FTX news raised FTT by 100 percent: Is it real or gossip?
As the time for repayment approached on the FTX exchange, which went bankrupt at the end of 2022, rumors and news on the subject began to increase. The claims that the payments have reached 16 billion dollars and will start as of today have seriously increased the FTT token. But the facts are different...
The FTX bankruptcy, which caused Sam Bankman-Fried to be sentenced to 25 years in prison, still continues to affect the markets after about 2 years. Critical dates regarding the payments expected to be made to victim investors in the stock market, which went bankrupt in 2022, are approaching.
Social media gossip created expectations
Especially the news of the accounts with large followers on X "FTX payments start. 16 billion dollars will enter the crypto market" created expectations for investors. This expectation also increased FTT, which is FTX's own token and rose to $50 for a period, by 115%. FTT price rose from $1.38 to $2.99.
Not 16, 12.7 billion dollars...
However, when a short study is done, it is seen that this news is not very true. For example, the amount of payment that FTX will make after the approval of the bankruptcy court is not 16 billion dollars, as stated in many tweets and news. According to the information in the court files, the total amount of payments will be 12.7 billion dollars.
However, the payment plan is still not approved. A hearing will be held on this issue on October 7 and the plan will be formalized after the land here. It had already been decided that the payments would be cash. Some investors even objected to this and filed a lawsuit against this decision.
Some of the debts were bought
On the other hand, a significant part of this money has actually already been paid... Because it is known that there are those who buy debts early and cheaply in such bankruptcy processes. In other words, the official creditors of a section of FTX have already transferred their rights to others cheaper, before the court decision has been issued... Those who buy the rights early and cheaply will have made a profit with the start of real payments.
It seems that about 5.5 billion dollars in debt has been sold in advance. In fact, it is stated that most of those who buy these debts are not crypto investors and do not intend to invest in this field with the money they have.
There is a payment at the end of 2024, but...
There are also certain levels in creditor payments. For example, it is expected that people who have a receivable of less than 50 thousand dollars will be paid as of the last quarter of this year, but it seems that the business will fall into 2025 for creditors over 50 thousand dollars. Both of these sides are expected to receive a total of 10 billion payments.
He states that the remaining payments worth 2.5-3 billion dollars will be spread over 2-3 years.$FTT
As a result, the transfer of 16 billion dollars of cash to creditors on October 1 is not accurate news. Therefore, this amount will not enter the crypto market at once.
