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3 Comments
“The company intends to use cryptocurrency prices from November 2022, when it declared bankruptcy, as the basis for repayments. In other words, if a customer had one Bitcoin (BTC) during the FTX collapse, they would receive repayment valued at roughly $16,800, which is significantly lower than Bitcoin’s current value of about $61,000.”
tldr; A U.S. judge has approved FTX’s plan to poll creditors on its Chapter 11 repayment, allowing FTX users to vote on a proposed plan to repay individuals affected by its collapse. The plan, supported by key committees but facing opposition from some creditors, aims to repay customers and address government penalties. Creditors could receive up to 119% of their holdings based on November 2022 cryptocurrency prices, despite current higher values. FTX has recovered $16 billion in assets, enough to cover all customer claims at 2022 prices, and will also pay the IRS $200 million in priority claims.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
“How do we split the last 17 dollars remaining, after the government and lawyers get their share?”