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FTX bankruptcy claims trade in secondary market rises to as high as 73%

FTX bankruptcy claims trade in secondary market rises to as high as 73%

CointimeCointime2023/12/20 10:35
By:Cointime

AcThe claim price of bankrupt cryptocurrency exchange FTX Group has recently risen significantly, with current trading prices ranging from 57 cents to 73 cents, benefiting from the overall rise in the digital asset market. Data from Cherokee Acquisition shows that this price has risen from 50 cents to 53 cents at the end of October.

In an update on October 16th, FTX's bankruptcy administrator pointed out that if the modified plan is approved, customers of FTX.com and FTX US will jointly receive "more than 90% of the globally distributable value", which has become a key factor in the price increase. Prior to this, the claim price was about 40 cents.

However, it is still unclear when the distribution will take place and how much creditors will ultimately receive. FTX collapsed in November last year due to a shortfall of nearly $7 billion in assets. Founder Sam Bankman-Fried was convicted of massive fraud and is currently awaiting sentencing. After the bankruptcy, the claim price of FTX exchange once dropped to as low as 10 cents.

Other factors contributing to the rise in FTX's value include its stake in Anthropic, an AI startup supported by investors such as Google and Amazon. FTX is also a major holder of the cryptocurrency Solana, which has risen more than 650% so far this year and is currently worth more than twice the value of FTX before the bankruptcy.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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