Sam Bankmann-Fried, former CEO of FTX, will leave the court in January 2023. Fatih aktas/Anadolu News Agency/Getty Images London CNN FTX said in a statement: "The plan considers paying all non-governmental creditors in full according to the value of the creditor's rights determined by the (relevant) bankruptcy court."
FTX added that the plan needs to be approved by the US court, and it will solve disputes with government and private stakeholders "without expensive and protracted litigation".
This once-high exchange imploded in November 2022, which brought shock waves to the encryption world after depositors competed to withdraw cash. Sam Bankmann-Fried resigned as CEO and the company filed for bankruptcy.
A year later, Bankmann-Fried was convicted of seven counts of fraud and conspiracy, including stealing billions of dollars from FTX customers' accounts and defrauding his sister company, hedge fund Alameda Research. In March this year, he was sentenced to 25 years in prison.
FTX said on Tuesday that it had recovered assets related to the collapse of the exchange, with an estimated value of between 14.5 billion and 16.3 billion dollars.
John J. Ray III took over as CEO in November 2022, and managed the remaining business of the company through bankruptcy. Within a week, the man who supervised the liquidation of Enron announced that FTX was the biggest chaos he had ever encountered.
Lei said in a statement on Tuesday: "We are very pleased to be able to propose a Chapter 11 (Bankruptcy) plan, which considers returning 100% of the bankruptcy claims and the interest of non-government creditors."
FTX said that if his plan is approved by the bankruptcy court of the Delaware District Court, FTX expects that 98% of its creditors will receive about 118% of the allowable claim.