Cryptocurrency markets amidst months of chaos, the good news has largely been overlooked. Mt Gox has been the latest addition to the pile of problems, and while 10 years of FUD have been eliminated, the markets have not shaken to the extent feared. Now the Mt Gox sale risk has been reduced to $2 billion, and almost all of the refunds have been completed through 6 contracted exchanges. Now it’s FTX’s turn.
FTX and the Crypto Rise
As ridiculous as it may sound, just as it caused the markets to crash in 2022, it is now FTX It seems to help the markets rise. The FTX trustee, who will return billions of dollars of cash from sales to creditors who are cryptocurrency investors, will pump money into the markets. Even a small portion of these investors will benefit from the returns BTC And to altcoins could reveal strong demand that needs to return. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
In the announcement just released, it was mentioned that the restructuring plan received 95 percent support in the voting. This means that the process can be completed without further delay and perhaps within a few months.
“Today, we are announcing that the amended Plan of Reorganization filed with the United States Bankruptcy Court for the District of Delaware has received overwhelming preliminary support from all classes of creditors eligible to vote, including the FTX US and FTX Dotcom customer classes.
“Unofficial voting reports indicate that over 95% of the creditors who voted voted in favor of the Plan, representing 99% of the claims by value. Over 2/3 of all claims by value were involved in the Debtors’ claims process. With these results, the Plan is expected to exceed the thresholds required for acceptance under the Bankruptcy Code.”
FTX Chief Executive Officer Ray said:
“The strong voting turnout and corresponding results underscore the strong support and consensus for FTX’s Plan of Reorganization. Importantly, the Plan’s innovative structure provides for a refund of 100% of bankruptcy claim amounts plus interest to non-government creditors and resolves complex disputes with dozens of government and private stakeholders. We are grateful for the cooperation we have had with our stakeholders and creditors to date, and we will continue to work constructively with our creditors and the Court in the coming weeks leading up to the confirmation hearing. We are pleased to be moving closer to distributing cash to our customers and completing the Chapter 11 process.”
There is a confirmation hearing on October 7th and if there are no problems there, refunds can start soon. Last quarter of 2024 crypto investors it will be exciting for you.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
