{"id":39118,"date":"2024-10-07T21:41:55","date_gmt":"2024-10-07T21:41:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-to-fully-repay-investors-after-bankruptcy-plan-receives-judge-approval\/"},"modified":"2024-10-07T21:41:55","modified_gmt":"2024-10-07T21:41:55","slug":"ftx-to-fully-repay-investors-after-bankruptcy-plan-receives-judge-approval","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-to-fully-repay-investors-after-bankruptcy-plan-receives-judge-approval\/","title":{"rendered":"FTX to fully repay investors after bankruptcy plan receives judge approval"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/ftx-ryan-salame-imprisoned-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/ftx-ryan-salame-imprisoned-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/ftx-ryan-salame-imprisoned-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/ftx-ryan-salame-imprisoned-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">FTX to repay 98% of its users around 119% of their claim value<\/li>\n<li aria-level=\"1\">Distributions will be made to creditors across more than 200 jurisdictions<\/li>\n<li aria-level=\"1\">FTX collapsed in November 2022 amid allegations of fraud and customer fund mismanagement<\/li>\n<\/ul>\n<p>A US judge has approved FTX\u2019s bankruptcy plan to use billions of dollars in recovered assets to repay users nearly two years after the crypto exchange collapsed.<\/p>\n<p>On Monday, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware approved FTX\u2019s plan. By doing so, it enables the exchange\u2019s debtors to repay 98% of users around 119% of their claim value as of November 2022 when the <a href=\"https:\/\/coinjournal.net\/news\/this-week-in-crypto-ftx-files-for-chapter-11-bankruptcy\/\">company filed for bankruptcy<\/a>.<\/p>\n<p><a href=\"https:\/\/coinjournal.net\/search\/ftx\/page\/1\/\">FTX<\/a> projects the repayment to be between $14.7 billion and $16.5 billion after the total value of the property has been collected and converted to cash.<\/p>\n<p>In a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-receives-us-bankruptcy-court-confirmation-of-its-plan-of-reorganization-302269152.html\" target=\"_blank\" rel=\"noopener\">statement<\/a>, John J. Ray III, CEO and Chief Restructuring Officer of FTX, said: \u201cThe Court\u2019s confirmation of our Plan is a significant milestone on our pathway to distributing cash to customers and creditors,\u201d adding:<\/p>\n<blockquote>\n<p>\u201cThe estate is working to finalize arrangements to make distributions to creditors across more than 200 jurisdictions around the world.\u201d<\/p>\n<\/blockquote>\n<p>Before its collapse, FTX was a well-known and trusted platform in the crypto space. However, in November 2022, the exchange collapsed because of a lack of liquidity and mismanagement of funds, which eventually saw concerned investors withdrawing large volumes of money.<\/p>\n<p><a href=\"https:\/\/coinjournal.net\/search\/sam+bankman-fried\">Sam Bankman-Fried<\/a>, co-founder and CEO of FTX, was later arrested and <a href=\"https:\/\/coinjournal.net\/news\/bankman-fried-sentenced-to-25-years-in-prison\/\">sentenced to 25 years in prison<\/a> for fraud and mismanaging the exchange. Caroline Ellison, former CEO of Alameda Research, was <a href=\"https:\/\/coinjournal.net\/news\/caroline-ellison-sentenced-to-24-months-in-prison-over-ftx-fraud\/\">sentenced to 24 months in prison<\/a> after pleading guilty to charges related to her role in the collapse of FTX.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/ftx-to-fully-repay-investors-after-bankruptcy-plan-receives-judge-approval\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) FTX to repay 98% of its users around 119% of their claim value Distributions will be made to creditors across more than 200 jurisdictions FTX collapsed in November 2022 amid allegations of fraud and customer fund mismanagement A US judge has [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":39119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/39118"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=39118"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/39118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/39119"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=39118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=39118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=39118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}