Former cryptocurrency exchange FTX has filed court papers to end its bankruptcy proceedings and repay its former customers and creditors billions of dollars.
The restructuring plan does not indicate exactly how much money FTX plans to repay its creditors as it makes restitution, or whether the company plans to restart its cryptocurrency exchange.
The plan is being sent to FTX’s creditors for a vote with the key details added before it is put before U.S. Bankruptcy Judge John Dorsey for final approval.
The current payout plan calls for billions of dollars to be distributed as cash after much of the firm’s cryptocurrencies were sold and converted into U.S. dollars.
Last month, FTX founder Sam Bankman-Fried was convicted on several counts of fraud and securities violations related to the collapse of the FTX exchange.
In November 2022, FTX filed for Chapter 11 bankruptcy citing $8 billion U.S. in missing funds and more than one million creditors.
It is not clear exactly how much of the missing funds have been recovered by the lawyers in FTX’s bankruptcy proceedings.
