CandleFocus BREAKING: Judge Approves FTX Bankruptcy Plan, Repayments Can Begin
2024-10-07
Author: Content Editor
The reorganization plan of collapsed cryptocurrency exchange FTX has been approved by a U.S. bankruptcy judge, allowing funds to be distributed to creditors. Under the plan, 98% of creditors will receive at least 118% of their claims in cash. However, some creditor representatives have criticized the plan, arguing that creditors should be reimbursed in cryptocurrencies rather than the dollar value. The plan excluded cryptocurrency distributions due to the lack of sufficient assets. The judge also stated that FTX's native token, FTT, is effectively worthless. The idea of a revival of the exchange, known as "FTX 2.0," was considered but rejected due to a lack of investor commitment.
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