After the collapse of the FTX crypto currency exchange, long trials and proceedings, part of the funds that the exchange management failed to steal were frozen and are awaiting permission from the authorities to be sold. The exchange today unveiled its latest proposal to return billions of dollars to customers and creditors, kicking off the latest round of potential debate over the best way to end the company’s bankruptcy case. The payout plan calls for billions of dollars in cash to be distributed once most of the company’s cryptocurrencies are liquidated. The plan will be sent to creditors for a vote next year, likely with key details added, before it goes to U.S. Bankruptcy Judge John Dorsey for final approval. Such cases very rarely end in favor of retail clients, but if this happens and the company returns the money, then such events will attract even more clients to cryptocurrency trading exchanges.
Gold’s meteoric rise amid Israel-Hamas war
The price of gold has recently seen a significant recovery, climbing over 1.0% to trade in the $2,660s per troy ounce. This resurgence is largely attributed to heightened geopolitical tensions following the Israeli army’s ground invasion of Lebanon, which has increased the demand for gold as a safe-haven asset. Several factors have contributed to the recent movements in gold prices.
