TechFlow news: FTX has reached an agreement to reserve up to $230 million from government forfeiture proceeds for specific shareholders. The announcement came after the creditor voting deadline, sparking anger among some creditors. FTX stated the move aims to avoid litigation and delays related to the forfeiture proceeds. Under the agreement, 18% of the government forfeiture proceeds will be allocated to a dedicated fund for certain shareholders.
Creditors were not informed of this clause before voting. Representative Sunil Kavuri pointed out that general creditors had no opportunity to provide input and feel deceived. FTX expects the forfeiture proceeds to amount to approximately $626 million, including funds used to purchase shares in Robinhood.
