{"id":646832,"date":"2024-10-07T20:33:06","date_gmt":"2024-10-07T20:33:06","guid":{"rendered":"https:\/\/wncen.com\/?p=646832"},"modified":"2024-10-07T20:33:06","modified_gmt":"2024-10-07T20:33:06","slug":"ftx-bankruptcy-plan-approved-16-billion-in-assets-to-be-repaid-ftt-price-soars-20","status":"publish","type":"post","link":"https:\/\/wncen.com\/breaking-news-ticker\/ftx-bankruptcy-plan-approved-16-billion-in-assets-to-be-repaid-ftt-price-soars-20\/","title":{"rendered":"FTX Bankruptcy Plan Approved: $16 Billion In Assets To Be Repaid, FTT Price Soars 20%"},"content":{"rendered":"

A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for it to repay customers using $16 billion in recovered assets, according to Reuters, which reports that the ruling was made by Judge John Dorsey during a court hearing in Wilmington, Delaware, on Monday.<\/span><\/p>\n

Court Approves FTX Settlements<\/span><\/h2>\n

The <\/span>approved plan <\/span><\/a>includes a series of settlements with FTX customers, creditors, US government agencies, and liquidators tasked with managing the company\u2019s operations outside the United States.\u00a0<\/span><\/p>\n

Related Reading: Here\u2019s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet<\/a><\/div>\n

These settlements prioritize the repayment of customers before addressing claims from government regulators, allowing FTX to utilize its assets effectively in the repayment process.<\/span><\/p>\n

Under the approved plan, FTX customers will receive at least 118% of the value of their accounts as of November 2022, the month the failed crypto exchange filed for bankruptcy.<\/span><\/p>\n

Customer Reactions Remain Mixed<\/span><\/h2>\n

According to Reuters, FTX has characterized this outcome as a triumph for its creditors, attributing it to the successful recovery of cash and crypto assets that had initially gone missing amid the chaos surrounding the company\u2019s collapse.\u00a0<\/span><\/p>\n

Additionally, FTX has raised further funds by liquidating other assets, including its investments in various technology firms, such as the artificial intelligence (AI) startup Anthropic.<\/span><\/p>\n

Related Reading: Dogecoin Analyst Expects A \u2018Multi-Year Bullish Breakout\u2019 \u2013 200% Surge Potential<\/a><\/div>\n

However, customer reactions to the repayment plan have been mixed. Many former users of the exchange have expressed disappointment, feeling that the collapse of FTX prevented them from taking advantage of a significant rebound in cryptocurrency prices since the market hit its lowest point in 2022. <\/span><\/p>\n

Some customers have voiced objections to the plan, arguing for higher repayments that reflect the recent increases in crypto values. <\/span>FTX has maintained that it cannot simply return the cryptocurrency assets originally deposited by customers, as those assets were misappropriated by founder Sam Bankman-Fried.\u00a0<\/span><\/p>\n

Bankman-Fried, who was sentenced to 25 years in prison in March for defrauding FTX customers, has since appealed his conviction, further complicating the aftermath of the exchange\u2019s failure.<\/span><\/p>\n

\"FTX\"
The 1D chart shows FTT’s price trending upwards. Source: FTTUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, the exchange’s native token, FTT, has jumped 20% to the $3 mark for the first time in nearly 8 months amid the first quarter of the year’s uptrend.\u00a0<\/span><\/p>\n

CoinGecko <\/span>data <\/span><\/a>also shows that FTT has seen a notable 176% increase in trading volume in the last few hours, but is still down nearly 97% from its all-time high of $84, reached in September 2021.\u00a0<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for it to repay customers using $16 billion in recovered assets, according to Reuters, which reports that the ruling was made by Judge John Dorsey during a court hearing in Wilmington, Delaware, on Monday. Court Approves FTX Settlements The approved plan includes a series of settlements with FTX customers, creditors, US government agencies, and liquidators tasked with managing the company\u2019s operations outside the United States.\u00a0 Related Reading: Here\u2019s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet These settlements prioritize the repayment of customers before addressing claims from government regulators, allowing FTX to utilize its assets effectively in the repayment process. Under the approved plan, FTX customers will receive at least 118% of the value of their accounts as of November 2022, the month the failed crypto exchange filed for bankruptcy. Customer Reactions Remain Mixed According to Reuters, FTX has characterized this outcome as a triumph for its creditors, attributing it to the successful recovery of cash and crypto assets that had initially gone missing amid the chaos surrounding the company\u2019s collapse.\u00a0 Additionally, FTX has raised further funds by liquidating other assets, including its investments in various technology firms, such as the artificial intelligence (AI) startup Anthropic. Related Reading: Dogecoin Analyst Expects A \u2018Multi-Year Bullish Breakout\u2019 \u2013 200% Surge Potential However, customer reactions to the repayment plan have been mixed. Many former users of the exchange have expressed disappointment, feeling that the collapse of FTX prevented them from taking advantage of a significant rebound in cryptocurrency prices since the market hit its lowest point in 2022. Some customers have voiced objections to the plan, arguing for higher repayments that reflect the recent increases in crypto values. FTX has maintained that it cannot simply return the cryptocurrency assets originally deposited by customers, as those assets were misappropriated by founder Sam Bankman-Fried.\u00a0 Bankman-Fried, who was sentenced to 25 years in prison in March for defrauding FTX customers, has since appealed his conviction, further complicating the aftermath of the exchange\u2019s failure. At the time of writing, the exchange’s native token, FTT, has jumped 20% to the $3 mark for the first time in nearly 8 months amid the first quarter of the year’s uptrend.\u00a0 CoinGecko data also shows that FTT has seen a notable 176% increase in trading volume in the last few hours, but is still down nearly 97% from its all-time high of $84, reached in September 2021.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":646833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[6664,14690,90344,86846,87576,86845,71704,86844,88521,89123,92245,87578,89272],"class_list":["post-646832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-crypto","tag-crypto-news","tag-ftt-news","tag-ftt-price","tag-fttusd","tag-fttusdt","tag-ftx","tag-ftx-ftt","tag-ftx-bankrupt","tag-ftx-bankruptcy","tag-ftx-creditors","tag-ftx-crypto-exchange","tag-ftx-news"],"acf":[],"yoast_head":"\nFTX Bankruptcy Plan Approved: $16 Billion In Assets To Be Repaid, FTT Price Soars 20%<\/title>\n<meta name=\"description\" content=\"A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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