đ Big News in the Crypto World! đ
FTX has just hit a major milestone in its bankruptcy proceedings! The US Bankruptcy Court for the District of Delaware has given the green light to FTXâs reorganization plan. This comes almost two years after the exchange's dramatic collapse in November 2022.
đ° Whatâs in it for Creditors? đ°
The approved plan promises to return an average of 119% of the value of claims, with some creditors potentially receiving up to 140% in cash! FTX estimates total recoveries to be between $14.7 billion and $16.5 billion.
đ Global Collaboration đ
John J. Ray III, FTXâs CEO, praised the teamwork and international cooperation that made this possible. The estate aims to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors.
đ Whatâs Next? đ
Specialized agents are being engaged to ensure secure and timely recoveries for customers worldwide. The plan is set to distribute funds to creditors in over 200 jurisdictions within 60 days of its effective date.
Stay tuned for more updates in the crypto space! đ
