Some ftx_official creditor claims are being bought for 13 cents on the dollar, on crypto bankruptcy marketplace Xclaim. By thesamreynolds
The $91.7 million in FTX creditor claims listed on the claims trading marketplace Xclaim will likely get around 13 cents on the dollar, according to data released by the site.
According to Xclaim’s chief strategy officer, Andrew Glantz, this discount is occurring because there’s less public information available about the claims. Despite this, Glantz says there remains interest in FTX creditor claims, and around 80 new buyers have been onboarded in the last month as a result. This pool of buyers includes hedge funds, and specialized traders that are “generally well known in the restructuring community”.
“You’ve got competing interests from BlockFi to SBF to creditors arguing over who owns Robin Hood shares and the government going and,” Glantz told CoinDesk, predicting that this could be before the courts for a decade. “With all of these little skirmishes, each one of those shifts potentially shifts value from one group of creditors to another group of creditors.”
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