the FTX case has widened again and has led to several well-known celebrities and athletes now being questioned and charged for allegedly supporting FTX.
I have to say I am glad that I don't see Larry David's name being mentioned even though he made FTX SuperBowl commercial (which I think it was hilarious lol). For those who missed it, here is the link
https://www.youtube.com/watch?v=hWMnbJJpeZc
In other FTX related news, Cointelegraph reports that FTX debtors could get $9 billion by the end of Q2 2024. The big question is what's the percentage that each debtor will receive though.
The customers of bankrupt crypto exchanges FTX and FTX.US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors.
On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after “extensive discussions” with the unsecured creditors’ committee, a committee of non-United States customers, and class action plaintiffs regarding customer property disputes.
Part of the amended plan consists of the “shortfall claim,” in which FTX debtors estimate that customers of FTX.com and FTX.US would collectively receive 90% of assets available for distribution.
The shortfall claim is estimated to be approximately $8.9 billion for FTX.com and $166 million for FTX.US. If approved by the bankruptcy court, FTX expects these funds to be disbursed by the end of the second quarter of 2024.