The Block Crypto News12 minutes ago

Published on March 31, 2024 17:09 GMT+00:00edited on March 31, 2024 17:14 GMT+00:00

The FTX bankruptcy estate has set a goal to begin repaying customers by the end of 2024, according to notes from a meeting of FTX Digital's Joint Official Liquidators in the Bahamas. 

FTX's bankruptcy is made up of two separate processes running in parallel: the Chapter 11 bankruptcy being adjudicated in a Delaware court in the United States and the official liquidation process of FTX Digital, FTX's subsidy based in the Bahamas, due to the "hopelessly commingled" nature of FTX's accounting. However, both sides of the estate have agreed to work together such that creditors may submit their claim to either entity and that no creditor receives less than the value they're entitled to. 

To that end, both the Chapter 11 Debtors and the Joint Official Liquidators "have a shared goal …