CandleFocus FTT jumps 50% after FTX gets court approval to repay customers in full
2024-10-08
Author: Content Editor
FTX, a cryptocurrency exchange, saw its native token, FTT, surge over 50% to $3.23 after receiving court approval for its bankruptcy plan. The plan allows FTX to repay customers using $16 billion in recovered assets. Following the surge, FTT settled at around $2.72. The token's value has risen 100% in the past two weeks. Judge John Dorsey confirmed FTX's Chapter 11 Plan of Reorganization, noting that the value of FTT is currently zero. The restructuring plan will see 98% of creditors receive approximately 119% of their approved claims within 60 days. The total recovered funds are estimated to be between $14.7 billion and $16.5 billion. FTX collapsed in November 2022 after it was revealed that customer funds had been used for risky investments. Former CEO Sam Bankman-Fried was convicted of fraud and conspiracy and sentenced to 25 years in prison.
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