华夏时报（www.chinatimes.net.cn）记者 赵奕 胡金华 上海报道
Reporter of the Summer Times (www.chinatimes.net.cn)
在7月中旬短暂冲高之后，近期，比特币的价格始终徘徊在2.9万美元至3万美元之间。根据CoinGecko数据，截至发稿，比特币报29202.76美元，24小时内跌幅0.98%。而在整个币圈趋于平静的时候，那个曾凭借一己之力将整个币圈拉下水的加密交易所FTX或将开启重启之路。
According to CoinGecko, it was $29,202.76, a decline of 0.98% in 24 hours. At a time of calm throughout the currency circle, the crypto exchange FTX, which had pulled the whole currency down by its own means, was or would be opening the way to a renewal.
8 月 1 日，FTX2.0债权人联盟官方发推文表示，FTX已提交初步重组计划和条款清单，该计划包含了很多关键信息，例如，所有非客户的索赔都将被列入次要、FTT 索赔金额为零、现金偿付以及重启离岸交易所以补偿客户缺口。
On 1 August, an official submission from the FTX2.0 Alliance of Creditors indicated that FTX had submitted a preliminary reorganization plan and a list of provisions, which contained a number of key information, such as that all non-customer claims would be listed as minor, that FTT claims would be zero, that cash payments would be made and that offshore exchanges would be reopened to compensate for the client gap.
重组团队认为，相比于其他方式，FTX重启似乎是确保债权人偿还取得更好结果的最佳途径。值得注意的是，目前FTX的重组计划仍处于起步阶段，团队将根据债权人反馈意见于2023年第四季度提交修订后的计划并披露声明，以达成共识并摆脱破产困境。
The reorganization team believes that the resumption of FTX appears to be the best way to ensure better results for creditors than in other ways. It is worth noting that the FTX reorganization plan is still in its initial stages, and the team will submit a revised plan and disclose a statement in the fourth quarter of 2023, based on feedback from creditors, in order to reach a consensus and get out of insolvency.
消息传出后，FTT代币一度涨超17%，但随后不久便出现回落，截至发稿，FTT最新价格为1.25美元，24小时内下跌6.97%。
When the news came out, the FTT counter-currency rose by over 17 per cent, but it fell shortly thereafter, with the latest FTT price of $1.25 falling by 6.97 per cent within 24 hours.
FTX将死灰复燃？
FTX重组文件中指出，考虑到FTX破产案件涉及非常庞大且复杂的债务索赔要求、诉讼理由和争端，包括对债务人的索赔要求和不同债务人对其他债务人的公司间索赔要求，因此，此FTX重组计划的发布旨在面向全球提供一个有诚意的解决方案。
The FTX Reorganization Document states that the publication of the FTX Reorganization Plan is intended to provide a bona fide solution globally, considering that the insolvency of FTX involved very large and complex debt claims, cause of action and disputes, including claims against debtors and inter-firm claims against other debtors by different debtors.
根据重组文件显示，FTX将通过出售FTX各类资产进行偿还，主要包含三个回收池，分别是FTX.com客户相关资产、归属于FTX US客户的相关资产，以及债务人认为不明确归属于交易所的其他资产。同时，FTX也将债权人进行了分类，但几乎所有拟议中的债权人类别都被列为“不完整”，这意味着FTX预计债权人无法获得全额赔偿，且将以美元形式按照一定比例赔付。但其中，FTT的持有者（无论是否在FTX交易所持有）、优先股权和股权投资者及其他相关债权则无法获得任何赔偿。
According to the reorganization document, FTX will be repaid through the sale of FTX assets of all types of assets, consisting mainly of three recycling pools, namely FTX.com customer-related assets, those belonging to FTX US clients, and other assets that the debtor considers not to be clearly attributable to the exchange. At the same time, FTX classifies creditors, but almost all of the proposed classes of creditors are classified as “incomplete”, which means that FTX anticipates that creditors will not be compensated in full and will be paid in United States dollars in proportion.
重组文件还指出，债权人可以选择将其资产集中起来创建离岸交易所，即放弃现金支付来购买新交易所股份。“债务人可以决定是否选择让离岸交易公司以股权证券、代币或其他权益的形式或投资这些股票、代币或权益来偿还。”
The reorganization document also states that creditors may choose to pool their assets to create an offshore exchange, i.e. to give up cash payments to purchase shares in the new exchange. “The debtor may decide whether to allow the offshore trading company to repay those shares, coins or interests in the form of equity securities, tokens or other equity interests.”
FTX现任首席执行官John J. Ray III表示，团队在破产程序早期提交了重组计划，以获取债权人的反馈。FTX希望在2023年第三季度与债权人合作修改计划，并在第四季度提交披露声明。
The current CEO of FTX, John J. Ray III, states that the team submitted a reorganization plan early in the insolvency proceedings to obtain feedback from creditors. FTX hopes to work with creditors to revise the plan in the third quarter of 2023 and to submit a disclosure statement in the fourth quarter.
