FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term operations with third-party investors.

Claimants of FTX

The court filings have categorized the claimants of the defunct exchanges into different groups: claimants of FTX.com offshore exchange, called the 'dotcom customers'; customers of the FTX US exchange; customers of the non-fungible token (NFT) exchange; and other general unsecured, secured and subordinated claims. The ones in general claims include Alameda’s lenders or trading partners, while taxes and fines from penalties were kept under subordinated claims.

FTX administrators will meet the claims based on 'waterfall priorities', meaning each class of claimants will receive a pro-rata payout from the pool after payouts to the preceding class of claimants are finished.

The large amount of documents published today on the docket is unusual

Something is happening... pic.twitter.com/wUVhYPiear

— FTXRELOADED - The most biggest comeback. (@FTXRELOADED) July 31, 2023

Reopening the Offshore Exchange

The 'dotcom' category of FTX's claimants has been given the option to pool their assets to create an 'offshore exchange company' or the 'rebooted' platform not available to US customers. The debtors must forgo their rights to receive the cash in exchange for a share in the new exchange.

“Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests,” the court filing stated.

However, the plans do not provide any compensation to the FTT token holders. The US Securities and Exchange Commission (SEC) labeled the exchange token as an unregistered security.

Before you guys start aping FTT on the back of the FTX restart news - FTT will be getting nothing in the FTX restart plan.

Literally zero.

— wassielawyer （哇西律师） (@wassielawyer) August 1, 2023

The proposal to relaunch FTX did not come as a surprise. Earlier media reports repealed that the interim CEO, John Ray III has floated the idea of a relaunch and initiated talks.

“We are pleased today to deliver on our commitment to file the Plan at this relatively early stage – before the expiration of the customer bar dates, the completion of our pending investigations, and the preparation of a disclosure statement,” Ray said in a recent statement.