FTX 2.0 Customer Coalition
@ftxcoalition
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Following
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19
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Coalition of FTX customers working to get more than whole and build a better, safer exchange for all. Exchange Airdrop pending.
Joined July 2023
Don't wanna be here?
Send us removal request.
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Following up from our letter, we have officially created the FTX Customers Ad Hoc Committee (CAHC).
FTX has proposed a half-baked and value-destructive plan.
We aim to fix that, in court, with legal counsel.
Find our bylaws and how to join here:
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FTX have submitted an Estimation Motion that dollarizes customer claims per Nov 11 2022.
BTC: $16,871.63
ETH: $1,258.84
SOL: $16.2471144
The rest of the assets would go to non-customer creditors including shareholders. If customers disagree, they must object until January 11.
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FTX plan gives value to SBF (equity) before customers.
SBF & FTX stole assets, broke Terms of Service stating title to digital assets remains with the user.
FTX has >$10B in assets. Currently, ~$5B+ would go to non-customers.
Time to lawyer up. 8-9 figure creditors, DM.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
FTX have submitted an Estimation Motion that dollarizes customer claims per Nov 11 2022.
BTC: $16,871.63
ETH: $1,258.84
SOL: $16.2471144
The rest of the assets would go to non-customer creditors including shareholders. If customers disagree, they must object until January 11.
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Update: The FTX Plan is indeed worse than the Genesis Plan.
Even after the massive fraud, FTX under John Ray continues its breach of the Terms of Service, denying customers any upside.
Despite SBF criminal trial evidence showing e.g. Anthropic was >80% customer funded.
Genesis proposes an Amended Plan more equitable than FTX's Draft Plan, despite Genesis creditors having no title per ToS.
Crypto excess value that would go to the government (petition date cap) instead goes to Genesis creditors in-kind.
FTX's Amended Plan should not be worse.
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Next date to watch for is December 16 for the FTX amended plan.
It is imperative customers get equity in FTX 2.0.
It's not about 100% petition date anymore. FTX has more (liquid+illiquid) assets than customer liabilities.
Surplus must go to customers, not Alameda creditors.
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Update: The debtors' plan gives less than 90% of distributable value to customers.
If there is $15B in assets and $10B petition date customer liability, customers would receive only 66%.
The debtors are reneging.
The debtors promised over 90% of distributable value to customers in the amended plan.
But the proposed settlement likely no longer achieves that with higher values that would fully accrue to the next in the waterfall. It would need to be modified.
We will be watching Dec 16.
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The debtor claims there's no bid, yet we've heard from multiple bidders that their bid still stands.
Interesting.
@PatRabbitte1
@MHE_BE3ET
My proposal to
@FTX_Official
is as follows.
We combine
@Figure
's broker dealer, ATS, transfer agent, money transmission licenses, MPC wallet custody, high frequency order matching and offshore VASP licenses with the FTX customer list and IP. We take the combined company
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The
@FTX_Committee
says in the most diplomatic way that the debtors have breached the PSA.
The debtors have an army of high-paid lawyers at their disposal. The omissions are by design.
Per the PSA, an uncured breach for 10 days upon written notice is grounds for termination.
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Genesis proposes an Amended Plan more equitable than FTX's Draft Plan, despite Genesis creditors having no title per ToS.
Crypto excess value that would go to the government (petition date cap) instead goes to Genesis creditors in-kind.
FTX's Amended Plan should not be worse.
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50
The debtors promised over 90% of distributable value to customers in the amended plan.
But the proposed settlement likely no longer achieves that with higher values that would fully accrue to the next in the waterfall. It would need to be modified.
We will be watching Dec 16.
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97% of FTX customers held >10% crypto.
The plan can't confirm when valuing the crypto at the bottom and giving the surplus to non-customers as it becomes rational for nearly all customers to vote No.
If you eg held 10% BTC and there's a surplus, you're giving up 15% of value.
If
#FTX
customers will act rationally, than even holding >10% in Category A coins would lead to demand to return on distribution date (like-kind). However, it's clearly seen that it's possible only with compromise of pro-rata distribution on Ch11 date until a certain class
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Highly recommended everyone file this addendum as a PoC attachment before the bar date today 26 Feb 4 PM EST.
Doing this ensures your property rights and claims are preserved so you get full recovery.
FTX BANKRUPTCY ⚠️
Here is the addendum from
@sunil_trades
Make a copy, add your data, download as pdf and add to your existing claim
Not compulsory, but recommended to assert that deposits - fiat & crypto - are property of FTX customers and NOT estate
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@elonmusk
@AutismCapital
@aftxcreditor
is an FTX creditor account that was fighting against this but was wrongfully perma-banned without warning (likely reported by FTX lawyers for FTX "impersonation").
Please reinstitate.
