FTX Customers Will Vote on Refund Plan! - News from 06/26/2024

But also: VanEck announces an ETH ETF at 0 fees, Germany begins selling its BTC and ByBit becomes the 2nd largest exchange in the world

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JUN 26



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A court approved FTX's plan to ask customers to vote on the repayment plan. We will explain everything to you ! 🤯

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FTX will seek customer feedback on repayment plan

A US judge has approved FTX's plan to probe creditors over its Chapter 11 repayment. Users will be able to vote on the proposed plan to repay funds stranded since the collapse.

The majority of FTX customers are expected to receive 119% of their assets as of November 2022, the date of the Chapter 11 declaration. Other creditors could recover up to 143% of their amounts owed. FTX will use crypto prices from November 2022 for redemptions. A customer with one Bitcoin during the crash would receive around $16,800, much lower than the current value of $61,000.

FTX recovered $16 billion in assets, including $12 billion in cash, enough to pay off all claims based on 2022 prices. Additionally, FTX will pay $200 billion in priority claims to the IRS.