{"id":23609,"date":"2024-06-26T12:00:42","date_gmt":"2024-06-26T09:00:42","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23609"},"modified":"2024-06-26T10:16:57","modified_gmt":"2024-06-26T07:16:57","slug":"ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/","title":{"rendered":"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments"},"content":{"rendered":"<p>As per <strong>FTX&#8217;s<\/strong> present liquidation strategy, court permission has been granted to ask creditors whether they would like their recovered monies in cash or in cryptocurrencies.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#Court_Approval_and_Voting_Process\" title=\"Court Approval and Voting Process\">Court Approval and Voting Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#Current_Liquidation_Plan_and_Creditor_Preferences\" title=\"Current Liquidation Plan and Creditor Preferences\">Current Liquidation Plan and Creditor Preferences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#Implementation_and_Future_Implications\" title=\"Implementation and Future Implications\">Implementation and Future Implications<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Court_Approval_and_Voting_Process\"><\/span>Court Approval and Voting Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>United States Bankruptcy Judge John Dorsey accepted <strong>FTX&#8217;s<\/strong> voting scheme on June 25. With this consent, FTX may determine creditor preferences about the kind of repayments. Andy Dietderich, FTX&#8217;s attorney, said the vote&#8217;s goal is to get comments from a larger spectrum of FTX consumers who haven&#8217;t yet participated in debt discussions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_Liquidation_Plan_and_Creditor_Preferences\"><\/span>Current Liquidation Plan and Creditor Preferences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Calculated at the asset values from November 2022 when <strong>FTX<\/strong> filed for bankruptcy, FTX&#8217;s May liquidation plan projected a 118% return to 98% of creditors with claims under $50,000, which infuriated some creditors. Nonetheless, many creditors are requesting compensation in cryptocurrencies considering the 165% rise in overall market capitalization after the fall of FTX.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/vaneck-files-form-8-a-for-spot-ethereum-etf\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: VanEck Files Form 8-A for Spot Ethereum ETF<br \/>\n<\/span><\/em><\/a><br \/>\nFor example, Bitcoin was valued at $16,900 during FTX&#8217;s bankruptcy disclosure but has since jumped 265% to $61,770. Notwithstanding this, <strong>FTX<\/strong> attorneys stressed that bankruptcy regulations mandate claims to be appraised at the time of the Chapter 11 filing, in line with the planned cashback schedule. The cash return schedule would also be simpler to follow and would prevent capital gain tax consequences for creditors, the attorneys further pointed out.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Implementation_and_Future_Implications\"><\/span>Implementation and Future Implications<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While Judge Dorsey will rule on October 7 whether to accept the proposal, creditors have until August 16 to vote on it. Since declaring bankruptcy, <strong>FTX<\/strong> has recovered $11.4 billion in cash; Dietderich projects this amount to increase to $12.6 billion by October 31 should FTX&#8217;s Chapter 11 plan come into force.<\/p>\n<p>Once among the biggest cryptocurrency exchanges worldwide, FTX fell in November 2022 when its trading company Alameda Research stole around $8 billion from millions of users, therefore creating a liquidity crisis. The current CEO of FTX, John Ray, keeps running over bankruptcy. In November 2023 former CEO Sam Bankman-Fried was given 25 years in jail after being found guilty of multiple fraud and money laundering allegations.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per FTX&#8217;s present liquidation strategy, court permission has been granted to ask creditors whether they would like their recovered monies in cash or in cryptocurrencies. Court Approval and Voting Process United States Bankruptcy Judge John Dorsey accepted FTX&#8217;s voting scheme on June 25. With this consent, FTX may determine creditor preferences about the kind<\/p>\n","protected":false},"author":6,"featured_media":10935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[657,1,2],"tags":[6231,496],"class_list":["post-23609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","category-genel","category-news","tag-bankrupcy","tag-ftx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"As per FTX&#8217;s present liquidation strategy, court permission has been granted to ask creditors whether they would like their recovered monies in cash or in cryptocurrencies. Court Approval and Voting Process United States Bankruptcy Judge John Dorsey accepted FTX&#8217;s voting scheme on June 25. With this consent, FTX may determine creditor preferences about the kind\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T09:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-26T07:16:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/\",\"name\":\"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg\",\"datePublished\":\"2024-06-26T09:00:42+00:00\",\"dateModified\":\"2024-06-26T07:16:57+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg\",\"width\":768,\"height\":432,\"caption\":\"FTX\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/","og_locale":"en_US","og_type":"article","og_title":"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer","og_description":"As per FTX&#8217;s present liquidation strategy, court permission has been granted to ask creditors whether they would like their recovered monies in cash or in cryptocurrencies. Court Approval and Voting Process United States Bankruptcy Judge John Dorsey accepted FTX&#8217;s voting scheme on June 25. With this consent, FTX may determine creditor preferences about the kind","og_url":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/","og_site_name":"Coin Engineer","article_published_time":"2024-06-26T09:00:42+00:00","article_modified_time":"2024-06-26T07:16:57+00:00","og_image":[{"width":768,"height":432,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/","url":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/","name":"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg","datePublished":"2024-06-26T09:00:42+00:00","dateModified":"2024-06-26T07:16:57+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/FTX-1.jpg","width":768,"height":432,"caption":"FTX"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/ftx-secures-court-approval-to-poll-creditors-on-cash-or-crypto-repayments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"FTX Secures Court Approval to Poll Creditors on Cash or Crypto Repayments"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=23609"}],"version-history":[{"count":4,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23609\/revisions"}],"predecessor-version":[{"id":23629,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/23609\/revisions\/23629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/10935"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=23609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=23609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=23609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}