TechFlow news, according to Bloomberg reports, FTX management has accused traders and market makers among unsecured creditors of seeking control over assets while disregarding the impact on other stakeholders. Recently, the FTX management team proposed a draft restructuring plan.
However, the Official Committee of Unsecured Creditors countered that FTX lacked consultation and missed opportunities to generate better returns on its substantial cash and token holdings.
In a filed response, lawyers for the FTX managers stated that extensive discussions had already taken place, and the creditors' group's opposition reflects a trend of attempting to hand control of billions of dollars in debtor liquidity to unrestricted crypto traders and market makers.
The Official Committee of Unsecured Creditors of FTX urged FTX to invest part of its nearly $2.6 billion cash reserves in short-term Treasury securities to offset the $330 million in professional fees incurred over the past eight months.
