2023-09-29 13:26:57
In a significant turn of events, FTX, the cryptocurrency exchange that filed for bankruptcy in late 2022, is showing signs of financial recovery. The expected payout ratio for the claims filed by creditors once morest FTX has seen a significant increase, standing between 35% and 40%.
This is a substantial jump compared to the relatively low 12% recorded at the beginning of the year. To put this in perspective, the total value of claims once morest FTX amounts to approximately $16 billion, while consolidated assets are around $7 billion.
According to Claims Market, the current expected payment ratio of creditors’ claims once morest FTX is 35%-40%, which is the highest value since FTX’s bankruptcy at the end of 2022, far exceeding the 12% at the beginning of the year. https://t.co/IWmGLhciuwhttps://t.co/RZ8fUIoMiL
— Wu Blockchain (@WuBlockchain) September 29, 2023
This figure represents an important step forward in the process of compensating creditors, instilling new optimism in the crypto community.
INCREASE IN FTX’S CREDITOR PAYMENT RATIO WAS HOPEFULLY RECEIVED
Additionally, there is an interesting twist to the story involving Anthropic, an artificial intelligence company that FTX had invested in. Anthropic recently completed a substantial financing round, leading to a substantial increase in its valuation.
This might potentially have a positive impact on assets available for distribution to creditors. This development offers hope to the plaintiffs and is considered a positive turn of events. It is important to note that these figures are not final and may change as the bankruptcy proceedings progress.
However, this increase in the creditor payment ratio is certainly a step in the right direction. The news comes as a relief to many members of the crypto community who have closely followed FTX’s bankruptcy proceedings.
The increase in creditor payment ratio is considered a sign of financial recovery for FTX and might be a game-changer for its future. It is worth noting that Genesis Global Capital is FTX’s largest unsecured creditor and this development might significantly affect its claims.
As the crypto community continues to monitor this situation, it will be interesting to see how these proceedings develop and what they mean for FTX and its creditors.
In conclusion, While FTX’s journey since filing for bankruptcy has been fraught with challenges, these recent developments provide a glimmer of hope. The increase in creditors’ payout ratio, coupled with the increase in Anthropic’s valuation, may positively influence creditor compensation and mark a positive turn in FTX’s bankruptcy proceedings.
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