tldr; A US bankruptcy judge has approved FTX’s reorganization plan, allowing the defunct cryptocurrency exchange to repay creditors. The plan promises a 119% return on allowed claims for 98% of creditors within 60 days. FTX expects to distribute $14.7 billion to $16.5 billion, including globally recovered assets. This follows FTX’s collapse in 2022 and the conviction of founder Sam Bankman-Fried. The case is noted for its complexity, involving creditors in over 200 jurisdictions, and has been closely watched by the crypto industry.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; A US bankruptcy judge has approved FTX’s reorganization plan, allowing the defunct cryptocurrency exchange to repay creditors. The plan promises a 119% return on allowed claims for 98% of creditors within 60 days. FTX expects to distribute $14.7 billion to $16.5 billion, including globally recovered assets. This follows FTX’s collapse in 2022 and the conviction of founder Sam Bankman-Fried. The case is noted for its complexity, involving creditors in over 200 jurisdictions, and has been closely watched by the crypto industry.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.