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FTX's Reorganization Plan Faces Legal Challenges Despite Creditor Approval _
FTX's reorganization plan has secured approval from over 95% of creditors, but it's now facing significant legal hurdles . The U.S. Trustee and a group of creditors have raised concerns regarding excessive legal protections, unequal treatment of small creditors, and controversial in-kind repayments .
Key Concerns:
- Excessive Legal Protections: The plan provides broad immunity to FTX administrators and advisors, exceeding standard legal safeguards .
- Unequal Treatment of Creditors: Smaller creditors receive lower reimbursement rates (119%) compared to larger creditors (up to 143%) .
- In-Kind Repayments: Creditors demand the option to receive cryptocurrency instead of cash to avoid taxable events .
Confirmation Hearing Scheduled:
A confirmation hearing is set for October 7, 2024, where these concerns will be addressed ². Despite creditor support, the legal challenges may impact the plan's implementation.
FTX Optimistic Outlook:
FTX remains positive, citing widespread creditor approval and a plan that fully compensates non-governmental creditors with interest ³. However, the legal obstacles may delay or alter the reorganization process.
Stay Tuned:
The outcome of the confirmation hearing will determine the fate of FTX reorganization plan. Will the legal challenges be addressed, or will they hinder the plan's progress? Only time will tell.
#FTX #FTX.Trading.Ltd
#CryptocurrencyNews #cryptoexchange #FinancialRegulation
Key Concerns:
- Excessive Legal Protections: The plan provides broad immunity to FTX administrators and advisors, exceeding standard legal safeguards .
- Unequal Treatment of Creditors: Smaller creditors receive lower reimbursement rates (119%) compared to larger creditors (up to 143%) .
- In-Kind Repayments: Creditors demand the option to receive cryptocurrency instead of cash to avoid taxable events .
Confirmation Hearing Scheduled:
A confirmation hearing is set for October 7, 2024, where these concerns will be addressed ². Despite creditor support, the legal challenges may impact the plan's implementation.
FTX Optimistic Outlook:
FTX remains positive, citing widespread creditor approval and a plan that fully compensates non-governmental creditors with interest ³. However, the legal obstacles may delay or alter the reorganization process.
Stay Tuned:
The outcome of the confirmation hearing will determine the fate of FTX reorganization plan. Will the legal challenges be addressed, or will they hinder the plan's progress? Only time will tell.
#FTX #FTX.Trading.Ltd
#CryptocurrencyNews #cryptoexchange #FinancialRegulation
Crypto speak: SBF
“SBF” stands for Sam Bankman-Fried, the founder of the FTX crypto exchange, which, last year, was ranked second among all major rankings of cryptocurrency trading platforms behind only Binance.
In the fall of 2022, the FTX platform collapsed. There were a lot of discussions and theories surrounding its demise (there is even a widely held theory that FTX was eliminated by the well-known CZ). But anyway: SBF is now under investigation and in jail, and his next trial is scheduled for October 3.
SBF himself recently described himself as “one of the most hated people in the world.” The former FTX head faces up to 115 years in prison (that’s not a typo).
#SBFFTX #FTX.Trading.Ltd #cz
#Bankman-Fried
“SBF” stands for Sam Bankman-Fried, the founder of the FTX crypto exchange, which, last year, was ranked second among all major rankings of cryptocurrency trading platforms behind only Binance.
In the fall of 2022, the FTX platform collapsed. There were a lot of discussions and theories surrounding its demise (there is even a widely held theory that FTX was eliminated by the well-known CZ). But anyway: SBF is now under investigation and in jail, and his next trial is scheduled for October 3.
SBF himself recently described himself as “one of the most hated people in the world.” The former FTX head faces up to 115 years in prison (that’s not a typo).
#SBFFTX #FTX.Trading.Ltd #cz
#Bankman-Fried
#The.bankrupt.stock exchange will return soon and return billions to creditors.
