Crypto Debt Investors Hustle to Purchase $250M Worth of FTX Claims Amid Bankruptcy
The crypto exchange FTX has seen a surge in interest from debt investors amidst its ongoing bankruptcy, with investment firms such as Silver Point Capital, Diameter Capital Partners, and Attestor Capital purchasing over $250 million of FTX debts in 2023. This rush is due to the belief that the firm’s bankruptcy resolution could unlock additional value. However, the exact worth of a collapsed crypto firm like FTX remains uncertain.
The price of some FTX claims has dramatically increased this year, with low-ranking FTX claims jumping 191% from $0.12 in early 2023 to about $0.35 in recent weeks. Furthermore, investors have been buying rights to FTX crypto accounts with assets stuck on the platform after FTX suspended all withdrawals in November 2022.
Though bankruptcy resolution can be a lengthy process, with some crypto bankruptcies taking years to settle, investors remain optimistic. Amidst this, FTX restructuring executives are reminding investors to complete the claims process through the FTX Customer Claims Portal by the deadline of Sept. 29, 2023.
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