- FTX redeems $28M in SOL tokens, continuing monthly transfers vital to its $16.5B repayment plan.
- Court approves FTX’s $16.5B plan, with 98% of creditors set to receive cash repayments in 2024-2025.
- Former Alameda CEO Caroline Ellison and other FTX executives face prison time amid asset recovery efforts.
FTX has redeemed 178,631 SOL tokens for $28 million as part of its continuous effort to repay creditors. The redeemed tokens are expected to be moved to major exchanges including Coinbase and Binance.
This move is part of FTX’s broader plan of selling assets following bankruptcy in order to compensate those affected by the company’s collapse.
SOL Movements and Asset Recovery
FTX has established a pattern of redeeming SOL tokens each month, typically between the 12th and 15th. In the most recent transaction, it transferred over 170,000 SOL.
These payments are vital to FTX’s efforts to repay its creditors as the exchange continues with its liquidation plan.
Court-Approved Repayment Plan
Recently, U.S. Bankruptcy Judge John Dorsey approved its’s $16.5 billion repayment plan. The plan indicates that 98% of creditors will receive 119% of their approved claims in cash.
Smaller creditors are likely to receive payouts within 60 days, however larger claims may take until 2025 to be completely paid.
Read CRYPTONEWSLAND on
google news
Executives of FTX and Alameda Sentenced
Recently, former FTX and Alameda Research executives have faced trial. The court sentenced Caroline Ellison, the former CEO of Alameda Research, to two years in prison for her role in the fraud. Prosecutors charged Ellison, along with other officials, with conspiracy and fraud for mishandling consumer payments. The court sentenced Sam Bankman-Fried, the former CEO, to 25 years in prison.
These measures, which include legal proceedings and asset liquidations, are part of the plan to resolve one of the largest bankruptcy cases in cryptocurrency history. Additionally, FTX expects to make the repayments soon, and analysts are waiting to see the effect they will have on the market.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
