9M
...
![](https://cryptocrunchapp.com/wp-content/uploads/2023/10/UntitlASDFGASDed-4-1200x675.png)
In a pivotal development for the crypto industry, FTX Trading Ltd. (FTX.com) and its affiliates, collectively known as the FTX Debtors, have announced a comprehensive global settlement with the Joint Official Liquidators of FTX Digital Markets Ltd., a subsidiary under liquidation in The Bahamas. This landmark agreement, subject to approvals from both the U.S. Bankruptcy Court in Delaware and the Supreme Court of the Bahamas, aims to resolve intricate legal challenges stemming from the FTX group’s collapse.
The agreement outlines a collaborative framework for asset pooling and distribution, ensuring equitable treatment of FTX.com customers across jurisdictions. It establishes a mechanism for customers to choose the jurisdiction for claim reconciliation, either in the FTX Debtors’ Chapter 11 cases or FTX Digital Markets’ Bahamian liquidation process. This choice is designed to have minimal economic impact on claim holders.
Moreover, the settlement includes a standardized approach to valuing customer claims, adopting consistent KYC procedures, and a strategic division of asset monetization responsibilities between the FTX Debtors and FTX Digital Markets. Customers are cautioned that the agreement awaits court approval and could undergo significant changes. This agreement, hailed as a critical milestone by FTX’s CEO John J. Ray III, represents a concerted effort to safeguard customer interests and streamline the recovery process for all parties involved.
Documents pertaining to the U.S. Bankruptcy Court proceedings, including the Global Settlement Agreement and other related materials, can be accessed online at https://cases.ra.kroll.com/FTX/