FTX Trading has filed a new reorganization plan as part of its bankruptcy, promising to return billions of dollars to its customers and creditors. 💰 The plan states that the assets of the claims will be valued in cash based on their value at the time of the bankruptcy filing on November 11, 2022. However, the plan does not specify how the claims will be paid, and it is unclear whether FTX will resume operations as a cryptocurrency exchange. 🤔

The company is in conflict with the IRS over tax liabilities that arose after filing for bankruptcy last November. FTX founder Sam Bankman-Fried was convicted of fraud and conspiracy charges, and sentencing is scheduled for February 2024.