Reported about 6 hours ago
FTX has received court approval for its bankruptcy plan, allowing it to use approximately $16.5 billion in assets to repay customers affected by its collapse. Judge John Dorsey indicated the plan sets a precedent for complex Chapter 11 bankruptcies. It prioritizes customer repayments, aiming to settle about 98% of claims for those with balances of $50,000 or less within 60 days. Following the downfall of FTX, which stemmed from the misappropriation of funds by founder Sam Bankman-Fried, the company continues to negotiate with U.S. authorities regarding additional funds. Despite the plan's approval, some customers are dissatisfied due to the significant rise in cryptocurrency values since the firm's bankruptcy.
Source: YAHOO