In a major development for those affected, it was announced that customers of the FTX exchange, which filed for bankruptcy, could see more than 90 % of their assets returned by the end of the second quarter of 2024. This has been achieved through a proposed agreement between FTX’s creditors and debtors.

On October 17, FTX debtors announced they had reached an “important milestone” in their Chapter 11 case after extensive discussions with unsecured creditor committees, non-U.S. customer committees, and class action plaintiffs regarding disputes. owned by customers.

The proposed deal was filed with a U.S. bankruptcy court based in Delaware on October 16 (for informational purposes), but an official filing is expected before December 16 to seek court approval.

Part of the modified plan includes the “Deficit Claim,” in which it is estimated that FTX.com and FTX US clients would collectively receive 90 % of the assets available for distribution. The Deficit Claim is estimated to be approximately $8.9 billion for FTX.com and $166 million for FTX US. If approved by the Bankruptcy Court, these funds are expected to be distributed before the end of the second quarter of 2024.

FTX CEO and Chief Restructuring Officer, John. J. Ray III, was pleased with the terms of the settlement, stating that “together, beginning in the most challenging financial disaster I have ever seen, the debtors and their creditors have created immense value from a situation that could easily have been an almost total loss for customers.”

The modified plan involves dividing assets into three pools: segregated assets for the benefit of FTX.com clients, US clients, and a general pool of other assets. However, only the first two groups are included in the Deficit Claim.

Despite this positive development, FTX debtors warn that clients of both exchanges will likely not receive full payment, and FTX.com could experience a higher percentage of losses.

K. Tovar

Source: Cointelegraph

(Referential image source: Jonathan Borba, Unsplash)

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The Super Bowl 2023, which is celebrated this February 12 with the participation of the singer Rhiana to entertain the match between the Kansas City Chiefs and the Philadelphia Eagles, will not have cryptocurrency advertising.

Unlike the previous year, when crypto flooded the sports event, this year there are no announcements of these currencies due to the crisis that the market is experiencing after the bankruptcy of FTX, which dragged down other exchanges and caused damage to dozens of clients.

According to the informative signal of the event, Fox Sports, in this edition of the largest event in American football, to be held at the State Farm Stadium in Glendale, Arizona, the advertising of Bitcoin or any other cryptocurrency will be prohibited, due to the damages that This sector has suffered after the FTX scandal.

In the previous edition, crypto ads gained ground, causing many to consider the event the “Crypto Bowl”. Advertisers like eToro, Coinbase, FTX and Crypto.com marked Super Bowl 2022, paying up to $7 billion for 60 seconds on screen.

Marx Evans, executive vice president of Fox Sports, noted that the decision to cancel any cryptocurrency advertising was made after FTX went bankrupt in November last year.

M.Pino

Source: iproup

(Image reference source: Keith Johnson, Unsplash)

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La entrada Super Bowl 2023 suspends cryptocurrency advertising apareció primero en Bitfinance.