FTX and Alameda Liquidate $98M in Cryptocurrency
Marked wallets associated with FTX and Alameda Research have initiated liquidations totaling $97.35 million in the past month. FTX’s holdings include $33.85 million worth of BOBA and $11.22 million in ETH, in addition to controlling more than 78% of FTT’s supply.
Investor interest in FTX claims surged following the release of the estate’s draft recovery plan, which projects a 118% recovery rate for most creditors.
Claims Buyer Louis Origny, CTO of FTXCreditor, expects an increase in claims buying activity, with the firm having received more than 2,100 claims. Origny pointed to two factors that contributed to this expectation: first, the disclosure statement mentioning a potential 30% withholding tax rate for non-U.S. customers, which could prompt holders to sell their claims in the secondary market, and second, all claims are incapable of holders cashing U.S. dollar checks.
Therefore, most FTX creditors have been demanding repayment in cryptocurrency rather than U.S. dollars. Cryptocurrency exchange FTX has not yet responded to this. Ambush potential coins in advance, click on my avatar to find me. Welcome to like, follow, collect and forward.
