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Sidney Akpaso
@iamsidneyakpaso
FTX Customers to Vote on Multi Billion Dollar Repayment Plan • A judge allowed FTX to poll creditors on its Chapter 11 plan • FTX said regulators are considering ways to help customers By Jonathan Randles June 25, 2024 at 4:45 PM UTC
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Sidney Akpaso
@iamsidneyakpaso
FTX customers will be asked in the coming weeks to vote on the failed crypto exchange’s multi billion dollar plan for compensating victims whose assets have been locked on the platform since it collapsed. Judge John Dorsey said Tuesday he’ll authorize FTX bankruptcy advisers to begin soliciting creditor votes o…
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Sidney Akpaso
@iamsidneyakpaso
The vast majority of FTX customers will likely get 119% of what they had on the platform the day the company filed Chapter 11 in November 2022. Other creditors could recover as much as 143% of what they’re owed, according to court documents. FTX lawyers have said bankruptcy law requires the firm to value claims at…
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Sidney Akpaso
@iamsidneyakpaso
FTX currently has $11.4 billion and advisers anticipate it will have about $12.6 billion at the end of October, when the firm’s Chapter 11 plan could take affect, Dietderich said. Dietderich said FTX is monetizing its assets because Bankman-Fried’s platform, generally, didn’t have segregated digital assets …
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