fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » FTT Rises 50% After Court Approves FTX’s Plan to Repay Customers in Full

FTT Rises 50% After Court Approves FTX’s Plan to Repay Customers in Full

Van Tran by Van Tran
October 9, 2024
in Business
FTT Rises 50% After Court Approves FTX’s Plan to Repay Customers in Full
Share on FacebookShare on Twitter

FTT surged by over 50%, reaching $3.23 after FTX’s bankruptcy plan received court approval, allowing the exchange to fully repay customers using $16 billion in recovered assets. The token later stabilised at around $2.72, according to CoinGecko, after rising 100% in two weeks in anticipation of the decision.

You might also like

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Ledger Live Introduces Native Cross-Chain Swaps Through THORChain Partnership

On Monday, Judge John Dorsey of the US Bankruptcy Court in Delaware confirmed FTX’s Chapter 11 reorganisation plan, signalling the nearing end of FTX’s bankruptcy process, nearly two years after its collapse. 

“I have no evidence today that the value of FTT tokens would be anything other than zero,” said Judge Dorsey.

Under the plan, 98% of creditors will receive approximately 119% of their approved claims within 60 days, following approval by 94% of creditors, representing $6.83 billion in claims. Recovered funds total between $14.7 billion and $16.5 billion, including assets from FTX, its international affiliates, and government entities.

John J. Ray III, FTX’s CEO and Chief Restructuring Officer, praised the efforts of the team that rebuilt FTX’s financial records and recovered assets globally:

“Today’s achievement is only possible because of the experience and tireless work of the team of professionals supporting this case, who have recovered billions of dollars by rebuilding FTX’s books from the ground up and from there marshalling assets from around the globe,” said John J. Ray III. “It also reflects the strong collaboration we have had with governments and agencies from around the world that share our goal of mitigating the wrongdoings of the FTX insiders.”

Funds will be distributed across over 200 jurisdictions, with the estate working with specialised agents to ensure efficient delivery.

Despite some disputes over payment methods, the court confirmed that cash payments will proceed. Customers are expected to receive their repayments in the coming months.

FTX, once a prominent crypto firm, collapsed in November 2022 after it was revealed that customer funds were used for risky investments. Former CEO Sam Bankman-Fried was convicted of fraud and conspiracy, receiving a 25-year prison sentence. Last month, he appealed his conviction. Caroline Ellison, CEO of Alameda Research, was sentenced to two years in prison and ordered to forfeit $11 billion for her role in the fraud.

Tags: Crypto ExchangeFeature
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

Recommended For You

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

by Van Tran
November 9, 2024
0
Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

The Ethereum Foundation's latest financial report shows that as of October 31, 2024, it holds $970.2 million in both crypto and non-crypto assets, with $788.7 million in cryptocurrencies,...

Read more

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

by Van Tran
November 5, 2024
0
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Giant crypto exchange Kraken has just launched a new suite of crypto derivatives for wholesale clients in Australia. The new product is designed to follow regulatory requirements after...

Read more

Ledger Live Introduces Native Cross-Chain Swaps Through THORChain Partnership

by Van Tran
October 23, 2024
0
Milan, Italy - February 2, 2018: Ledger hardware wallet for cryptocurrency with Ripple coin selection in Milan

Ledger Live has partnered with THORChain, a decentralised finance (DeFi) protocol, to introduce native cross-chain swaps on its platform, enabling users to exchange assets between different blockchains directly...

Read more

Worldcoin Rebrands to ‘World’ and Introduces Major Tech Upgrades

by Van Tran
October 20, 2024
0
Worldcoin Rebrands to 'World' and Introduces Major Tech Upgrades

Sam Altman’s Worldcoin has rebranded to "World," unveiling new features at an event in San Francisco. Altman and co-founder Alex Blania introduced major improvements, especially to the Orb...

Read more

UN Endorses Ripple and Stellar as Key Players in Global Payments Network

by Van Tran
October 13, 2024
0
UN Endorses Ripple and Stellar as Key Players in Global Payments Network

The United Nations Capital Development Fund (UNCDF) has officially endorsed Ripple and Stellar as key players in the creation of a new global payments network. This recognition emphasises...

Read more
Next Post
Binance Australia Reports 8% Crypto Market Growth in September, Driven by Macroeconomic Factors and Altcoin Surge

Binance Australia Reports 8% Crypto Market Growth in September, Driven by Macroeconomic Factors and Altcoin Surge

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    184 shares
    Share 74 Tweet 46
  • Kucoin Review 2024: Features, Fees & More

    156 shares
    Share 62 Tweet 39
  • Coinbase vs Binance: A Side-By-Side Comparison 2023

    270 shares
    Share 108 Tweet 68
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2024

    672 shares
    Share 269 Tweet 168
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    429 shares
    Share 172 Tweet 107

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$106,267.00-0.97%
    BITCOIN
    24H : -0.97%
    Volume : $38,161,460,662.00
    Marketcap : $2,111,696,041,525.00
  • ethereumEthereum(ETH)$2,647.980.550%
    ETHEREUM
    24H : 0.550%
    Volume : $27,391,386,719.00
    Marketcap : $319,709,953,954.00
  • tetherTether(USDT)$1.000-0.03%
    TETHER
    24H : -0.03%
    Volume : $49,733,005,800.00
    Marketcap : $153,007,539,752.00
  • rippleXRP(XRP)$2.270.850%
    XRP
    24H : 0.850%
    Volume : $2,117,117,004.00
    Marketcap : $133,320,127,046.00
  • binancecoinBNB(BNB)$677.78-1.33%
    BNB
    24H : -1.33%
    Volume : $930,695,569.00
    Marketcap : $98,879,665,854.00
  • solanaSolana(SOL)$167.05-2.04%
    SOLANA
    24H : -2.04%
    Volume : $3,871,367,111.00
    Marketcap : $86,935,343,498.00
  • usd-coinUSDC(USDC)$1.0000.00%
    USDC
    24H : 0.00%
    Volume : $6,042,602,289.00
    Marketcap : $61,147,547,891.00
  • dogecoinDogecoin(DOGE)$0.218-0.56%
    DOGECOIN
    24H : -0.56%
    Volume : $1,483,084,576.00
    Marketcap : $32,524,008,301.00
  • cardanoCardano(ADA)$0.730-1.23%
    CARDANO
    24H : -1.23%
    Volume : $646,467,459.00
    Marketcap : $26,322,379,692.00
  • tronTRON(TRX)$0.2760.340%
    TRON
    24H : 0.340%
    Volume : $624,819,043.00
    Marketcap : $26,149,874,148.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.