Judge John Dorsey of the US Bankruptcy Court for the District of Delaware has finally approved the FTX Bankruptcy plan. This official approval comes about two years after the trading platform collapsed and John Ray III took over.
FTX Bankruptcy Plan Approved, What Next?
This approval is a positive news for members of the community whose funds got locked on the exchange. Considering the events of the past few weeks, many showed confidence that the FTX bankruptcy plans will be approved by the Court.
With this approval, a total of $6.6 billion will now be distributed to FTX creditors as confirmed in a creditors’ voting last week. The timeline for this distribution is slated to span 4 to 8 weeks from now.
This is a breaking news, please check back for updates!!!
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