{"id":646832,"date":"2024-10-07T20:33:06","date_gmt":"2024-10-07T20:33:06","guid":{"rendered":"https:\/\/www.uniquehot.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:\/\/www.uniquehot.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":"<p><span style=\"font-weight: 400\">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<h2><span style=\"font-weight: 400\">Court Approves FTX Settlements<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/www.reuters.com\/legal\/crypto-exchange-ftxs-liquidation-plan-receives-court-approval-2024-10-07\/#:~:text=FTX&#039;s%20plan%20will%20pay%20its,during%20the%20company&#039;s%20chaotic%20collapse\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">approved plan <\/span><\/a><span style=\"font-weight: 400\">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<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-bull-cycle-cheat-sheet\/\" target=\"_blank\" rel=\"noopener \">Here\u2019s Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet<\/a><\/div>\n<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">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<h2><span style=\"font-weight: 400\">Customer Reactions Remain Mixed<\/span><\/h2>\n<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">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<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/dogecoin\/dogecoin-analyst-expects-a-multi-year-bullish-breakout-200-surge-potential\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Analyst Expects A \u2018Multi-Year Bullish Breakout\u2019 \u2013 200% Surge Potential<\/a><\/div>\n<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">Some customers have voiced objections to the plan, arguing for higher repayments that reflect the recent increases in crypto values. <\/span><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">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<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/RAv2thLZ\/\" alt=\"FTX\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1D chart shows FTT&#8217;s price trending upwards. Source<a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">: FTTUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the exchange&#8217;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&#8217;s uptrend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">CoinGecko <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/ftx-token\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data <\/span><\/a><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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&#8217;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":"\n<title>FTX 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 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