FTX knows the exact amount to repay
A New York judge has officially approved a repayment plan for FTX and its investment arm, Alameda Research. The two entities are now required to repay $12.7 billion to their creditors, according to a settlement with the United States Commodity Futures Trading Commission (CFTC).
The decision was made public on the evening of Wednesday, August 7 via a court document in which Judge Peter Castel confirmed the acceptance of this agreement by the US court system. Under the terms of the settlement, FTX agrees to pay $8.7 billion to individuals who suffered losses directly caused by the violations of laws and regulations set forth in the amended complaint. In addition, $4 billion will be allocated for additional restitution.
This agreement was already negotiated by FTX and Alameda Research on July 12, which already marked a major step in solving this complex matter. Although the New York court did not impose civil monetary penalties, it imposed strict restrictions and prohibited both companies from trading in digital assets and acting as market intermediaries.
Despite everything, FTT resists!
Despite these legal developments, the FTX token (FTT) has shown relative resilience. In fact, it has only seen a 3% drop in the last 24 hours. Data from CoinMarketCap reveals that investors don’t seem to care about the news after all, as FTT’s trading volumes did not exceed $20 million in 24 hours. The result of the XRP affair appears to be an issue that has caught the attention of investors in recent hours.
And now ? Attention now turns to August 16, the key date when FTX customers will have to decide on the terms of their repayment. A vote is underway to determine restitution methods and, depending on its outcome, could have significant market implications, evoking memories of the Mt.
Moral of the story: When you’ve played with fire too much, you gotta give it back to the firemen.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.