Ethereum

Celsius

Galaxy

Saga

Read

<ul> 
 <li>FTX’s restructuring plan offers creditors 118% of what they’re owed, exceeding expectations.</li> 
 <li>Current market values far surpass assets’ worth in November 2022, leaving creditors missing out on gains.</li> 
 <li>FTX’s liquidation process, overseen by Galaxy Digital, faced delays before the amended plan.</li> 
</ul> 
<p>After selling off the bulk of the bankrupt company’s assets, FTX administrators are altering the reorganization plan. Unexpectedly, they are <a href="https://x.com/yourfriendSOMMI/status/1788092853224444203" target="_blank" rel="noreferrer noopener nofollow">putting up a settlement </a>that would see 98% of creditors get 118% of what they are owed, a sum that surpasses projections.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2764.png" alt="❤" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49b.png" alt="💛" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49a.png" alt="💚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f499.png" alt="💙" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>It's been reported that FTX will have $2 billion dollars extra Left-Over, after paying everyone back.<br><br>Customers will get back +118% of their money back.<br><br>There's even a vote to give them <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> at $22,000 price (instead of $16,000 price).<br><br>Kinda sad to hear that… <a href="https://t.co/7wdokXkMGO">pic.twitter.com/7wdokXkMGO</a></p>— yourfriendSOMMI 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2764.png" alt="❤" class="wp-smiley" style="height: 1em; max-height: 1em;">
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49b.png" alt="💛" class="wp-smiley" style="height: 1em; max-height: 1em;">
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49a.png" alt="💚" class="wp-smiley" style="height: 1em; max-height: 1em;">
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f499.png" alt="💙" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@yourfriendSOMMI) <a href="https://twitter.com/yourfriendSOMMI/status/1788092853224444203?ref_src=twsrc%5Etfw">May 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Although the course of this proposal is initially generous, it is lower than what the market value of the assets that were kept on the platform in November 2022. Unlike in 2022, there is an extremely large difference in the margins where the price of bitcoin increased significantly from $17000 to $62000 and Ethereum rose from $1300 to $3000.&nbsp;</p> 
<p>Many debtors are therefore finding it difficult to accept that they are not benefiting from the bull market. The <a href="https://cryptonewsland.com/ftx-files-for-bankruptcy-sbf-resigns-as-ceo/" target="_blank" rel="noreferrer noopener">bankruptcy processes for FTX</a> state that creditors will receive payment in fiat money equal to the worth of their assets as of November 2022. Assets that were valued far less back then are therefore now worth a great deal more.</p> 
<p>For example, $1,000 invested in Bitcoin at the time would be worth over $3,760 now, but $2,310 would be the same amount invested in Ethereum. The value difference between the assets back then and now draws attention to the chances that FTX clients lost.</p> 
<p>The business <a href="https://cryptonewsland.com/crypto-shakeup-ftxs-2-billion-sol-liquidation-sends-shockwaves-through-market/" target="_blank" rel="noreferrer noopener">agreed to sell its assets</a> and named Galaxy Digital to manage the transactions, which led to the revised restructuring plan. However the procedure was plagued by delays; the first round of liquidations was delayed until October.</p> 
<p>Some contend, notwithstanding the criticism, that given FTX’s collapse, it would have been impossible to distribute assets in accordance with the gains of the crypto market. Although angry creditors have referenced <a href="https://www.financemagnates.com/cryptocurrency/everything-you-need-to-know-about-mt-gox-repayments/" target="_blank" rel="noreferrer noopener nofollow">Mt. Gox’s method </a>of paying out in Bitcoin and Bitcoin Cash, it’s important to remember that FTX provided a wider selection of cryptocurrencies.</p> 
<p>Ultimately, even if FTX’s plan would not completely appease creditors, it is a start in the right direction toward ending the bankruptcy drama. Creditors are watching how FTX’s reorganization efforts turn out as the cryptocurrency market keeps changing.&nbsp;</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/early-adopters-scramble-to-place-solana-saga-public-order/">Early Adopters Scramble To Place Solana Saga Public Order</a></li>
 <li><a href="https://cryptonewsland.com/genesis-aims-for-creditor-deal-in-days-or-mediator/">Genesis Aims for Creditor Deal in Days or Mediator</a></li>
 <li><a href="https://cryptonewsland.com/mt-gox-repayment-drama-creditors-left-hanging/">Mt. Gox Repayment Drama: Creditors Left Hanging?</a></li>
 <li><a href="https://cryptonewsland.com/saga-phone-sales-skyrocket-as-bonk-meme-coin-sparks-frenzy/">Saga Phone Sales Skyrocket as BONK Meme Coin Sparks Frenzy</a></li>
 <li><a href="https://cryptonewsland.com/celsius-network-files-chapter-11-bankruptcy-amid-market-fall/">Celsius Network Files Chapter 11 Bankruptcy Amid Market Fall</a></li>
</ul>     
<p>The post <a href="https://cryptonewsland.com/ftxs-bankruptcy-saga-reaches-conclusion-as-restructuring-plan-offers-creditors-118-exceeding-expectations/">FTX’s Bankruptcy Saga Reaches Conclusion as Restructuring Plan Offers Creditors 118%, Exceeding Expectations</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

FTX’s Bankruptcy Saga Reaches Conclusion as Restructuring Plan Offers Creditors 118%, Exceeding Expectations

Crypto News Land

Other articles published on May 9, 2024

Meet The New King Of Crypto Payments: Why Users Are Choosing Litecoin Over Bitcoin

Will Cardano’s Key Support Level Hold? ADA Eyes Major Rally as Analysts Predict Bullish Breakout ...

Arbitrum crosses ATH in this area, but why is ARB’s price not responding?

Bitcoin Whales Accumulate $941M as Fed Delays Rate Cuts

FTX’s $15 Billion Investment Predicted to Skyrocket Bitcoin (BTC) Value: Satoshi’s Ally Forecasts

5 Most Undervalued Altcoins Right Now That Could Surge Anytime Soon

Join our free newsletter for daily crypto updates!