Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lost—plus interest.

What's in FTX's New Plan?

The new plan provides for 98% of all customers, including those holding claims of $50,000 or less, to receive up to 118% of their allowed cl🌠aims within 60 days.ജ

FTX forecasts that the total value of assets collected, converted to cash, and available for creditors will be between $14.5 billion and $16.3 billion. FTX owes more than $11 billion to its customers.

The plan will require approval from the U.S. Bankrupt📖cy Court for the District 🐼Court of Delaware.

John J. Ray III, chief restructuring officer of FTX, said: "We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental 澳洲幸运5官方开奖结果体彩网:creditors."

How Is This Plan Different From the One Before?

A previous plan 澳洲幸运5官方开奖结果体彩网:proposed refunding up to 90% of distributable assets to customers. The recov🌳ered assets were those held by the compan🃏y in various entities in the Bahamas, Australia, and the U.S.

Investors who withdrew more than $250,000 from the exchange in the nine days before its collapse were expected to pay a 15% fee on the value of the funds to avoid potential clawback.

It's More Than They Lost, But Is It Enough?

One of the biggest criticisms of any FTX plans to repay its customers' lost funds is that it's returning money in dollars based on Nov. 11, 2022, cryptocurrency prices, not the cryptocurrency itself or repaying at its current value, which has appreciated greatly.

For example, bitcoin (BTC) was trading roughly around $17,000 on Nov. 11, 2022; today, its price is more than 3.5 times that at about $62,500.

FTX 澳洲幸运5官方开奖结果体彩网:collapsed and filed for bankruptcy in November 2022 after 澳洲幸运5官方开奖结果体彩网:commingling of customer funds between FTX and its Alameda Research investment arm meant customers were unable to withdraw more than $8 billion in investments that had been used for other purposes. Former FTX CEO Bankman-Fried was 澳洲幸运5官方开奖结果体彩网:sentenced to 𝓡25 years♎ in prison for crypto fraud in late March.