- FTX Bahamas unit agreed with US bankruptcy team to pool and distribute assets to FTX.com customers
- Agreement allows US debtors to take control of FTX group’s digital assets and transfer them into pooled accounts
- Pooled assets will be distributed to FTX.com customers, including non-US account holders, pending court approval in US and Bahamas
The FTX Bahamas unit has reached an agreement with the U.S. bankruptcy team to pool and distribute assets to FTX.com customers. This deal will pave the way for assets to be pooled and distributed to FTX.com customers.
Details of the Agreement
The agreement allows the Chapter 11 debtors to take control of digital assets across the FTX group. The Bahamas-based FTX Digital Markets is to transfer custody of all its digital assets to the U.S. debtors.
Once the transfer is complete, the U.S. debtors will be able to pool those assets into accounts under their control. The assets can then be distributed to FTX.com customers as part of the Chapter 11 process.
The U.S. debtors have agreed to make distributions to non-U.S. account holders from those pooled assets. That includes customers of FTX’s Bahamas exchange. Customers with accounts on other FTX global exchanges may also benefit.
Impact on FTX.com Customers
This deal is an important step in making funds available to FTX.com customers. The U.S. bankruptcy team will now be able to pool assets from across the FTX group. Once pooled, the assets can be distributed to FTX.com customers.
The deal does not specify how much will be returned to customers. The amount available will depend on how much is retrieved from FTX’s global assets. But it now provides a clear path for returning funds to customers.
The agreement is still subject to court approval in the U.S. and Bahamas. But it represents an important milestone in FTX’s complex bankruptcy process.
If approved, the U.S. team will gain custody of FTX’s global digital assets. They can then be pooled and eventually distributed back to customers. This deal marks progress for FTX.com users seeking to recover funds lost in FTX’s collapse.