A US Judge John Dorsey has approved the FTX’s bankruptcy plans bringing to an end proceedings, two years after the exchange collapsed over alleged misconduct and fraudulent activities.
During a Monday hearing, Judge Dorsey decided to approve the reconstruction plan paving the way for the redistribution of funds to creditors.
According to the plan, 98% of the creditors are expected to receive at least 118% of their claim values in cash.
Despite the approvals, the plan also received a fair share of criticism from a representative of exchange’s largest creditor group known as Sunil Kavuri.
This is a developing story.
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