重组计划还表明，除了成立一家“离岸交易所公司”外，FTX还考虑设立一家名为“FTX Ventures Trust”的新信托公司。该信托将持有FTX对私人初创公司的投资以及FTX不计划在退出破产后立即出售的数字代币。FTX尚未决定该信托是由FTX的破产财产拥有还是在破产后单独交易。
The reorganization plan also indicates that, in addition to establishing an “offshore exchange company”, FTX is considering establishing a new trust called FTX Ventures Trust. The trust will hold FTX investments in private start-ups and FTX will not be expected to sell digital tokens immediately after withdrawal from bankruptcy. FTX has yet to determine whether the trust is owned by the insolvency estate of FTX or whether it will be traded separately after bankruptcy.
记者了解到，截至目前，区块链技术公司Figure已表示有兴趣帮助支持FTX的重启。此外，风险投资公司Tribe Capital也于近日表示正在考虑注入新资金以重启FTX。根据FTX的咨询公司Alvarez&Marsal公布的一份名单显示，包括纳斯达克、Ripple Labs、Galaxy Digital、贝莱德（BlackRock）、Robinhood和OKCoin等知名公司和机构均对FTX的重启表现出了兴趣。
According to a list published by the consulting firm FTX, Alvarez & Marsal, well-known companies and institutions such as Nasdak, Riple Labs, Galaxy Digital, Black Rock, Robinood and OkCoin have all shown interest in the reboot of FTX.
值得注意的是，受益于日本监管规定资产隔离、法币托管等政策，早在今年2月，FTX Japan已重新开放加密货币和法定货币的提款服务，成为FTX申请破产程序后，第一家开放提款且全额提款的子公司。据悉，FTXJapan的客户资产返还工作目前进展顺利，迄今已向客户返还80%的日元等法币和虚拟货币，若FTXJapan前身QUOINE Corp.所使用的交易系统运转顺利，日本金融厅可能会允许FTXJapan在年底前恢复营运。
It is worth noting that, benefiting from Japan’s regulatory policy of asset segregation, hosting of French currency, as early as February this year, FTX Japan reopened its encrypt currency and statutory currency withdrawal service as the first subsidiary of FTX to apply for insolvency proceedings. The return of FTXJapan’s customer’s assets is known to be well under way, with 80% of the Japanese yen and virtual currency returned to the customer so far. If the trading system used by FTXJapan’s predecessor, QUOINE Corp., works well, Japan’s Financial Office may allow FTXjapan to resume operations by the end of the year.
但FTX重启的计划并不被看好，Kraken联合创始人Jesse Powell认为，“FTX 2.0将比从零开始还糟。FTX 2.0没有团队、没有技术、没有许可证、没有银行合作，而且品牌已经受损。托管人应该将域名和商标拍卖给出价最高的竞标者。除此之外的任何事情都只是对妄想的债权人的费用提取攻击。”
But the plan to restart FTX is not well regarded, and Jesse Powell, the co-founder of Kraken, believes that “FTX 2.0 will be worse than from scratch.” FTX 2.0 does not have a team, no skills, no licences, no banking cooperation, and the brand has been damaged. The trustee should give the highest bidder a domain name and a trademark auction. Everything else is just an attack on the cost of a delusional creditor.”
对此，独立国际策略研究员陈佳向《华夏时报》记者表示，只要美国监管机构不直接反对，FTX重启几乎是必然的，因为目前有大量币圈投资者因FTX暴雷而手握风险敞口。“核心的关键在于，债权人最终是否同意重组。”陈佳如是说。
In response, Chen Jia, an independent international strategy researcher, told the Washington Times reporter that the resumption of FTX is almost inevitable as long as the United States regulatory agencies do not object directly, because there are now a large number of currency circle investors holding risk exposures due to the FTX thunder. “The central question is whether creditors eventually agree to a restructuring.
在陈佳看来，当前FTX债务重组计划问题多多，无论是建立离岸交易所还是债转股的模式，本质上都是借新还旧、远离监管，甚至回归去中心化路线。很多人以为FTX在进一步配合调查并合规转型，但其实只是被逼无奈下的饮鸩止渴。
In Chen Jia’s view, the current pattern of FTX debt restructuring, whether for offshore exchanges or for debt swaps, is essentially old-fashioned, out of regulation, or even back on the decentralized route. Many people think that FTX is further cooperating with investigations and complying with the transition, but it is simply being forced to drink dry.
重启之路困难重重
It's hard to get back on the road.
