FTT Surges 50% On FTX Creditors’ Claims Settlement And Billions In Compensation: How High Can It Rise?
08 Mayo 2024 - 2:00PM
NEWSBTC
In a significant development, defunct cryptocurrency exchange FTX
has unveiled a reorganization plan to reimburse almost all of its
customers. The announcement has sparked a substantial surge
in the exchange’s native token, FTT, which recorded an uptrend of
52% over the past seven days, reaching a monthly high of $2.29
during Wednesday’s early trading session. FTX Unveils Debt
Repayment Strategy FTX estimates its outstanding debts to creditors
to be approximately $11.2 billion, as revealed in the
reorganization plan published late Tuesday. The company has
disclosed that it possesses between $14.5 billion and $16.3
billion, which it intends to distribute among the creditors. Under
the proposed plan, customers with $50,000 or less claims will
receive approximately 118% of the allowed claim amount. This
compensation is slated to be disbursed to around 98% of the
creditors, relieving FTX customers who have experienced locked
funds since the exchange filed for bankruptcy protection in
November 2022. Related Reading: Bitcoin Suffers Massive
Outflows Amid Crypto Market Uncertainty, Tops $284 Million FTX
stated in a press release on Wednesday that the company could not
utilize the appreciation of the missing tokens during the Chapter
11 cases. Instead, FTX had to identify other recoverable sources of
value to repay creditors. Following the departure of founder
Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking
on the matter in November 2022, expressed his astonishment at the
“complete failure of corporate controls and such a complete absence
of trustworthy financial information” witnessed at FTX. Ray further
stated in the press release on Wednesday: We are pleased to
be in a position to propose a Chapter 11 plan that contemplates the
return of 100% of bankruptcy claim amounts plus interest for
non-governmental creditors. FTX’s founder, Sam Bankman-Fried,
faced legal consequences, being convicted on seven criminal counts,
including charges related to embezzling billions of dollars from
FTX’s customers. Bankman-Fried was subsequently sentenced to 25
years in prison. FTT Bulls Eyeing $2.55 For Potential Breakout
Continuation As of the latest update, the price of FTT has
corrected to $2.050 after reaching its monthly high. This breakout
occurred after consolidation between the $1.17 and $1.48 levels. At
the current price level, FTT faces a significant resistance at
$2.169, which has led to the ongoing correction. If FTT sustains
its bullish momentum, the next resistance level to watch is $2.55
in the token’s daily chart. A successful breakthrough of this
level could potentially lead to a retest of the $3 mark, which has
not been revisited since January. Related Reading: Forget The Price
Dip: Ethereum Network Activity Hints At Imminent Takeoff On the
other hand, if the price experiences a further correction, FTT
bulls should closely monitor the $1.95 and $1.765 levels, as they
serve as crucial support levels. It is essential to prevent a loss
of the gains achieved over the past month, which amounts to an 18%
increase during this period. Featured image from Shutterstock,
chart from TradingView.com
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