A US court has approved FTX's plan to hold a vote on its bankruptcy proposal, despite opposition from some creditors. The cryptocurrency exchange's plan aims to pay creditors in full, with interest, but some creditors argue that the proposal undervalues their assets.

The approval comes after FTX's attorney, Andy Dietderich, described the efforts to recover assets as a "huge team effort." The company has recovered around $16 billion, including $12 billion in cash, to pay creditors. However, some creditors are unhappy with the proposal, stating that it does not reflect the current market value of their assets.

The disagreement stems from the difference in crypto values between 2022 and the present. Creditors argue that they will receive lower payments than the current market value. For instance, users who deposited one BTC on FTX before the bankruptcy will receive $16,800, which is lower than the current market value of over $61,500.

Despite the opposition, the court has approved the voting plan, which will proceed as scheduled. FTX's proposal aims to pay creditors in cash, with interest, but the disagreement highlights the challenges of valuing cryptocurrency assets in bankruptcy proceedings.

In conclusion, the approval of FTX's bankruptcy plan is a significant development in the cryptocurrency exchange's efforts to restructure its debts. While some creditors have expressed objections, the plan aims to provide a fair outcome for all parties involved. The outcome of the voting process will be closely watched by the cryptocurrency community, as it sets a precedent for future bankruptcy proceedings in the industry.