FTX Original Token (FTT) Value Spikes 50% After US Court Approves Corporate Bankruptcy Restructuring Plan

This court decision brings a glimmer of hope to creditors who for almost two years have been plagued by uncertainty due to the FTX bankruptcy case.

Jakarta - FTX's original token, FTT, showed a surge in value of more than 50% after the approval of the company's bankruptcy restructuring plan by the United States court. Now, FTX has the green light to pay creditors in full using recovered assets worth 16 billion US dollars (Rp. 250 trillion), including interest.

However, Judge John Dorsey still insisted that the value of the FTT token remains considered zero.

This court decision brings a glimmer of hope to creditors who have been plagued by uncertainty for almost two years due to the FTX bankruptcy case. As many as 98% of creditors involved will receive payments of up to 119% of approved claims, with projected payments made within 60 days of the plan becoming effective.

FTX's long restructuring process began when the company filed for Chapter 11 Bankruptcy Protection in the United States, following the revelation of the scandal over the use of customer funds for risky investments by former FTX CEO, Sam Bankman-Fried, in November 2022. This disclosure rocked the crypto world and led to the collapse of one of the largest crypto exchanges at that time.

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This approved plan not only ends uncertainty for creditors, but also marks the success of a professional team led by John J. Ray III, as CEO and Chief Restructuring Officer of FTX, who worked hard to recover funds from various sources throughout the world.

Quoted from Crypto Briefing, Ray said, "This success is the result of the hard work of a team that has rebuilt FTX's financial records and coordinated with various government agencies around the world. The funds that were recovered came from FTX assets, international branches, as well as work equals authority."

Even though the value of FTT had jumped to 3.23 US dollars (Rp. 50,565) after court approval, CoinGecko reported that its value was stable at 2.72 US dollars (Rp. 42,581). However, Judge Dorsey emphasized that the tokens have no intrinsic value.

"I have found no evidence that FTT is worth more than zero," he stressed. This confirms that despite the speculation circulating in the market, it seems unlikely that there will be an increase in the FTT token.

With assets recovered and estimated to range between 14.7 billion US dollars (Rp. 229.5 trillion) to 16.5 billion US dollars (Rp. 257.5 trillion), the funds will be distributed to more than 200 jurisdictions with strict supervision from special agents to ensure the safety and efficiency of delivery. Although there was debate regarding the payment method, the court decided that payment would be made in cash.

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