Backpack initiates claims process for Europe's FTX users, allowing affected customers to file claims for their funds.
The Delaware District Bankruptcy Court has approved FTX's compensation plan, offering up to $16 billion to creditors of the bankrupt crypto exchange. Payments are expected to start within 60 days, but there is criticism regarding the asset evaluation method, leading to possible discrepancies in actual returns for investors.
FTX bankruptcy plan approved entails creditors receiving a 119% cash return, though tax concerns linger.
FTX Token (FTT) may rise 160% ahead of a key hearing on October 7, driven by market anticipation and technical indicators.
FTX's reorganization plan faces objections due to unequal treatment of creditors and excessive legal protections for administrators.
FTX has agreed to a $4 billion settlement with the CFTC to prioritize creditor repayments following its 2022 collapse.
Creditors of the bankrupt cryptocurrency exchange FTX are challenging the reorganization plan, citing issues with property rights and tax concerns.
FTX creditors, led by Sunil Kavuri, object to a bankruptcy reorganization plan favoring cash payouts. They prefer in-kind reimbursements to avoid taxable events and better serve their interests.
Los acreedores de FTX se oponen al plan de reorganización de la bancarrota, destacando preocupaciones sobre la tributación forzada que comprometería los intereses de los acreedores.
FTX creditor representative Sunil Kavuri is contesting the exchange's plan to repay debts in USD rather than cryptocurrency, signaling a potential new trend in crypto bankruptcy proceedings.
