Kevin

FTX Trading Ltd. and its affiliated debtors, collectively known as the FTX Debtors on Tuesday entered into a Global Settlement Agreement with Joint Official Liquidators (JOLs). This includes Brian C. Simms KC, Peter Greaves, and Kevin Cambridge representing <a href="https://news.todayq.com/ftxs-24-billion-tax-dispute-as-fraud-fallout-continues-will-it-affect-ftt/" target="_blank" rel="noreferrer noopener">FTX Digital</a> Markets Ltd.&nbsp; FTX token price rallies 
This announcement comes as a major step forward in resolving the complex legal issues emerging from the horrible collapse of the FTX. 
As the news broke out, FTX token (FTT) price jumped by 25% breaching the $4 level. FTT is trading at an average price of $4.3, at the press time. Its 24 hour trading volume is up by 34% to stand at $157 million. This surge has helped FTX token to surge by around 283% over the last 60 days. 
According to the announcement, the Global Settlement Agreement is subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas. It is designed to address the intricacies of the FTX group’s cross-border legal challenges. However, It proposes a novel and mutually beneficial solution that navigates the complexities of the collapse. 
It added that FTX Debtors and FTX Digital Markets will collaborate in pooling assets under the terms of the agreement.&nbsp; They need to coordinate the establishment of reserves to ensure FTX.com customers. This needs to be done in both proceedings to receive substantially identical relative distributions at similar times.&nbsp; 
It is important to note that the agreement allows customers to elect to have their claims reconciled. They can get paid in either the Chapter 11 cases of the FTX Debtors or in the liquidation proceeding for FTX Digital Markets in the Bahamas. What’s next with SBF? 
As reported, Sam Bankman-Fried (SBF), the founder of FTX, was convicted on seven counts of fraud and conspiracy. Prosecutors in accused him of orchestrating a scheme to divert FTX customers’ funds to his trading firm, Alameda Research. However, during cross-examination, SBF’s answers turned out to be meandering, prompting frustration from the judge. 
The official announcement suggests that Eligible FTX.com customers are expected to make their election in the second quarter of 2024. This will determine the jurisdiction in which they wish to have their claims reconciled and paid. The Global Settlement Agreement is still pending approval by the respective courts, and it is expected that it may undergo material changes. 
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

FTT spikes 25% as FTX debtors secure Global Settlement

Todayq News

Other articles published on Dec 19, 2023

Do Kwon’s extradition ruling overturned, will face re-trial

Are Fans of Chainlink (LINK) and Uniswap (UNI) Shifting Their Interest to This Emerging Cryptocur...

Renowned Investor Predicts Massive Surge for XRP

Is Bitcoin ETF really coming? There’s a lot of skepticism

Sonnenshein Advocates Simultaneous SEC Approval for Bitcoin ETFs

Crypto Regulation in Turkey: A Pending Announcement

Join our free newsletter for daily crypto updates!