FTX Dotcom Creditors Vote Massively in Favor of Reorganizing Plan

A plan to reorganize bankrupt crypto exchange stalwart FTX has gained support from 94% of creditors who were clients of the FTX.com offshore exchange, the so-called Dotcom creditors, results of a vote from restructuring agent Kroll show.

The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value. Two classes of creditors did not return ballots and are presumed to accept the plan, Kroll said.

With creditor approval secured, the next step is for the bankruptcy court to confirm the reorganization plan. A hearing is set for Oct. 7. Potential challenges remain, however, including possible objections from the U.S. Securities and Exchange Commission regarding the use of stablecoins for repayments, as previously reported.