The administration of the bankrupt cryptocurrency exchange FTX has expressed dissatisfaction with the actions of traders and market makers in the key creditors group. They have been accused of seeking control over assets regardless of the impact on other stakeholders. The dispute arose after the new management of FTX introduced a reorganization plan under the guidance of Chief Restructuring Officer John J. Ray III. The official committee of unsecured creditors stated that FTX is missing an opportunity to derive greater profits from its funds and tokens.
The FTX administration stated that extensive discussions were held between the parties and noted that the objections of the creditors’ group have a weak foundation related to the interests of individual committee members.
The creditors’ group expressed concern about the non-representative nature of the reorganization plan, which implies the transfer of control over assets worth billions of dollars to traders and market makers. FTX lawyers emphasized that such a plan could lead to improper asset distribution.
In November of last year, FTX, led by Sam Bankman-Fried, went bankrupt, leaving debts amounting to $8.7 billion. The official committee of unsecured creditors proposed investing $2.6 billion in short-term treasury bonds to gain greater profit.
There was also a statement about the need for the proper process of bidding, hedging, and monetization for holdings of FTX coins. FTX lawyers believe that the creditors’ group could risk assets with higher returns.
