FTX is set to pay a massive $16.5 billion to its creditors.
Bankruptcy judge John Dorsey approved FTX’s bankruptcy plan on Monday.
With US elections approaching, the FTX repayments might affect crypto.
The upcoming U.S. elections in November are not the only event grabbing headlines; FTX’s bankruptcy repayment plan has added a significant twist to the final quarter of 2024 for the digital asset space.
A U.S. court has approved the bankrupt exchange’s plan, which allows FTX to start repaying its creditors. The exchange has recovered $16.5 billion by liquidating its assets and stakes in other companies.
Read also: FTX Payments to Begin: Bullish Signal for the Market?
According to Reuters, U.S. Bankruptcy Judge John Dorsey approved the plan during a hearing in Wilmington, Delaware, referring to FTX’s case as “a model for handling complex Chapter 11 bankruptcy proceedings.” FTX, which once led the market, collapsed in 2022 alongside other crypto companies like Alameda Research, leading to a loss of $40 billion in the digital asset market. This remains one of the most significant bankruptcies in crypto history.
Sam Bankman-Fried (SBF), FTX’s for…
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