FTX liquidation plan receives court approval

Good news for FTX customers as they will be fully repaid as nearly $16 billion in assets have been recovered.

That’s also great news for vulture funds that were buying up bankruptcy claims for around 10-cents on the dollar. That has to sting with around $425m in claims changing hands. Bitcoin was trading at about $16,000 at the time of bankruptcy so that has to be factored in as well.

From this report it’s not clear if customers will get more than their initial deposits, as was previously reported.

The biggest sting in all of it could be that FTX had a majority stake in the AI star Anthropic. Given that it’s close behind OpenAI — which just raised money at a $150 billion valuation — the stake in that company alone could eventually be worth more than $16 billion alone. That stake was sold earlier this year for $884 million in what suspect will prove to be a shrewd investment.

This article was written by Adam Button at www.forexlive.com.



Source link