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1 of 3 FTX bids is Bullish.
Based on what we know, it may be the weakest bid.
1: Customer migration to their exchange. Unlikely to share much equity, unlikely to use FTX brand.
2. Earnout structure. Likely low price, more only on volume targets.
3. Bullish has low traction,
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@jjjbtc
There are very few mentions of 2.0 in the plan, and none of a RRT, so they certainly haven't updated it to reflect any work they may have done with bidders.
Stalking horse was supposed to be decided Oct 16, then Dec 16.
They very obviously are trying to derail 2.0.
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@PatRabbitte1
The best thing about it is we wouldn't even lose significant time as the debtors are already using up their maximum allowable "exclusive period" until May 2024 to the fullest with plan effective date planned for July 2024.
No real incentive to go with a debtor plan.
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@hesap997
The Terms of Service where it was made clear that customers held title over their assets.
For this reason, a proposed Property Settlement was worked out between the debtors, UCC and AHC where customers get priority and the preference window shrunk to 9 days (from 90 days).
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@ThomasBraziel
There's a logical fallacy here as most claims have some crypto portion.
If the customer class recovers fully at 100% petition date value (highly likely), any surplus would benefit most customers. Which this plan doesn't provide for.
It's rational for the majority to vote No.
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@sunil_trades
It is imperative excess >100% petition date accrues to customers instead of, as the debtors apparently plan, fully to non-customer creditors, IRS, CFTC.
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@EvgenyGaevoy
@TheSkinx
It generally works that way for creditors not holding title over assets. In FTX, customers did, so arguably, should not be creditors.
Surplus can go to SBF, as he holds ~90% of FTX and Alameda equity.
Would subsequently need to sue him for recovery.
FTX plan gives value to SBF (equity) before customers.
SBF & FTX stole assets, broke Terms of Service stating title to digital assets remains with the user.
FTX has >$10B in assets. Currently, ~$5B+ would go to non-customers.
Time to lawyer up. 8-9 figure creditors, DM.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
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@Gloomyy151
Remember, this is the stalking horse bid for an auction. Even if they are selected, they would first need to win that auction.
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@EvgenyGaevoy
@sunil_trades
You know you're in breach of fiduciary duty here as a UCC member, right?
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@ClientFtx
No, it's $10B in customer liability. Assets are far more than $10B now thanks to the crypto (particularly SOL) rally and Anthropic. Since recovery is dollarised per petition date, anything above that goes down the waterfall to non-customers.
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@VladimirVjel
If you want to take a more active role in this bankruptcy to achieve progress, DM.
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@Sync_Legend
@FTX_Committee
Easy to say for him when he was maybe 10% exposed and deleting the position unoptimised is worth more to him than the occupied brain space.
Of course, the question then is, why is he on the UCC? Certainly doesn't give a damn about his fiduciary duty to others more exposed.
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@ThomasBraziel
Hard to see how such a large customer convenience threshold is compatible with value maximisation in terms of bootstrapping an exchange with incentivised customers. It's like paying negative value for customer acquisition.
If not, then why the pretense Chapter 11 vs a Chapter 7?
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@ThomasBraziel
Equity may be at the bottom, but crypto claims (>100% petition date) are nowhere. Thus, unlike with the Genesis plan, equity would recover before crypto does.
There are other investors, but SBF owns the vast majority of equity (89% for FTX Trading Ltd.).
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@EvgenyGaevoy
@nietolej
@stevie_jobbie
@PatRabbitte1
@ThomasBraziel
@sunil_trades
It's called tracing and Easton has done a lot of it, put on evidence for the criminal SBF trial.
Eg >80% of Anthropic was traced to be funded directly by customer funds.
Just this one position is a huge chunk of the estate. Clearly, that is leverage customers have against FTX
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@EvgenyGaevoy
@TheSkinx
Also, have a look at the Genesis plan where customers actually get crypto potentially beyond petition date.
Genesis proposes an Amended Plan more equitable than FTX's Draft Plan, despite Genesis creditors having no title per ToS.
Crypto excess value that would go to the government (petition date cap) instead goes to Genesis creditors in-kind.
FTX's Amended Plan should not be worse.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
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@naglemayank
Could look into PACER. See the link above here:
Explanation:
Will depend on the time it takes to register your account. Physical mail is more dependable.
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@ClientFtx
The priority payment you're talking about only really matters when there's less than 100% to pay the customer classes and unsecured creditors. Once they have enough money to pay both, the priority is moot.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
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30
109
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@MrRedVeve
The CAHC is paid 0. We have transparent bylaws to ensure we stay true to our mission. If you look for the bylaws of any other FTX committee, they are nowhere to be publicly found.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
0
0
5
Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
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30
109
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5
@edwardmorra_btc
@sunil_trades
Benefit up to 100% petition date value. After that, all goes to non-customers.
