FTX Debtors Send Messages to Recipients of “Avoidable” Donations

FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the “FTX Debtors”), announced the FTX Debtors are “sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors (collectively, the “FTX Contributors”).”

These recipients are requested “to return such funds to the FTX Debtors by February 28, 2023.”

The messages “follow the December 19, 2022, announcement by the FTX Debtors that they have established arrangements for such recipients to return funds voluntarily by contacting (FTXrepay@ftx.us).”

To the extent such payments are “not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced.”

Recipients are “cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX Contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.”

In other recent updates related to FTX, the XPLA Blockchain, a “next generation” of Web3 mainnet developed with gamers at the core of its design, recently announced that a governance proposal ‘to support individual $XPLA holders related to the FTX incident has been approved with unanimous consent.”

The voting on the Relief Fund Support proposal was “conducted for seven days from January 24 until January 31, 2023, at 13:00 UTC.” The vote was unanimous “in favor of the proposal with three-quarters of eligible voters participating.”

Individual $XPLA holders could “exercise their voting rights by delegating via proxy to Validators who were able to cast votes on their behalf.” The voting process “was fully transparent, and viewable through the XPLA Vault and XPLA Explorer advanced middleware based on the XPLA mainnet.”

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