Cryptocurrency exchange FTX has made significant progress in its restructuring process, having received court approval for its recovery plan. According to the approved document, about 98% of creditors can expect to receive a refund of their funds in an amount exceeding the initial investment by 19%.
Recall that FTX filed for bankruptcy in November 2022 after a series of scandals and accusations of misuse of client funds. The proposed restructuring plan involves the sale of the exchange’s assets and the distribution of the proceeds among creditors.
However, despite the positive court decision, not all creditors were satisfied with the terms of the plan. Some of them expressed concern that the refund would be made in fiat currencies at the rate at the time of bankruptcy, which could lead to additional losses due to fluctuations in the cryptocurrency market.
