On November 11, 2022, FTX Trading Ltd., a former leader in cryptocurrency trading, collapsed into Chapter 11 bankruptcy after a liquidity crisis exposed mismanagement at the exchange and its affiliate, Alameda Research. Once celebrated as the 鈥淲hite Knight of Crypto,鈥 FTX and its founder, Sam Bankman-Fried, faced a modern-day bank run sparked by a leaked Alameda balance sheet, leaving millions of creditors unable to access their assets. Today, with a confirmed Chapter 11 plan and distributions underway, 黑料网鈥檚 marketplace offers FTX creditors a fast, fee-free way to convert claims into immediate cash.
At the Petition Date, FTX had over 100 different legal entities, each with separate creditors. Below we summarize the general claim types and their asserted amounts in the case. Although the case has not been substantially consolidated, similar claims against different legal entities are receiving similar recoveries under the confirmed Chapter 11 plan of reorganization.
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Creditors of FTX will receive a combination of cash payments and interests in a liquidating trust, designed to distribute any future recoveries. These future recoveries will depend on the continued monetization of estate assets, including cryptocurrency, fiat, venture capital investments, real estate, contractual rights to purchase tokens, and various claims and causes of action. Since the Petition Date, the FTX debtors have focused on converting these assets to cash through strategic sales and settlements, while minimizing the risk of market volatility, particularly in cryptocurrency assets. The聽FTX debtors have emphasized transparency and prudence in asset liquidation to maximize overall returns for creditors, though actual recovery percentages will vary depending on claim type and class and distributions will be made over multiple years. All FTX customer creditors must satisfy the FTX聽debtors' know your customer (KYC)聽requirements before they can be eligible to receive distributions.
Most creditors of the FTX聽debtors, have claims against either FTX Trading, Ltd. (international exchange customers), FTX US (U.S. exchange customers), or Alameda Research (digital asset loan customers). Claims against these different entities are generally being treated the same, so we have grouped similar creditors into the following table to increase clarity. Creditors with claims under USD聽50,000 will receive 119% of the Petition Date value of their claims within 60 days of the Plan effective date. 聽Any further upside in asset appreciation, namely higher values on venture investments, litigation recovery, crypto price appreciation, will benefit larger creditors.
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We firmly believe that every claim holder should be entitled to recover the highest possible amount on their claim. That is why we charge zero fees to claim holders to register, list, sell, or transfer claims or to access resources on the 黑料网 Marketplace.
While we focus on cases with existing buyer interest, we cannot guarantee that you will receive an offer or that a buyer will agree to purchase your claim. Interest in claims is highly dependent on individual claim attributes.
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