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Friday, February 23, 2024
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    bitcoin
    Bitcoin (BTC) $ 51,154.71
    ethereum
    Ethereum (ETH) $ 2,954.51
    tether
    Tether (USDT) $ 0.999948
    bnb
    BNB (BNB) $ 379.98
    usd-coin
    USDC (USDC) $ 0.999513
    xrp
    XRP (XRP) $ 0.539568
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.084055
    cardano
    Cardano (ADA) $ 0.587978
    solana
    Solana (SOL) $ 102.30
    matic-network
    Polygon (MATIC) $ 0.98529
    polkadot
    Polkadot (DOT) $ 7.41
    tron
    TRON (TRX) $ 0.138802

    Former FTX prospects search crypto reimbursement amid present market rally

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    A gaggle of earlier FTX prospects urges a U.S. court docket to change the proposed reimbursement method of their chapter case.

    The previous prospects contend that the present proposal unjustly excludes them from the numerous improve in Bitcoin and different cryptocurrencies over the previous 12 months. Bitcoin is up by almost 170% in a 12 months, reaching $49,000 in the present day for the primary time in virtually two years after yesterdayโ€™s historic ETF approval by the SEC.

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    Over 80 people with their crypto property locked in FTX have submitted objections to the plan. This plan suggests fixing the worth of their property to Nov. 11, 2022, the date FTX declared chapter, with repayments in U.S. {dollars} relatively than the unique cryptocurrencies.

    66 Objection letters have been filed by FTX collectors to debtors movement to dollarize claims (plan)

    TOS: Clearly state prospects retain possession of the property
    Prospects ought to be the primary precedence (crypto held in belief)
    Sufficient property to pay prospects first earlier than others pic.twitter.com/NcbVrSnfAQ

    โ€” Sunil (FTX Creditor Champion) (@sunil_trades) January 10, 2024

    You may also like: Bitcoin breaks $49k as spot BTC ETF buying and selling quantity surges

    After Sam Bankman-Friedโ€™s conviction for perpetrating intensive fraud, resulting in FTXโ€™s downfall, a workforce of chapter specialists, headed by John J. Ray III, has been actively working to maximise the restoration of money and crypto property. This workforce has acquired court docket approval to liquidate the crypto holdings on the platform, aiming to build up a multi-billion greenback fund to reimburse prospects.

    See also  Gemini Reveals New XRP Buying and selling Product After Teasing Group

    The cryptocurrencyโ€™s worth on FTX determines the declare measurement for every buyer on the time of its Chapter 11 submitting. As an illustration, Bitcoin homeowners are entitled to a reimbursement of $16,871 per coin primarily based on that dateโ€™s worth, regardless of Bitcoinโ€™s present rally.

    The FTX chapter workforce has argued in court docket paperwork that calculating the precise worth of every buyerโ€™s digital portfolio is impractical because of the sheer quantity of claims. In chapter court docket terminology, this course of would require particular person liquidation of all buyer claims by the varied FTX entities.

    Learn extra: FTX saga: what occurred to FTX and Sam Bankman-Fried in 2023

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