FTX's Reorganization Plan Sparks Solana Rally and Ends Bankruptcy

FTX, the failed cryptocurrency exchange, has filed an amended reorganization plan to end its bankruptcy and return money to investors and customers. The plan proposes valuing the firm's assets at the date of its bankruptcy filing, potentially causing some creditors to object due to the increased value of bitcoin since then. Eligible creditors will vote on the plan in 2024, with details on asset distribution and the possibility of resuming operations expected in future filings. Former CEO Sam Bankman-Fried, convicted of fraud and conspiracy charges, faces a second trial in March.