Related Reading: Crypto Whale Turns $2 Into Over $100 Million: Here’s How He Did It In a related development, Caroline Ellison, the former CEO of FTX’s trading arm, Alameda Research, has agreed to hand over her assets to the exchange’s debtors to settle a claim brought against her by the FTX bankruptcy estate. Ellison has reached a settlement that includes the transfer of her assets that have not already been confiscated by the government or used for legal fees, FTX said in a court filing on Monday. Ellison, who is also the former romantic partner of the now convicted Sam Bankman-Fried, also agreed to cooperate with the bankruptcy estate in current and future investigations.
On Monday, a US bankruptcy court officially approved the liquidation plan for cryptocurrency exchange FTX, allowing the company to repay its customers using approximately $16 billion in recovered assets. This decision comes at a critical time for the crypto market, as creditors are poised to receive more than $12 billion through the court-sanctioned payout plan, raising the possibility that some of these funds could be reinvested into the digital asset ecosystem, potentially influencing market prices.
Market Awaits FTX Liquidation Impact In June, FTX reported having $12.6 billion available for customer repayments, a figure that could increase to $16.5 billion as additional assets are identified and liquidated. The initial distribution of around $1.1 billion, while relatively modest, is expected to provide support for Bitcoin (BTC) and other cryptocurrencies such as Solana (SOL) and Ethereum (ETH), according to Alex Thorn, the head of research at Galaxy Digital Holdings.
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