FTX Group Enters Final Stage of Bankruptcy Liquidation, FTX Credit Prices Soar
FTX Group is currently in the final stage of bankruptcy liquidation, and FTX credit prices have rapidly increased. This is partly due to the recovery of the cryptocurrency market, especially the significant increase in the price of SOL, which is heavily held by FTX. SOL has now become the fifth largest cryptocurrency by market value, surpassing Ripple (XRP), bringing a glimmer of hope to millions of FTX users and creditors.
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FTX Credit Prices Soar
Unknown Factors Regarding FTX Claims
FTX Credit Plunged to Only 10 Cents After Closure
Driving Force Behind Credit Increase: Anthropic Shares, SOL
According to Cherokee Acquisition data, FTX credit market prices have risen from 50 to 53 cents per dollar at the end of October to the current range of 57 to 73 cents per dollar.
This price increase seems to be related to the latest update from FTX bankruptcy administrators on October 16th. This update indicates that if the revised plan is approved, customers of FTX.com and FTX US will collectively receive “over 90% of the globally distributable value.”
Cherokee’s directors pointed out that despite the rise in FTX credit market prices, it is still unclear how much funding distribution the creditors will eventually receive and when the distribution will take place.
After FTX’s closure in November last year, founder SBF was arrested for fraud and is currently awaiting judgment. After the bankruptcy, FTX credit market prices plummeted to as low as 10 cents per dollar.
Other factors driving the increase in claim prices include FTX’s ownership stake in the artificial intelligence startup Anthropic, which has received support from investors including Google and Amazon.
(SBF-backed AI startup Anthropic’s valuation increased fivefold, giving FTX customers the opportunity to recover more money!)
Furthermore, FTX is also a major holder of the cryptocurrency Solana, which has risen over 650% this year. Prior to FTX’s bankruptcy, Solana’s trading price was less than half of its current value.
FTX
SOL
Credit
Compensation