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TL;DR
The brand new managers of FTX have not too long ago recovered $7 Billion USD in complete property in keeping with 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 gained’t reimburse everybody, however it’s a stable begin.
The dangerous information? From the $7B recovered, $3.4B are crypto property, and FTX is now seeking to promote all of it – and all of that promoting may drag loads of the crypto market down.
Full Story
This has massive “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 keeping with 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 gained’t reimburse everybody, however it’s a stable begin.
The dangerous information? From the $7B recovered, $3.4B are crypto property, and FTX is now seeking to promote all of it – and all of that promoting may drag loads of the crypto market down.
However it’s not set in stone simply but, and there are two issues to bear in mind:
FTX wants to attend for approval from the Delaware Chapter Court docket earlier than it could possibly begin promoting (that call can be made later as we speak).
Even when it does get authorized, the $1.16 billion in Solana and $137 million in Aptos that the corporate is making an attempt to promote are largely composed of vesting tokens – that means they’re locked up.
So whoever buys them will basically be shopping for the fitting to promote them as they’re slowly unlocked in $9.2M chunks, month by month.
So…
Cake? Sure: FTX would possibly lastly be capable to reimburse the customers it scammed.
Consuming mentioned cake? No: by promoting these property to pay again customers, FTX may drag down the market cap of whichever tokens they personal.
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