Crypto exchange FTX’s liquidation plan receives court approval
NEW YORK (Reuters) -FTX received court approval of its bankruptcy plan on Monday, which will allow it to fully repay customers using $16 billion in assets recovered since the once-leading crypto exchange collapsed.
U.S. Bankruptcy Judge John Dorsey approved the wind-down plan at a court hearing in Wilmington, Delaware, saying FTX’s success made it “a model case for how to deal with a very complex Chapter 11 bankruptcy proceeding.”
The plan is built on a series of settlements with FTX customers and creditors, U.S. government agencies, and liquidators appointed to wind down FTX’s operations outside the U.S.
The settlements allow FTX to use its assets to…
