Jon🎭
@blackboys
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Court Approves FTX Bankruptcy Plan
US Judge John Dorsey has approved FTX's bankruptcy plan, ending a two-year process after the exchange collapsed amid allegations of fraud. Under the plan, 98% of creditors will receive at least 118% of their claims in cash, The Block reports.
94% of creditors in the "dotcom customer entitlement claims" category, representing claims worth about $6.83 billion, voted in favor of the reorganization. However, some, such as Sunil Kavuri and attorney David Adler, have expressed criticism, pointing out that the payments should be in cryptocurrency rather than dollars to avoid tax implications.
However, trustee Stephen P. Coverick explained that FTX does not have the necessary cryptocurrency to make the payments. The judge also confirmed that the value of the FTT token is zero, since the exchange will not be revived. 0 reply
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