Korean Court Rejects Bankruptcy Plan of Collapsed Exchange
The court ruled that the proposed creditor recovery rate fell below statutory minimums.
A Seoul rehabilitation court on Thursday rejected the proposed bankruptcy plan submitted by the trustees of a Korean crypto exchange that collapsed in early 2025, ruling that the projected creditor recovery rate of 11.4 percent fell below the statutory minimum the court could approve.\n\nThe trustees said they would submit a revised plan within 60 days. Approximately 240,000 individual creditors are affected.
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