According to BlockBeats, on October 8, TheBlock reported that the "FTX bankruptcy plan" was criticized by Sunil Kavuri, the representative of the largest FTX creditor group. Kavuri said that when FTX files for bankruptcy in 2022, the asset management agency to be liquidated should be paid in the form of cryptocurrency instead of in US dollar value. David Adler, a lawyer representing some creditors, also stated in court that if creditors are paid in cash instead of in kind, they will face huge taxes.
BlockBeats reported this morning that 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. Between $14.7 billion and $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.
