FTX to claw back funds from customers who withdrew over $250,000 in the 9 days before bankruptcy. Those customers would see their claims reduced by 15% of the withdrawn amount.
However, withdrawals under $250,000 would not be subject to reductions. Insiders, affiliates, and customers aware of FTX's improper use of customer funds could also be excluded.
The proposed settlement comes as FTX founder Sam Bankman-Fried faces criminal fraud charges related to FTX's collapse in November 2022. The settlement remains contingent on final approval by the bankruptcy court.
Given the current state of the
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