FTX Users May Soon be Getting Their Money Back! (But There’s a Catch)
TL;DR
-
The brand new managers of FTX have not too long ago recovered $7 Billion USD in complete property in response to a courtroom submitting dated Sept 11.
-
The excellent news? In complete, 36k clients have filed a declare, for a complete of $16B, which the corporate now owes. $7B received’t reimburse everybody, nevertheless it’s a stable begin.
-
The unhealthy information? From the $7B recovered, $3.4B are crypto property, and FTX is now trying to promote all of it – and all of that promoting might drag quite a lot of the crypto market down.
Full Story
This has huge “you possibly can’t have your cake, and eat it too” vibes…
The brand new managers of FTX have not too long ago recovered $7 Billion USD in complete property in response to a courtroom submitting dated Sept 11.
The excellent news? In complete, 36k clients have filed a declare, for a complete of $16B, which the corporate now owes. $7B received’t reimburse everybody, nevertheless it’s a stable begin.
The unhealthy information? From the $7B recovered, $3.4B are crypto property, and FTX is now trying to promote all of it – and all of that promoting might drag quite a lot of the crypto market down.
But it surely’s not set in stone simply but, and there are two issues to remember:
-
FTX wants to attend for approval from the Delaware Chapter Court docket earlier than it might probably begin promoting (that call might be made later at the moment).
-
Even when it does get accepted, the $1.16 billion in Solana and $137 million in Aptos that the corporate is attempting to promote are largely composed of vesting tokens – that means they’re locked up.
So whoever buys them will primarily be shopping for the best to promote them as they’re slowly unlocked in $9.2M chunks, month by month.
So…
Cake? Sure: FTX would possibly lastly have the ability to reimburse the customers it scammed.
Consuming mentioned cake? No: by promoting these property to pay again customers, FTX might drag down the market cap of whichever tokens they personal.
