FTX Reorganization Moves Forward as US Bankruptcy Judge Grants Approval
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
A US judge just approved FTX’s bankruptcy plan, clearing the way for over $16 billion in repayments to creditors. Some think this could be a major boon for the crypto market.
*JUDGE APPROVES FTX BANKRUPTCY PLAN, CLEARING PATH TO REPAYMENTS
Source: DB
During a Monday hearing, Judge John Dorsey of the US Bankruptcy Court for the District of Delaware approved the plan.
That plan will see 98% of FTX creditors receive at least 118% of the value of their claim in cash.
Some crypto market observers speculated that this could result in a flood of new money entering the crypto markets if FTX creditors choose to immediately reinvest what they receive.
JUDGE APPROVES FTX BANKRUPTCY PLAN, CLEARING PATH TO REPAYMENTS
MONEY WILL BE ENTERING THE MARKETS
BILLIONS DOLLARS STABLECOINS WILL BE DISTRIBUTED pic.twitter.com/T0Xqvl27m5
Crypto analyst Crypto Rover compared the FTX claim distribution and the $18.3 billion in net inflows to Bitcoin ETFs since the start of 2024.
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