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@LouisOrigny
@Square618
@sunil_trades
For unsecured creditors, yes. But they could've argued customers are not creditors at all and thus paid them back their property. Doubtless they would have done so if that minimised liability.
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@EvgenyGaevoy
@stevie_jobbie
@PatRabbitte1
@ThomasBraziel
@sunil_trades
These things are all a result of negotiations. Fact is, negotiations concluded with a PSA signed by the AHC and the UCC in October, pre run-up.
2 items are now worthless or worth less: Preferences, priority.
If that same negotiation was done today, you'd get better terms.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
1
0
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@EvgenyGaevoy
@PatRabbitte1
@ThomasBraziel
@stevie_jobbie
@sunil_trades
If the debtor offers a timeline that isn't significantly quicker (effective date July 24!) than waiting for exclusivity to elapse in May and do a more favorable, customer-led plan, potentially a cram-down by customer class, what is the incentive for customers to take this deal?
0
0
1
Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
0
0
3
@thelordabdo
@hesap997
No, approval would need plan confirmation from the court, after a vote.
0
0
3
Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
1
0
3
@EvgenyGaevoy
@sunil_trades
Not to mention that a certain related legacy token trading surprisingly high despite all attempts to zero it proves the residual FTX brand value.
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@ThomasBraziel
Cram-down aside, you would need both two thirds in value and simple majority in claim numbers.
Even if few large creditors with >2/3 value voted accordingly, there's no guarantee the majority of smaller claimants wouldn't vote rationally and block.
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Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
1
0
2
@OnchainPenguin
@Sync_Legend
@ThomasBraziel
"Always" is a strong word, depends on the actual recovery and the size of claims above equity. A lot can change until plan confirmation.
The point being, equity would recover before 1 BTC recovers anymore than $16k. Because there is 0 consideration for that value in the plan.
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@___D_e_l_t_a___
Customers as a class would receive 66% of distributable value. An individual customer would receive 100% in petition date.
There is no contradiction.
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@bswellington2
The scenario in the post would apply to someone with 90% USD/stables and 10% BTC.
0
0
2
Many people are asking how to object.
Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.
Honorable Judge John Dorsey
824 N Market St
5th Floor, Courtroom 5
Wilmington, DE 19801
302-533-3169
Examples:
27
30
109
2
0
2
@___D_e_l_t_a___
You are conflating something.
66% in that of all the distributable estate value across silos, 66% goes to customers.
As assets rise above petition date, the former 90% figure decreases.
Perhaps you mean the priority percentage, a different number only coincidentally the same.
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@OnchainPenguin
@Sync_Legend
@ThomasBraziel
Noone said anything about depriving USD holders of their share. We made clear in our letter it can be done without affecting them.
It's all about the excess of 100% petition date - that should go toward paying off crypto. Either as a subordinated claim, or like with Genesis.
Genesis proposes an Amended Plan more equitable than FTX's Draft Plan, despite Genesis creditors having no title per ToS.
Crypto excess value that would go to the government (petition date cap) instead goes to Genesis creditors in-kind.
FTX's Amended Plan should not be worse.
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@laurashin
At 05:25, you say $469M customer funds + $115M of others made up the $500M Anthropic investment. Doesn't add up.
Unfortunately, it seems the exhibits aren't out there in public.
With Anthropic now trading at $40B in the secondary market, this is worth revisiting.
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@Barthol83408180
Correct. That's why in October they said >90%, because at the time, they estimated eg $10B/$11B.
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@OnchainPenguin
@Sync_Legend
@ThomasBraziel
If recovery is high enough, SBF will most certainly receive equity distribution according to the waterfall in this plan. If there's enough value, obviously even the bottom can partake.
It would then be up to criminal or civil forfeiture to get it back, but that can take time.
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@realshivakumar
@sunil_trades
@R_10Steven
Amount: Add asset amounts
Value: Calculate the price according to petition date. (Amount*Petition_price).
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@MHE_BE3ET
The entire mkt cap is a lower floor for FTX equity. No need to apply the 40% discount as the valuation implies it for 100% of equity which FTX can sell (under a new plan).
Second 30% discount should be a premium since equity would have actual fundamental value, unlike FTT now.
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@LouisOrigny
@Gary80967794
@MHE_BE3ET
Also, the Genesis Plan Distribution Principles do not reduce recoveries for USD claimants. Their class recovers equally up to 100% petition date, and at >100% crypto starts being paid off.
Recommend you read them closely.
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@LouisOrigny
@Gary80967794
@MHE_BE3ET
You should read our Key Principles.
One possible approach could be to subordinate the crypto portion to the 100% petition date portion. You could even do a three-staged approach.
It doesn't take much fantasy for equitable compromises that suit the whole customer class.
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