FTX is light on the horizon - clients of the deflated crypto exchange will soon begin to receive their money back. But only in fiat and stablecoins. Not in the original assets. The FTX claims portal has added exchanges #BitGo and #Kraken as 'fund distribution partners'.
The news was reported by Sunil Kavouri - an activist and representative of #FTX creditors. He actively advocates for the protection of creditors' interests and maximizing their compensation:
"FTX has loaded two distribution partners - BitGo and Kraken, a third will soon appear on the FTX Claims portal"
Let’s remind, Kavouri and his lawyers from the Moskowitz & Boies firm filed an objection against the proposed #FTX plan, which assessed client assets at the rate at the time of the bankruptcy filing in November 2022, considering such an approach unfair for holders of volatile crypto assets like BTC and ETH.
Another piece of news - the court approved the reorganization plan for the FTX exchange. It will come into effect on January 3, 2025. The platform's creditors will receive funds within 60 days. Where will they take the money? At least part of it - back to the crypto market.
#FTT, which was purchased today, shows a pump candle of 30%. From our average purchase price considering averaging today - about +10% growth.
The current rise is prematurely breaking the descending structure of the daily timeframe. If the candle closes bullish - we can expect that the reversal has occurred and the test of the EMA 50 of the daily timeframe (which just barely missed it) will not happen in the near future.
Our position on the asset is complete, we plan to unload at double-digit values and cover the loss from an old purchase. And to make a profit. And here, let’s remind, this is not about the market 'owing' us for the deflated asset, it is not an attempt to 'get back'. There was a specific signal from our indicator, the FTT rate has entered a stable uptrend on the weekly timeframe. Purchases have been made with a deferral of half the position due to the recent pump and the expectation of a pullback. It has been replenished.
The chat just discussed - the asset is not just risky, it is super-risky like #LUNC. There is zero fundamental value and prospects, its growth goal is to allow large holders to unload their 'bags'. The task is to unload together with them next spring.
