📌 #FTX Debt Recovery:
With the release of FTX’s third revision plan and the increase in the claim ratio to 118%, FTX’s over-the-counter debt recovery ratio has soared from the earliest ±20% to more than 100% recently.
This is the result I predicted a long time ago. I have advised many people to "wait a little longer" and declined cooperation with many US debt collection agencies in the early days.
Because I think people shouldn’t sell at such a low price so early, so I have waited until now when the debt ratio and time period are more reasonable to sell and recover the debt:
👨💼First of all, why is it appropriate to sell debt now?
1⃣ You may need to wait for a long bankruptcy compensation process:
Although FTX’s recently released revised plan offers a high payout rate of 118%, this plan must be approved by creditors and submitted to the bankruptcy court for approval before it can take effect.
* If everything goes smoothly, calculate according to the prescribed process and time:
The deadline for creditors to object to the plan and the time for bankruptcy court hearing approval are June 5 and June 25 respectively. Adding that the distribution will start six months after approval, then:
→ Creditors with claims valued at less than $50,000 are expected to receive a one-time payment of 118% around December 2024;
→ For creditors with claims valued at more than $50,000, the entire compensation process will need to go through multiple rounds of distribution, which may take many years to get 127%-142% of the compensation;
* The two major creditor organizations of FTX, the "Ad Hoc Committee (CAHC)" and the "Creditors Committee (UCC)", have issued a statement clearly stating: "We do not support this plan", so the bankruptcy process of FTX may still be postponed to after 2025 like the previous two plans... and fall into a long bankruptcy dispute!
So the painful waiting is also a kind of time cost! $FTT
2⃣ Appropriate recycling price:
The average recovery rate of off-site debt claims is currently ±100%, which is an acceptable range of ±10% compared to the 118% compensation ratio proposed in the new plan. The asset sales wear and tear is already very high compared to other bankruptcy projects (Voyager: ±35%, Celsius: ±70%).
Get rid of the long bankruptcy process cycle as soon as possible and obtain liquid funds. The ±10% price difference can be easily made up in the crypto market!
3⃣ Exemption from 30% withholding tax:
According to the plan, non-US citizens’ creditor accounts may be subject to a withholding tax of up to 30%, resulting in a final compensation ratio of ±70%.
If you sell your debt account, you do not need to pay this tax, because the debt recovery agencies are all domestic agencies in the United States and do not need to pay this withholding tax;
4⃣ Pay with USDC, eliminating the hassle of remittance:
According to regulations, FTX still insists on paying compensation to creditors in the form of "USD cash" or "check"
At that time, the Chinese creditor may need to open a wire transfer account in a mainland bank to receive the remittance. If the amount is large and exceeds the limit, it may be impossible to receive it or be questioned about the source. The process of collecting and exchanging checks is more complicated.
If you choose to sell your debt account, you can get a one-time USDC transfer on the same day, which is in line with everyone's habit of using crypto assets!
👨💼Secondly, the operation mode of our creditor account sale and recovery is introduced:
1⃣ Safe, professional and fast:
At present, we have established cooperation with many well-known debt recovery agencies in the United States. The professionalism of the transaction and the security of funds are beyond doubt. The contract is signed on the same day, the transfer is made on the same day, and the USDC is paid on the same day;
2⃣ The highest quotation on the entire network + multiple price comparisons:
After hard work, I successfully negotiated a recovery price with the highest proportion in the entire network for Chinese creditors. In addition, since each institution will give different quotes based on the nature and positions of different accounts, I will compare the quotes of multiple institutions for each creditor, and finally choose the institution with the highest bid for everyone;
3⃣ 1V1 guidance throughout the process to assist in completing the transaction:
From providing an 8-digit customer code, evaluating quotations, signing an agreement transfer, to completing payment, I will provide 1V1 guidance on all documents and materials during this period, and of course I will also help you solve any problems and concerns encountered during the claims process; 👇
4⃣Whether you sell your account or not, as long as you are a follower of Follow, we will help you solve various problems encountered in the claim application process for free (STEP1-STEP5), such as KYC verification failure or verification expiration, claim verification submission encounters obstacles, and even legal disputes.
📌We are ready for the workflow of debt sale and recovery📌
Creditors who are interested in selling can fill in your "8-digit unique customer code" in the Google form and we will provide you with a free evaluation and quotation.
📎Form link: forms.gle/eBNXVpTp6UFWeq…
If you think the offer is appropriate, we will communicate with you about the next step of the sale and assist you 1V1 throughout the process to complete the transfer of your debt account!
The process and required information are all in the form, you can click to view it.
If you don’t want to fill out the form, you can also send it to me directly via private message: @BoringBack
(The 8-digit unique customer code can be found in your mailbox, titled: "Your plan claim information and unique customer code" (Unique Customer Code). This code is public and can be checked by anyone, without the risk of disclosure)
➡️Finally, I will not charge you any commission, all help is free! I wish you can get your assets back as soon as possible!