Despite opposition from some creditors, a US court has given the green light to bankrupt cryptocurrency exchange FTX to hold a vote on its liquidation plan. The plan aims to pay back customers in cash after several months, with the company claiming it has recovered around $16 billion to settle debts.

FTX, once the second-largest digital asset exchange, collapsed in November 2022, leading to massive losses in the crypto market estimated at billions of dollars. The collapse triggered a chain of events, including increased crypto regulation and shifts in market sentiment.

The court's approval comes after FTX sold various assets, including investments in other technology firms, real estate, and venture funds. The company plans to pay customers back with interest, with $12 billion in cash already recovered.

However, not all creditors are satisfied with the plan. Some have disputed it, arguing that the difference between current crypto values and those at the time of the bankruptcy is significant and unfair. They claim that paying creditors based on 2022 values is a lot less than what they would receive at present market prices.

To illustrate, a creditor who deposited one Bitcoin (BTC) on FTX before the bankruptcy would receive around $16,800, the value at the time, compared to the current market price of over $61,500. The aggrieved creditors argue that this difference is substantial and unjust.

Despite the opposition, FTX attorney Andy Dietderich described the process as a "huge team effort," emphasizing the steps taken to reach this stage. The company maintains that its plan is the best possible solution after the misappropriation of assets.