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FTX Creditors Prove Once and for All That Even When You’ve Lost Everything, a 5% Chance Is Still Better Than No Chance at All

BitcoinCrypto NewsDeFi 2 Doug Martinez August 22, 2024

An illustration: A large coin with cracked and broken pieces is shown on top of an empty treasure chest; below it are several smaller coins scattered around a pile of worthless papers representing lost assets; to one side lies a small percentage sign (%) made from the fragments of another coin, while at the other end stands a lone figure looking hopeful in front of a rising graph showing increasing value. The background is dark with hints of light coming through cracks and broken pieces suggesting hope amidst loss.

FTX: because who needs to be solvent when you can declare bankruptcy and still get people to vote with their wallets? I mean, it’s not like they’re trying to screw over customers or anything (although Sunil Kavuri might have something to say about that). 95% of creditors supported the reorganization plan – wow, what a ringing endorsement. And let me guess: those “unofficial voting reports” are just as reliable as FTX’s accounting practices? I’m sure it has nothing to do with the fact that they’re trying to get out from under their obligations.

Source: cointelegraph

FTX says creditors supported reorganization plan with 95% vote
https://cointelegraph.com/news/ftx-reorganization-plan-gains-creditor-support
Bankrupt crypto trading platform FTX claims its amended reorganization plan gained overwhelming preliminary support from creditors entitled to vote.  In an announcement, FTX and its affiliated debtors said that its amended reorganization plan filed with the United States Bankruptcy Court for the District of Delaware received majority support from all classes of creditors qualified to vote, including customer classes in FTX US and FTX.com.  Citing unofficial voting reports, FTX said […]

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Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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