FTX曾经是全球最大的加密货币交易平台之一，处理的交易额高达数万亿美元，其破产给整个加密货币生态系统带来了毁灭性打击，大量投资人和机构损失惨重，也使行业信任度降至最低点，因此，FTX的重启计划注定不会一帆风顺。
FTX was once one of the world's largest encrypted currency trading platforms, dealing with transactions of trillions of dollars, and its bankruptcy had a devastating impact on the entire encoded monetary ecosystem, with massive losses of investors and institutions, and had reduced industry confidence to a minimum, so that FTX's restart plan was doomed to fail.
“随着破产一天天过去，客户资产也在恶化。”美国特拉华州破产法院法官John Dorsey表示，对于债权人而言，诉讼和重组的代价是高昂的，且重启FTX能否真正改善自身处境还尚未可知。
“With bankruptcy passing day by day, the customer's assets have deteriorated.” John Dorsey, United States Bankruptcy Court of Delaware, stated that litigation and reorganization were costly for creditors and that it was not yet known whether the reopening of FTX would really improve their situation.
“FTX的重启确实会带来一些积极的影响，例如恢复部分投资者的信心，也可能会帮助FTX追回部分资产，缓解其负债问题。这意味着市场的恢复和重建，在一定程度上反映了加密市场的韧性和潜力。但FTX的重启并非容易之事，其面临的阻碍也非常大。包括巨额负债、法律纠纷、自身的信誉修复以及重启的后续资产分配等等。”UWEB校长、香港区块链协会荣誉主席于佳宁向《华夏时报》记者表示。
“The revival of the FTX does have some positive implications, such as restoring confidence among some investors and possibly helping FTX to recover some of its assets and alleviate its indebtedness. This means that the recovery and reconstruction of the market reflects, to some extent, the resilience and potential of the encrypted market.
根据FTX破产重组团队今年6月发布的第二次期中报告，当前赤字约87亿美元，已追回约7亿美元的流动资产，但距离120亿美元的负债还相差甚远，第三份报告将于8月发布。而为了追回更多资产，FTX清算团队不久前已起诉创始人SBF等前高管，寻求收回其挪用的10亿美元资金。
According to the second interim report issued by the FTX Bankruptcy Reorganization Team in June this year, with a current deficit of about $8.7 billion, about $700 million in liquid assets have been recovered, but far from the $12 billion in liabilities, the third report will be released in August. In an effort to recover more assets, the FTX Liquidation Team has recently indicted its founder, former senior executives such as the SBF, seeking to recover the $1 billion that it has diverted.
值得注意的是，随着FTX破产重组的推进，不断累积的法律成本正在耗费用户的资金，截至6月底公布的法院文件，迄今为止，FTX清盘费用已经超过2亿美元，其中仅在2023年2月1日至4月30日期间就在法律等各项支出中耗费超1.2亿美元，而按照美国破产法的规定，这些费用将优于用户的索赔支付。
It is worth noting that, as the insolvency reorganization of FTX moves forward, the accumulated legal costs are consuming user funds, and court documents published at the end of June have so far cost more than $200 million to clear FTX, of which $120 million was spent on various expenses, such as the law, between 1 February and 30 April 2023, which, under the United States insolvency law, will be better paid than the user's claims.
基于上述种种，有不少债权人质疑FTX重组团队未有实质性进展，不仅披露资产较数月前出现缩水，在报告中不断重复已知内容，并在律师支出上有着极大的不合理性。
On the basis of the foregoing, a number of creditors have questioned the lack of substantive progress made by the FTX reorganization team, not only by disclosing a contraction of assets a few months earlier, by repeating known elements in the report and by imposing a high level of unreasonableness in the expenditure of lawyers.
对此，中国民协Web3.0专委联合发起人、常务副会长吴高斌向《华夏时报》记者表示，FTX的重组计划虽然发布了一些重要的消息，但并未能满足所有债权人的要求，这可能导致一些债权人采取法律手段，发起集体诉讼。
In response, the Co-Sponsor, Vice-President and Co-Sponsor of the Web 3.0 Commission of the China National Association, Wu Goobin, stated to the Washington Times journalist that the FTX reorganization plan, while providing some important news, did not meet the requirements of all creditors, which could result in some creditors resorting to legal means to initiate class actions.
在吴高斌看来，FTX作为曾经引发整个加密市场崩溃的交易所，其重启面临着一些阻碍。首先是债务问题，FTX目前的负债规模巨大，远远超过了其追回的资产。这意味着即使FTX重启，也难以摆脱负债的困扰；其次，FTX的声誉受到了严重的损害，投资者对其信任度大幅下降。这将对FTX的运营和发展造成巨大的挑战。债权人需要慎重考虑重组计划中的债转股选项，并咨询专业人士的意见。
First, the debt problem, where the current liabilities of FTX far exceed their recovered assets. This means that even if the FTX restarted, it would be difficult to escape the debt problem; second, the reputation of FTX has been severely damaged, and investors’ confidence in it has been significantly reduced.
责任编辑：徐芸茜 主编：公培佳
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