The defunct cryptocurrency exchange, FTX, is considering a revival plan exclusively for its international customers, according to a proposal filed by the bankruptcy administrators. The proposed plan, however, leaves FTT token holders with no returns.

FTX has suggested a scheme to categorize its creditors into different classes of claimants, offering a potential pathway for one group of claimants to revive the FTX exchange with the help of third-party investors, provided the group consents.

The proposal, submitted on a Monday evening (U.S. time), classifies the claimants into several groups. The first group comprises the claimants of the offshore FTX.com exchange, referred to as "dotcom customers". This is followed by customers of the U.S. exchange, customers of its NFT exchange, general unsecured claims, secured claims, and finally, subordinated claims. General claims include those from Alameda's lenders or trading partners, while subordinated claims comprise taxes and fines from penalties.

The order of these claims will be decided based on "waterfall priorities", with each class receiving a pro-rata payout from the remaining pool after the preceding class has been paid. The specific payout order will be determined after negotiations with stakeholders.

Former customers of FTX.com, falling under the Dotcom claimants category, may choose to combine their assets to form an "offshore exchange company" or a "rebooted" platform that won't be available in the U.S.

The document suggests that instead of an all-cash payout, the debtors might opt for non-cash consideration in the form of equity securities, tokens, or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens, or other interests. This implies that the debtors could waive a cash payout for a stake in the new exchange.

Hints of possible FTX reboots have been dropped before, with interim CEO John Ray III's billings filed in May referring to an "FTX restart" or a "2.0 reboot".

However, the proposed restructuring plan does not account for holders of FTT. The token was labeled as a security by the SEC in a December complaint filed against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison.

The document states, "No Holder of an FTT Claim shall receive any Distributions on account of its FTT Claim. On and after the Effective Date, all FTT Claims shall be canceled, released, and extinguished and shall be of no further force and effect, whether surrendered for cancelation or otherwise."

Despite this, FTT has seen a 10.5% increase and is trading at $1.50, according to CoinDesk market data.