_#FTX's reorganization plans are well underway and the team now plans to end the bankruptcy soon. The team is reportedly involved in the latest round of discussions regarding the disbursement of $1 billion in funds to affected customers and creditors. FTX Reorganization Plan In an important development, #FTX.Trading.Ltd . has revealed... About its latest proposals, which outline plans to return billions of dollars to customers and creditors. This move begins the final phase of discussions regarding resolving the bankruptcy case surrounding the #cryptocurrency company. Which was marred by fraud issues. However, many important questions remain unanswered within the reorganization plan. Which raises doubts about the possibility of reviving FTX's bankrupt cryptocurrency trading platform. The valuation methodology for some digital tokens, and the expected returns to creditors.
The creditors' vote is scheduled to take place next year. The plan is expected to undergo further refinement, with additional key details likely to be included. Final approval will be obtained from US Bankruptcy Judge John Dorsey after a creditor vote. It is worth noting that the major creditor and client groups involved in the Chapter 11 case have reached consensus on the general outlines of the plan. The proposed payment strategy is designed to distribute billions of dollars in cash. Provided that a significant portion of the company's cryptocurrencies are liquidated. The ongoing developments in the bankruptcy case will undoubtedly be closely watched by stakeholders and the broader cryptocurrency community.
#FollowUsNow To see more breaking news 💯💵✅🚀
_#FTX's reorganization plans are well underway and the team now plans to end the bankruptcy soon. The team is reportedly involved in the latest round of discussions regarding the disbursement of $1 billion in funds to affected customers and creditors. FTX Reorganization Plan In an important development, #FTX.Trading.Ltd . has revealed... About its latest proposals, which outline plans to return billions of dollars to customers and creditors. This move begins the final phase of discussions regarding resolving the bankruptcy case surrounding the #cryptocurrency company. Which was marred by fraud issues. However, many important questions remain unanswered within the reorganization plan. Which raises doubts about the possibility of reviving FTX's bankrupt cryptocurrency trading platform. The valuation methodology for some digital tokens, and the expected returns to creditors.
The creditors' vote is scheduled to take place next year. The plan is expected to undergo further refinement, with additional key details likely to be included. Final approval will be obtained from US Bankruptcy Judge John Dorsey after a creditor vote. It is worth noting that the major creditor and client groups involved in the Chapter 11 case have reached consensus on the general outlines of the plan. The proposed payment strategy is designed to distribute billions of dollars in cash. Provided that a significant portion of the company's cryptocurrencies are liquidated. The ongoing developments in the bankruptcy case will undoubtedly be closely watched by stakeholders and the broader cryptocurrency community.
#FollowUsNow To see more breaking news 💯💵✅🚀
#FTX.Trading.Ltd #FTT/USDT Token (FTT) Price Prediction 2024, 2025, 2030, 2035 | Is FTT a Good Investment?
FTX Token (FTT) Price Prediction
Year AvgPrice
2024 $5.64 $5.11 $4.79
2025 $7.79 $7.30 $6.81
2026 $9.79 $9.41 $8.83
2027 $11.82 $11.39 $10.86
2028 $13.95 $13.41 $12.88
2029 $15.97 $15.54 $14.92
what do you think ?
#Write2Eam
FTX Token (FTT) Price Prediction
Year AvgPrice
2024 $5.64 $5.11 $4.79
2025 $7.79 $7.30 $6.81
2026 $9.79 $9.41 $8.83
2027 $11.82 $11.39 $10.86
2028 $13.95 $13.41 $12.88
2029 $15.97 $15.54 $14.92
what do you think ?
#Write2Eam
🔔 Solana surpasses Ripple, enters top 5 in market cap
◾️Solana's token SOL surged 8.4% in the last 24 hours, surpassing $80, and its total market cap crossed $34.5 billion.
◾️Despite facing significant selling pressure from FTX, SOL has surpassed XRP to become the fifth-largest cryptocurrency by market capitalization.
