đ Judge Approves FTX Bankruptcy Plan: FTT Surges Past $3.4! đ
In a significant development, the FTX native token, $FTT, soared above $3.4 after the U.S. Bankruptcy Court for the District of Delaware approved the bankruptcy reorganization plan.
Market Reaction:
Current Price: $2.63
Daily High: Briefly hit $3.43
Price Increase: 6.27% in the last 24 hours
Trading Volume Surge: Up by 274.64% compared to the previous day
This approval means that within 60 days of the plan's effective date, 98% of FTX's creditors could receive around 119% of their authorized claims, pending certain conditions.
Key Takeaways:
Estimated total assets available for distribution range between $14.7 billion and $16.5 billion.
These assets include holdings from various entities involved in the recovery efforts.
FTX's Chief Restructuring Officer, John J. Ray III, expressed gratitude to users for their patience, stating, "We are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history."
Stay tuned for further updates on the implementation date and first distribution details!
