FTX received court approval of its bankruptcy plan on Monday, which will allow it to fully repay customers using up to US$16.5 billion in assets recovered since the once-leading crypto exchange collapsed.
U.S. Bankruptcy Judge John Dorsey approved the wind-down plan at a court hearing in Wilmington, Delaware, saying FTX's success made it "a model case for how to deal with a very complex Chapter 11 bankruptcy proceeding." The plan is built on a series of settlements with FTX customers and creditors, U.S. government agencies, and liquidators appointed to wind down FTX's operations outside the U.S.
FTX said the result was a victory for creditors, made possible by its ability to recover cash and crypto assets that had gone missing during the company's chaotic collapse. The company also raised additional funds by selling off other assets, including its investments in tech companies like the artificial-intelligence startup Anthropic.
At the time of its bankruptcy filing, FTX.com held only 0.1 per cent of the bitcoin that its customers believed they had deposited on the exchange, according to the company. One of FTX's financial advisers, Steve Coverick, testified on Monday that it would "exorbitantly expensive" to purchase billions of crypto assets on the open market in order to repay customers with the same types of cryptocurrency they had before the bankruptcy.
It's been nearly 30 years since 'The Puppy Episode' of Ellen DeGeneres' hit sitcom 'Ellen' aired, where her fictional counterpart came out as gay.Canada's telecommunications regulator says the country's largest cellphone carriers must take steps to make their international roaming rates more affordable.The U.S. Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed 'Pharma Bro' after jacking up the price of a lifesaving drug.
Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.A gargantuan gourd – affectionately named ‘Orangina’ by the urban gardeners who grew it in the front yard of their Vancouver home – earned the massive honour of being named B.C.’s heaviest giant pumpkin Saturday.
McGill University has agreed to drop a legal challenge of its law faculty's right to unionize, bringing an official end to a strike during which law professors walked off the job for more than five weeks this fall.Alberta looking for Jasper wildfire compensation because it started on federal land Shared Health said Manitobans could expect longer wait times in emergency departments if a strike among health-care support workers goes ahead Tuesday.Winnipeg police have arrested two people and are searching for a third in the death of a woman who was last seen in October 2023.Regina resident Murray Yagelniski says a city-owned tree on his property is the root of the issue behind his basement flooding.
The penalty hearing for Guelph Police constable Corey McArthur has heard from two character witnesses, both supporting an eventual return to policing for the officer who has admitted to assaulting a teen who was handcuffed to a hospital bed.Surge in homelessness and public drug use a result of Sask. government policy: Prairie Harm Reduction
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