{"id":17425,"date":"2024-10-01T15:10:30","date_gmt":"2024-10-01T12:10:30","guid":{"rendered":"https:\/\/forklog.com\/en\/ftx-reorganization-plan-secures-94-5-creditor-approval-for-6-8-billion-claims\/"},"modified":"2024-10-01T15:10:30","modified_gmt":"2024-10-01T12:10:30","slug":"ftx-reorganization-plan-secures-94-5-creditor-approval-for-6-8-billion-claims","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-reorganization-plan-secures-94-5-creditor-approval-for-6-8-billion-claims\/","title":{"rendered":"FTX Reorganization Plan Secures 94.5% Creditor Approval for $6.8 Billion Claims"},"content":{"rendered":"<p>Approximately 94.48% of FTX.com clients have voted in favor of the platform&#8217;s reorganization plan. Hearings for its approval are scheduled for October 7, reports <a href=\"https:\/\/www.theblock.co\/post\/318827\/ftx-reorganization-plan-supporting-votes\" title=\"The Block\">The Block<\/a>. <\/p>\n<p>The group of FTX.com clients has claims on assets valued at $6.83 billion.<\/p>\n<p>Roughly 89.1% of FTX.US users and about 95.88% of creditors in the &#8220;related to FTX.com services&#8221; category voted &#8220;yes.&#8221; Their obligations amount to $60.99 million and $223.6 million, respectively.<\/p>\n<p>About 98% of creditors will receive at least 118% of the claim value in cash. Claims were assessed based on digital asset prices at the time of the bankruptcy announcement.<\/p>\n<p>On September 28, one participant in the process, Sunil Kavuri, estimated that affected FTX users <a href=\"https:\/\/incrypted.com\/kredytory-ftx-poluchat-ot-10-do-25-svoyh-kryptoaktyvov-ystochnyk\/\">will receive<\/a> between 10% and 25% of their deposited cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FTX is transferring 18% of DOJ forfeiture funds up to $230m to FTX equity holders (Plan supplement)<\/p>\n<p>FTX crypto holders are getting 10% to 25% of their crypto back <a href=\"https:\/\/t.co\/3f6BePpoNU\">pic.twitter.com\/3f6BePpoNU<\/a><\/p>\n<p>\u2014 Sunil (FTX Creditor Champion) (@sunil_trades) <a href=\"https:\/\/twitter.com\/sunil_trades\/status\/1839962286636601404?ref_src=twsrc%5Etfw\">September 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Preferred shareholders can expect 100% asset reimbursement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(1\/3) The FTX Debtors are providing an update on the proposed settlement with the preferred shareholders. FTX will be returning 100% of the assets under FTX\u2019s control to creditors in the Ch. 11 plan. The DOJ is in control of the distribution of assets forfeited through the\u2026<\/p>\n<p>\u2014 FTX (@FTX_Official) <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1840864050709766203?ref_src=twsrc%5Etfw\">September 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the guidance, the mentioned group is considered victims of a fraudulent scheme by Sam Bankman-Fried and the former management of the platform, alongside its creditors.<\/p>\n<p>FTX noted that the claims of clients and preferred shareholders are competing. Company specialists and representatives from the U.S. Department of Justice must find a compromise solution for all parties involved.<\/p>\n<p>The exchange proposes using a centralized distribution process to expedite payments and avoid &#8220;excessive costs.&#8221;<\/p>\n<p>In late August, FTX <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-creditors-endorse-reorganization-plan\">announced<\/a> overwhelming creditor support for the updated reorganization plan. <\/p>\n<p>In September, a wallet associated with the exchange and Alameda unstaked 177,693 SOL ($23.75 million) for subsequent sale on <span data-descr=\"centralized exchanges\" class=\"old_tooltip\">CEX<\/span>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approximately 94.48% of FTX.com clients have voted in favor of the platform&#8217;s reorganization plan. Hearings for its approval are scheduled for October 7, reports The Block. The group of FTX.com clients has claims on assets valued at $6.83 billion. Roughly 89.1% of FTX.US users and about 95.88% of creditors in the &#8220;related to FTX.com services&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236],"class_list":["post-17425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17425"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17425\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17424"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}