In its final move to end the bankruptcy case, FTX has taken a step forward to launch a yet-to-be-approved proposal for returning money to creditors.
What Happened: FTX Trading FTT/USD looks to end its bankruptcy case by launching a proposal to return significant money to customers and creditors in cash amid the majority of the firm’s cryptocurrencies being liquidated, as stated in the exchange’s official filing.
The assets will be valued in cash based on value at the time of bankruptcy filing from Nov. 11, 2022. They will be given priority based on how the exchange plans to rate them. It remains unknown how the creditors will receive the proceeds.
With additional details attached, the…
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