FTX Secures Over 95% Of Creditor Support for Reorganization—Will It Be Enough to Turn the Tide?
Summary
FTX, a cryptocurrency exchange that went bankrupt, announced strong preliminary support for its reorganization plan from creditors. The plan has majority backing from all eligible creditor categories, with 95% of creditors voting in favor. The plan aims to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors and has led to a noticeable spike in FTX’s native token, FTT, which has risen more than 12% in the past day. The confirmation hearing on October 7 will determine the plan's implementation.
