According to Golden Finance, the "FTX bankruptcy plan" was criticized by Sunil Kavuri, the representative of the largest FTX creditor group. Kavuri stated that when FTX files for bankruptcy in 2022, the asset management agency to be liquidated should be paid in the form of physical cryptocurrency rather than in US dollars. David Adler, a lawyer representing some creditors, also stated in court that creditors will face huge taxes if they receive compensation in cash rather than in kind.
As previously reported, John Dorsey, a judge at the Delaware Bankruptcy Court, approved the bankruptcy plan of the cryptocurrency trading platform FTX to initiate the process of distributing funds to creditors. According to the FTX bankruptcy plan, 98% of creditors will receive cash of approximately 119% of the value of their claims within 60 days after the liquidation plan takes effect. Funds of US$14.7 billion to US$16 billion will be returned to creditors. The debtor will separately announce the effective date of the plan and the expected first distribution date at an appropriate time.