FTX Expects Reorganization Plan to Take Effect In January 2025 🔄
FTX, a bankrupt crypto exchange, announced that its court-approved reorganization plan is expected to be effective in January 2025. This timeline includes finalizing arrangements with distributors next month to reimburse former users, especially those overseas.
The reorganization has caused discontent among creditors due to expected recoveries of just 10-25% of their defrauded holdings. However, FTX assures its efforts are directed towards maximizing asset recovery.
The restructuring occurs amidst legal proceedings for Sam Bankman-Fried, FTX's founder, as major legal battles continue over his involvement in the exchange's demise.
Additionally, the FTX Token (FTT) has seen a price surge, potentially providing necessary liquidity for the reorganization process. Despite ongoing challenges, FTX remains committed to recovering and distributing assets to its clients.
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