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Crypto markets have largely overlooked good news amid months of chaos. The latest issue added to the series of problems was Mt Gox, and as 10 years of FUD dissipated, the markets did not shake as feared. Now, the Mt Gox sale risk has dropped to $2 billion, and nearly all refunds have been completed through six exchanges. Now it’s FTX’s turn.
FTX and Crypto Rise
Though it sounds absurd, just as it caused market crashes in 2022, now FTX seems poised to help markets rise. The FTX trustee, who will return billions of dollars in cash from sales to crypto investor creditors, will pump money into the markets. Even if only a small portion of these investors turn their refunds into BTC and altcoins, it could generate strong demand.
A recently published announcement mentioned that the restructuring plan received 95% support in the vote. This means the process could be completed within a few months without further delays.
“Today, we announce that the modified Restructuring Plan submitted to the United States Bankruptcy Court for the District of Delaware has received overwhelming preliminary support from all creditor classes entitled to vote, including FTX US and FTX Dotcom customer classes.
Unofficial voting reports show that over 95% of voting creditors voted in favor of the Plan, representing 99% of the claims by value. More than two-thirds of all claims by voting value participated in the Debtors’ claims process. With these results, the Plan is expected to meet the necessary thresholds for approval under the Bankruptcy Code.”
FTX CEO Ray said:
“Strong voting participation and corresponding results highlight strong support and consensus for FTX’s Restructuring Plan. More importantly, the Plan’s innovative structure provides for the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors and resolves complex disputes with dozens of governmental and private stakeholders. We are grateful for the collaboration with our stakeholders and creditors to date and will continue to work constructively with our creditors and the Court in the coming weeks until the confirmation hearing. We are pleased to be approaching the distribution of cash to our customers and the completion of the Chapter 11 process.”
The confirmation hearing is on October 7, and if no issues arise, refunds could start soon after. The last quarter of 2024 will be exciting for crypto investors.