#Solana.blockchain #solanaphone #FTX.Trading.Ltd #BinanceWish
◾️Solana's token SOL surged 8.4% in the last 24 hours, surpassing $80, and its total market cap crossed $34.5 billion.
◾️Despite facing significant selling pressure from FTX, SOL has surpassed XRP to become the fifth-largest cryptocurrency by market capitalization.
#Solana.blockchain #solanaphone #FTX.Trading.Ltd #BinanceWish
According to data disclosed by Bloomberg, 6 institutions in the field of non-performing investments (all of which are the world's largest non-performing asset investment institutions) have purchased a total of about $1.265 billion in FTX bonds, of which Attestor purchased $394 million in nominal claims, Farallon $259 million, Baupost $239 million, Oaktree $143 million, Diameter $128 million, Silver Point is $BTC #FTM
#FTX.Trading.Ltd #BTC/USDT: #SHIB
#FTX.Trading.Ltd #BTC/USDT: #SHIB
FTX and BlockFi reach tentative settlement for up to $874 million: CNBC Crypto World
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Alex Taub, CEO and co-founder of Truth Arts, explains how his company is helping turn non-fungible tokens into something that could generate value for NFT holders in the future.
#FTX. #FTX.Trading.Ltd #BTC/USDT: $BTC $ETH $BNB
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Alex Taub, CEO and co-founder of Truth Arts, explains how his company is helping turn non-fungible tokens into something that could generate value for NFT holders in the future.
#FTX. #FTX.Trading.Ltd #BTC/USDT: $BTC $ETH $BNB
Ripple CEO Calls Gensler "Luddite of His Time"
Ripple CEO Brad Garlinghouse has once again lambasted U.S. Securities and Exchange Commission Chair Gary Gensler, calling him "the Luddite of his time.
Garlinghouse compared the SEC boss to the members of a popular anti-industry movement that emerged in the early 19th century. Its members were fighting against various types of machinery in Yorkshire and Lancashire.
They argued that machines were being used in order to unfairly reduce wages. The Luddites would go to extreme lengths to oppose industrialization, resorting to machine braking and aggression.
The term continues to be used in various discourses to refer to people who oppose innovation. "Neo-Luddism," a modern version of the term, is a movement of people who show resistance to modern technologies.
Genser, despite teaching about blockchain at MIT, has faced severe criticism for attempting to stifle innovation with his aggressive anti-crypto policies.
The Ripple boss repeatedly stressed that the US could fall behind other countries when it comes to cryptocurrency advancements.
Last month, Garlinghouse also took Gensler to task for failing to prevent the FTX fiasco in response to the latter's comment about crypto executives either ending up behind bars or awaiting extradition.
#FTX.Trading.Ltd #RippleUpdateV #BlockchainLifeAwards2024 #US_Job_Market_Slowdown
$BTC $ETH $BNB
Ripple CEO Brad Garlinghouse has once again lambasted U.S. Securities and Exchange Commission Chair Gary Gensler, calling him "the Luddite of his time.
Garlinghouse compared the SEC boss to the members of a popular anti-industry movement that emerged in the early 19th century. Its members were fighting against various types of machinery in Yorkshire and Lancashire.
They argued that machines were being used in order to unfairly reduce wages. The Luddites would go to extreme lengths to oppose industrialization, resorting to machine braking and aggression.
The term continues to be used in various discourses to refer to people who oppose innovation. "Neo-Luddism," a modern version of the term, is a movement of people who show resistance to modern technologies.
Genser, despite teaching about blockchain at MIT, has faced severe criticism for attempting to stifle innovation with his aggressive anti-crypto policies.
The Ripple boss repeatedly stressed that the US could fall behind other countries when it comes to cryptocurrency advancements.
Last month, Garlinghouse also took Gensler to task for failing to prevent the FTX fiasco in response to the latter's comment about crypto executives either ending up behind bars or awaiting extradition.
#FTX.Trading.Ltd #RippleUpdateV #BlockchainLifeAwards2024 #US_Job_Market_Slowdown
$BTC $ETH $BNB