The New York Times: Wall Street investment banks such as Jefferies are seeking to acquire FTX user claims at a low discount price

ChainCatcher news reports that, according to The New York Times, several Wall Street institutions, including the well-known investment bank Jefferies, broker Seaport Global, and BTIG, are trying to assess the potential value of trapped assets on the FTX platform, seeking to acquire their claims from users at a discount. Once a deal is reached, these brokers expect to sell the related assets to professional hedge funds.

The New York Times states that due to the extremely complex bankruptcy proceedings of FTX, customers may need years to recover their funds, and they are likely to receive only a small portion of their deposited funds as compensation. Wall Street brokers hope to purchase customer asset claims at a discount, a common practice in bankruptcies, allowing investors to recover some funds more quickly by transferring their claims to professional firms willing to participate for greater profits. However, given the uncertainty of the bankruptcy process, it remains questionable whether any funds on the FTX platform can be smoothly recovered, and currently, investment banks/brokers are only willing to acquire customer claims at less than 10% of their value. (Source link)