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$FTT The U.S. Bankruptcy Court has formally approved the liquidation plan of cryptocurrency exchange FTX, paving the way for it to use $16 billion in recovered assets to repay customers, the ruling was made by Judge John Dorsey at a court hearing in Wilmington. The court approved the FTX settlement. The approved plan includes a series of settlements with FTX customers, creditors, U.S. government agencies, and the liquidator responsible for managing the company's operations outside the United States.
These settlements prioritize repayments to customers before resolving claims from government regulators, allowing FTX to effectively use its assets in the repayment process.
Under the approved plan, FTX customers will receive at least 118% of their account value by November 2022, the month the failed cryptocurrency exchange filed for bankruptcy.
Customer reactions are still mixed
According to Reuters, FTX described the result as a victory for creditors and attributed it to the successful recovery of cash and crypto assets that were initially missing in the chaos of the company's collapse. In addition, FTX has raised more funds by liquidating other assets, including investments in various tech companies such as artificial intelligence (AI) startup Anthropic. However, customer reactions to the repayment plan have been mixed. Many former users of the exchange have expressed disappointment that FTX's collapse has prevented them from taking advantage of the sharp rebound in cryptocurrency prices since the market hit its lowest point in 2022. Some customers have objected to the plan, arguing that the higher repayment amount reflects the recent growth in the value of cryptocurrencies. FTX insists that it cannot simply return customers' originally deposited crypto assets because they have been misappropriated by founder Sam Bankman-Fried. Bankman-Fried was sentenced to 25 years in prison in March for defrauding FTX customers and has since appealed his conviction, further complicating the consequences of the exchange's collapse. As of this writing, the exchange's native token FTT has jumped 20% to the $3 mark for the first time in nearly eight months amid an uptrend in the first quarter of this year. CoinGecko data also shows that FTT's trading volume has increased significantly by 176% in the past few hours, but it is still down nearly 97% from its all-time high of $84 reached in September 2021. First appeared on Crypto Breaking News.
#On March 28th, the sbf trial will start at 21:30 pm, which will benefit ftt/sol/sbf and sol series related assets. March 29th at 16:00 pm will usher in the largest quarterly delivery in history. The total delivery amount of BTC and ETH options exceeds 15 billion US dollars, which is a bad news. On April x, eth will be pledged again, which will benefit ethfi/alt/pendle. If you encounter low-priced chips, take them. On April x, chain games were launched, benefiting the entire chain sector ygg/bigtime/gala/portal/pixel On April x, blur will be connected to blast, which is good for blur On April x, CryptoGPT announced the launch of its LayerVPN Chrome extension next month, which will benefit gpt On April 1st, ton funds will start public sales, which is good for ton. Doge futures will be connected on April 1st, which will benefit doge On April 2, apt will be connected to rwa, which is good for apt April 3rd PIXEL - Pixels will take a snapshot of the "Pixles Farm Land" NFT on April 3rd. Good for pixel April 3, 0:00 pm, the minutes of the Federal Reserve meeting are negative for the market and take the needle. April 4-6, the Tomb-Sweeping Day holiday, is a negative period. BCH will be halved on April 4th, which is good for BCH April 6th-9th Hong Kong conference is good for cfx/ach/key/mask BSV will be halved on April 14th, which is good for BSV Pendle launches re-staking on April 15th, which is good for pendle Before April 17th, SEC sued Coinbase for 12 securities. Negative SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO, provided that coinbase has no evidence to prove that they are not securities. Dogeday is April 20th, which is good for doge Bitcoin will be halved around April 20, and the market may be negative in the three days before and after. Afterwards, the market recovered, which was good for the second layer of btc stx/ckb/ STX production will be reduced on April 30, which will benefit STX May May eth spot ETF hype June The most popular month for interest rate cuts Hype starts for European Cup in June Apple holds Global Developers Conference online, focusing on artificial intelligence $BTC
$FTT There were eight days left before March 28. After the judge’s wooden hammer struck, he guessed several possibilities. #sbfwas sentenced to 40-110 years in prison,#ftxexploded (this result is the most speculated at present) ②sbf was sentenced to 5-40 years in prison,#fttfirst fell and then rose #sbfwas sentenced,#ftxwas Acquisition or restructuring such as BlackRock, Goldman Sachs, bn, etc. What do you think the legal administration 👨🏼⚖️ will make in the end? Leave your opinion in the comment area! Let’s witness it together on the 28th! Disclaimer: Contains third-party content and is not financial advice. See "Terms and Conditions" for details.