Cryptocurrency Trading Platform FTX Secures Preliminary Approval For Reorganization Plan After Overwhelming Support From Creditors, Paving The Way For Bankruptcy Resolution
Portfolio Pulse from Benzinga Neuro
FTX, a cryptocurrency trading platform that filed for bankruptcy in November 2022, has received preliminary approval for its reorganization plan from creditors, with over 95% support. This development follows a tumultuous period involving legal challenges and asset recovery efforts.
August 22, 2024 | 10:46 am
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FTX's preliminary approval for its reorganization plan may stabilize the cryptocurrency market, including Bitcoin, as it indicates progress in resolving FTX's bankruptcy issues.
The approval of FTX's reorganization plan suggests progress in resolving its bankruptcy, which could reduce uncertainty in the cryptocurrency market, potentially benefiting Bitcoin's price.
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