FTX Bankruptcy Plan Approved: $16 Billion In Assets To Be Repaid, FTT Price Soars 20%
A US bankruptcy court has approved FTX's liquidation plan, allowing the repayment of customers using $16 billion in recovered assets. The plan includes settlements with customers, creditors, and government agencies, prioritizing customer repayments. FTX customers will receive at least 118% of their account values as of November 2022. Reactions from customers are mixed; some express disappointment over missed opportunities due to FTX's collapse and advocate for higher repayments reflecting recent cryptocurrency price increases. FTX asserts it cannot return the original cryptocurrency assets due to misappropriation by founder Sam Bankman-Fried, who is serving a 25-year prison sentence for fraud. The exchange's native token, FTT, has risen 20% to $3, with trading volume increasing by 176%, although it remains down nearly 97% from its peak of $84 in September 2021.
