A group of FTX customers seeking priority repayment of roughly $1.6 billion locked in their custody wallet on the bankrupt FTX exchange, the Financial Times reported.
Eversheds Sutherland — a law firm representing the affected FTX clients — will petition the Delaware bankruptcy court to approve faster repayment for its clients on the basis that the customers’ funds are custody assets, which are not a part of FTX’s bankruptcy estate.
As per bankruptcy laws, assets held for interest-bearing reasons are part of the company’s property, while assets that earn no returns remain the property of the customer.
There is precedent for such a petition and the court will likely approve it. In a similar bankruptcy case involving Celsius Network, the courts approved repayment for custody clients, while earn-account holders have to wait until the end of the bankruptcy process to receive their funds.
Eversheds Sutherland said its clients held approximately $1.6 billion as custody assets on FT
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