A US bankruptcy court has authorized FTX to seek votes on a liquidation plan that compensates customer claims with cash, according to a Reuters report on June 25.

This plan would reimburse customers based on cryptocurrency values at the time of FTX’s collapse in November 2022, despite objections from customers who want higher amounts due to the rise in crypto prices since then.

Some creditors objected, arguing that FTX is misleadingly promoting a "full recovery with interest" and customers should be aware that this is not accurate.

Reuters estimated that under this plan, customers who held one Bitcoin with FTX in 2022 would receive $16,800 instead of the current Bitcoin value.

Creditors voiced their concerns about this discrepancy as early as May.

FTX will collect votes until August 16 and seek final approval for the plan on October 7.

FTX CEO John J. Ray III stated that it is impossible to return the original amount of cryptocurrency customers had deposited due to a shortfall when the company filed for bankruptcy.

Ray said: “We cannot give tokens back that we never had.”

At the time of its bankruptcy in November 2022, FTX held only 0.1% of the Bitcoin (BTC) and 1.2% of Ethereum (ETH) reflected in customer balances.

Ray emphasized that the case cannot increase amounts owed to certain creditors and anyone demanding appreciated value would be “taking money away from fellow customers.”

Past developments suggest that 98% of customers will receive the full amount owed within 60 days of the bankruptcy court’s approval of FTX’s wind-down plans. There is a faster payment option for claims under $50,000.

Bloomberg reports indicate that FTX has $11.4 billion in assets, with potential to increase to $12.6 billion by the end of October.