FTX Dotcom Exchange Reorganization Plan Gains Overwhelming Support from 94% of Customers

Over 94% of customers from the FTX Dotcom exchange have voted to accept the reorganization plan. This is according to results from Kroll, the restructuring agent.

Almost all creditor classes showed their support. Interestingly, two classes didn’t submit ballots. So, they are presumed to have accepted the plan.

The plan aims to return 118% of claims in cash. This is good news for most creditors, who have about $6.83 billion in claims.

Now that creditor approval is in place, the next step is to get the bankruptcy court to confirm the reorganization plan. A hearing is set for October 7.

However, challenges could arise. There may be objections from the U.S. Securities and Exchange Commission regarding the use of stablecoins for repayments. This has been reported before.

In summary, the situation is moving forward, but some hurdles might still be ahead.