FTX’s $4 Billion Settlement With CFTC Prioritizes Creditor Repayments
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Bankrupt crypto exchange FTX has tentatively agreed to a $4 billion settlement with the US Commodity Futures Trading Commission (CFTC). This settlement, a significant reduction from the initial $52.2 billion demand, aims to prioritize repayments to creditors affected by FTX's 2022 collapse. The settlement must still be approved by US Bankruptcy Judge John Dorsey, with a hearing scheduled for August 6, 2024. The agreement seeks to avoid prolonged litigation and ensure quicker asset distribution to creditors, especially those with commodity-related contracts. However, some creditors have criticized the settlement for potentially compromising full restitution. The repayment plan announced in May aims to reimburse creditors between $14.5 billion and $16 billion, although some creditors feel it underpays them. Market analysts believe that FTX's repayment efforts could stimulate broader crypto market prices.
Fuente: beincrypto.com ↗
