New York judge approves $12.7 billion FTX, CFTC deal, creditors to receive full amount
CryptoNewsTerminal Staff07 Aug, 2024
New York judge approves $12.7 billion FTX, CFTC deal, creditors to receive full amount
The New York judge has given final approval to the $12.7 billion plan to repay creditors involving FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). In July, FTX agreed to pay its creditors up to $12.7 billion. The funds will be split between $8.7 billion to creditors and $4 billion to the CFTC, with the CFTC’s $4 billion claim ranking behind those of other creditors. The CFTC will not seek additional penalties against FTX, meaning the full $12.7 billion will go to FTX creditors. This deal brings a sigh of relief for FTX creditors, who have been eagerly waiting to recover their lost funds. The approval of this plan ensures that creditors will receive a significant portion of their claims, providing some relief after the collapse of one of the world's largest cryptocurrency exchanges.
