$FTT
The price of the bankruptcy concept coin FTT briefly touched $2.99. This price fluctuation may have been affected by the news that FTX expects to distribute up to $16 billion to creditors in the fourth quarter of 2024. The distribution of this fund may have a positive impact on the cryptocurrency market, especially on Bitcoin, SOL and Solana network cryptocurrencies.
FTX's reorganization plan has received preliminary support from more than 95% of voting creditors, and the goal of the plan is to repay bankruptcy claims in full. If the reorganization plan is approved at the hearing on October 7, FTX will have 60 days to distribute assets to creditors, which means that the returned cash may reach creditors sometime before December 7.
It should be noted that despite the positive remarks that FTX will begin to return funds, there are still some risks that may affect this process. For example, the court's delay may extend the fund return date, and some FTX creditors are dissatisfied with the settlement plan that only returns cash.
In the bankruptcy concept sector, USTC is currently trading at $0.0256, up 37.54% in 24 hours; LUNA is currently trading at $0.47, up 15.68% in 24 hours; LUNC is currently trading at $0.00010419, up more than 14% in 24 hours.