Fallen crypto exchange FTX has filed a proposal to end bankruptcy and begin repaying creditors as well as customers.
FTX plans to end bankruptcy and start repaying its creditors as well as customers, according to a filing. Creditors will vote on the plan next year before final approval by US bankruptcy judge John Dorsey.
The plan calls for billions of dollars from liquidated cryptocurrencies to be distributed. Some issues have been left unaddressed in the proposal, including a reopening of the defunct crypto exchange, the estimated value of certain tokens and the expected repayment amount.
The latest proposal has been submitted around one year after FTX filed for bankruptcy in November 2022. Separately, Sam Bankman-Fried was convicted last month of fraud and conspiracy.
