Crypto enthusiasts eagerly awaited significant news, which finally arrived. Notably, major gains can be expected in altcoins. Today, the FTX trial took place, where the bankruptcy plan awaited the judge’s approval. According to the latest update, the court granted its approval, paving the way for refunds to begin.
Latest Updates on Cryptocurrencies
After FTX caused massive declines in cryptocurrencies back in November 2022, the situation could be quite the opposite this November. Billions of dollars in cash will start being refunded to crypto investors within weeks. Unlike the MTGOX and Germany’s BTC sales, refunds will be issued in stablecoins to customers.
Impact of Refunds on Investor Behavior
The appetite for cryptocurrencies among refund recipients will likely drive investments into altcoins and Bitcoin 
$98,937. This news brings potential for billions of dollars entering altcoins that are currently hitting new lows in a shallow liquidity environment, supporting anticipated rises in the last quarter of the year.
The approval enables the refund of $6.83 billion, allowing 94% of creditors to reclaim their balances along with interest. Although cash refunds have sparked intense debates, FTX has already converted cryptocurrencies into cash, leaving little recourse. Creditors will receive assets from their wallets at significantly depreciated values, which may benefit some altcoins, though most have seen gains of over 50%, negatively impacting the majority of investors.
The final detail reveals that the judge considers the value of the FTT Token to be zero. With nearly half a billion dollars of FTT Tokens on paper, the FTX Bankruptcy Committee deems this asset worthless as it cannot be liquidated (due to a lack of buyer liquidity). The court has confirmed the futility of the FTT Token.
