FTX, the failed cryptocurrency exchange formerly led by CEO Sam Bankman-Fried, has filed an amended reorganization plan in an effort to end its bankruptcy and repay investors and customers. The proposal, led by current CEO John J. Ray III, suggests valuing the firm's assets as of its bankruptcy filing date on November 11, 2022. However, this move has raised concerns among creditors, as the price of bitcoin has more than doubled since that time.

Eligible creditors will have the opportunity to vote on approving the plan in 2024, although no specific date has been set for the vote. In an earlier filing, FTX expressed its intention to return 90% of distributable assets to creditors. However, this figure was noticeably absent from the latest document submitted to the Delaware bankruptcy court on Saturday.

The amended proposal has left many questions unanswered, including whether FTX plans to resume operations after the conclusion of the bankruptcy process. Further details, such as the amount creditors can expect to receive, are expected in future filings.

FTX, once the world's second-largest crypto exchange with an estimated value of $32 billion, suffered a significant downfall. Ray previously cautioned customers and investors that a full recovery was unlikely, stating, "We will never get all these assets back," during his testimony to a congressional panel last year.

The former CEO and co-founder, Sam Bankman-Fried, recently faced a trial where he was found guilty on seven counts of criminal fraud. He is set to face another trial in March on additional charges. Bankman-Fried has pleaded not guilty to all charges and could potentially face decades in prison. His sentencing is scheduled for March.

FTX's reorganization plan raises concerns among creditors who have witnessed the significant increase in bitcoin's value since the initial bankruptcy filing. With the future of the exchange's operations still uncertain, stakeholders eagerly await further information to determine the fate of their investments.