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FTX announces full compensation for customers, but the real winner may surprise you
In an unexpected turn of events, bankrupt cryptocurrency exchange FTX recently announced a new repayment plan that aims to fully compensate creditors and customers. The plan also includes a substantial compensation offer to take into account the time value of their investments.
While it was initially expected that customers would be the main beneficiaries, the biggest winners of the repayment plan were not the customers themselves but the bankrupt traders.
Full refunds from FTX
As Bitcoinist reported, FTX’s reorganization plan was filed with the U.S. Bankruptcy Court for the District of Delaware, outlining the distribution of funds to customers affected by the exchange’s fraudulent scheme.
While it was initially expected that customers would be the main beneficiaries, the biggest winners of the repayment plan were not the customers themselves but the bankrupt traders.
Full refunds from FTX
As Bitcoinist reported, FTX’s reorganization plan was filed with the U.S. Bankruptcy Court for the District of Delaware, outlining the distribution of funds to customers affected by the exchange’s fraudulent scheme.
See original
FTX announces full compensation for customers, but the real winners may surprise you
In an unexpected turn, bankrupt cryptocurrency exchange FTX recently announced a new repayment plan that aims to fully compensate creditors and customers. The plan also includes a substantial compensation proposal to take into account the time value of their investments.
While customers were initially expected to be the main beneficiaries, the biggest winner of the repayment plan is not the customers themselves, but the bankrupt traders.
Full refund provided by FTX
As Bitcoinist reported, FTX's reorganization plan has been filed with the U.S. Bankruptcy Court for the District of Delaware, outlining the distribution of funds to customers affected by the exchange's fraudulent scheme.
The plan includes a centralized distribution of all assets of the company from its collapse in November 2022 to its creditors and customers. FTX has made public a number of settlement agreements reached with major economic stakeholders, some of which are still awaiting finalization and court approval.
Notably, a key settlement agreement involves resolving a $24 billion claim filed by the U.S. Internal Revenue Service (IRS), with FTX agreeing to pay $200 million in cash and $685 million in subordinated claims.
Bankrupt traders emerge as real winners
Contrary to expectations, the real beneficiaries of the repayment plan are bankrupt traders who acted quickly to buy claims for a fraction of their value before FTX officially filed for bankruptcy.
These hedge funds and individual investors have seen bids for claims ranging from 10% to 101%, a testament to their savvy decision to seize the opportunity.
Hedge funds specializing in distressed debt, such as Attestor, Baupost, and Farallon, have emerged as frontrunners to reap big returns from FTX’s assets, according to Fortune.
Hedge funds specializing in distressed debt, such as Attestor, Baupost, and Farallon, have emerged as frontrunners to reap big returns from FTX’s assets, according to Fortune.
These funds have bought claims worth hundreds of millions of dollars and are poised to make a tidy profit. Other notable beneficiaries include Louis d’Origny, founder of claims-buying platform FTX Creditor, who is poised to make more than $25 million from his personal investment.
Although FTX’s repayment plan has allowed some people to obtain considerable returns, this does not mean that all claimants are satisfied with it.Some investors believe that the value of the cryptocurrency tokens they put forward in their claims should be calculated based on the current market price, rather than the lower price before.
Arush Sehgal, an investor and former member of FTX's unsecured creditors committee, criticized the current administrators' sales strategy and believed that the damage caused by the current administrators was more serious than the crimes originally committed by former CEO Sam Bankman-Fried.
Bankman-Fried, the exchange's failed co-founder and CEO, was sentenced to 25 years in prison for defrauding customers and is currently being held at the Metropolitan Detention Center in Brooklyn. #FTX #资产索赔
In an unexpected turn, bankrupt cryptocurrency exchange FTX recently announced a new repayment plan that aims to fully compensate creditors and customers. The plan also includes a substantial compensation proposal to take into account the time value of their investments.
While customers were initially expected to be the main beneficiaries, the biggest winner of the repayment plan is not the customers themselves, but the bankrupt traders.
Full refund provided by FTX
As Bitcoinist reported, FTX's reorganization plan has been filed with the U.S. Bankruptcy Court for the District of Delaware, outlining the distribution of funds to customers affected by the exchange's fraudulent scheme.
The plan includes a centralized distribution of all assets of the company from its collapse in November 2022 to its creditors and customers. FTX has made public a number of settlement agreements reached with major economic stakeholders, some of which are still awaiting finalization and court approval.
Notably, a key settlement agreement involves resolving a $24 billion claim filed by the U.S. Internal Revenue Service (IRS), with FTX agreeing to pay $200 million in cash and $685 million in subordinated claims.
Bankrupt traders emerge as real winners
Contrary to expectations, the real beneficiaries of the repayment plan are bankrupt traders who acted quickly to buy claims for a fraction of their value before FTX officially filed for bankruptcy.
These hedge funds and individual investors have seen bids for claims ranging from 10% to 101%, a testament to their savvy decision to seize the opportunity.
Hedge funds specializing in distressed debt, such as Attestor, Baupost, and Farallon, have emerged as frontrunners to reap big returns from FTX’s assets, according to Fortune.
Hedge funds specializing in distressed debt, such as Attestor, Baupost, and Farallon, have emerged as frontrunners to reap big returns from FTX’s assets, according to Fortune.
These funds have bought claims worth hundreds of millions of dollars and are poised to make a tidy profit. Other notable beneficiaries include Louis d’Origny, founder of claims-buying platform FTX Creditor, who is poised to make more than $25 million from his personal investment.
Although FTX’s repayment plan has allowed some people to obtain considerable returns, this does not mean that all claimants are satisfied with it.Some investors believe that the value of the cryptocurrency tokens they put forward in their claims should be calculated based on the current market price, rather than the lower price before.
Arush Sehgal, an investor and former member of FTX's unsecured creditors committee, criticized the current administrators' sales strategy and believed that the damage caused by the current administrators was more serious than the crimes originally committed by former CEO Sam Bankman-Fried.
Bankman-Fried, the exchange's failed co-founder and CEO, was sentenced to 25 years in prison for defrauding customers and is currently being held at the Metropolitan Detention Center in Brooklyn. #FTX #资产索赔