According to Bloomberg, FTX and FTX receivables announced that they reached an agreement.
According to the news, FTX Debtors and FTX Digital Markets announced that they reached an agreement.
Under the agreement, the parties agree to work together to ensure the recovery of the funds.
Although the process of creditors receiving their money will be accelerated within the scope of the agreement, the fact that creditors receive payments in dollars will erase the gains earned by creditors.
“The FTX Global Settlement Agreement reflects a new and mutually beneficial solution to the complex cross-border legal problems posed by the circumstances of the collapse of the FTX group.
For the purpose of making distributions to FTX .com customers, FTX Debtors and FTX Digital Markets will pool assets and coordinate the establishment of reserves and the timing and amount of distributions to ensure that FTX.com customers receive a significant amount of money in both transactions.
“All claims by FTX .com relating to cash or digital assets (except those relating to NFTs) will be assessed in U.S. dollars without any differential payment based on post-petition fluctuations in asset prices as of the applicable petition dates in both cases.”
The FTX Debtors entered a Global Settlement Agreement with the Joint Official Liquidators on behalf of FTX Digital Markets Ltd. Read more here: https://t.co/cf5pbFvcEV
— FTX (@FTX_Official) December 19, 2023
Following this news, FTT experienced an increase of up to 30%. FTT continues to trade at $4.02 at the time of writing.
*This is not investment advice.
