ChainCatcher news, according to The Block, BlockFi has completed the sale of FTX claims and is preparing for distribution to the final creditors.BlockFi's plan administrator and M3 Partners managing partner Mohsin Y. Meghji reported on the sale to the U.S. Bankruptcy Court in New Jersey on Monday. Meghji stated that the sale process began on June 24 and ended on July 10, with the "highest and best bid" determined at a price "far above its face value" and monetized through an undisclosed third party.In March, BlockFi reached a $874.5 million principle settlement with FTX and Alameda Research, allowing the plan administrator to begin planning subsequent distributions to BlockFi creditors based on expected value. The company stated that this sale will allow for a "recent" final distribution of 100% of eligible customer and general unsecured creditor claims in statutory form.

ChainCatcher news, according to Finance Feeds, CoinShares announced that it has successfully sold its FTX claims, resulting in a 116% recovery rate after deducting brokerage fees, bringing a return of £31.32 million on a claim amount of £26.6 million.The agreement was signed today and is subject to the usual closing conditions, the company stated, which will significantly enhance CoinShares' financial position.

ChainCatcher news, according to a report by Bloomberg, as of the end of January, the asset management company Attestor Limited holds approximately $394 million in FTX claims, making it the largest position among distressed debt investors.According to the documents and sources familiar with the matter, other creditors include Baupost Group, Farallon Capital, and Oaktree Capital. Based on pricing data from Cherokee Acquisition, Attestor has been purchasing FTX claims since at least March 2023, when the price was around 20% of face value.

ChainCatcher news, Ikigai Chief Investment Officer Travis Kling posted on X yesterday that the company sold its $65 million debt from the FTX fund because the price was "much, much higher" than expected. Kling did not disclose the price at which the company sold the debt, but reports indicate that some creditors could receive as much as 73 cents on the dollar, the highest price since FTX's collapse in November 2022. Kling stated that since the collapse of FTX, Ikigai has opened new subscriptions for existing investors for the first time, providing new funding. Ikigai has already reformed its business to prevent a repeat of a situation similar to FTX.Additionally, Kling noted that the market seems to be moving towards another bull market cycle. His biggest hope is that the industry does not mess up this opportunity. "What I worry most about is that if we mess it up again like last time, we may never get another chance."

ChainCatcher news, according to The Block, FTX's lawyers stated in new documents submitted to the Delaware bankruptcy court that the IRS should confirm its claims against FTX and explain how it estimated the so-called unpaid taxes. This is the latest step in a months-long dispute between the IRS and FTX's bankruptcy assets, focusing on how much the bankrupt trading platform and its affiliates owe the government in unpaid taxes.Although FTX claims it owes nothing to the IRS, the tax agency is seeking up to $24 billion, a claim amount that is more than three times the amount the agency currently owes to repay creditor losses. The lawyers stated in the documents that during FTX's three-year lifespan, it never distributed dividends or profits and "never earned any amount sufficient to support the IRS's claim of $24 billion in taxes"; instead, FTX lost a significant amount of money.

ChainCatcher news, according to finbold, FTX plans to sell approximately $100 million worth of cryptocurrency each week. This plan has not yet been finalized due to potential intervention from the SEC or other regulatory agencies.FTX currently holds about 10% of the total supply of SOL, valued at over $3.3 billion. Additionally, it holds BTC worth $742 million, ETH worth approximately $226 million, APT worth about $180 million, and XRP worth approximately $143 million.

ChainCatcher news, according to court documents cited by Bloomberg, Ross Rheingans-Yoo, a former trader at Jane Street who was hired by SBF to assist with FTX's charitable donations, stated that FTX owes him a remaining $275,000 bonus and denied allegations from FTX's new management that he assisted and conspired with SBF in misconduct while working with the company's charitable department. The dispute involves approximately $71.5 million of mixed funds from customers and the company, which FTX's bankruptcy advisors believe was taken by the exchange's charitable organization, the FTX Foundation, and a nonprofit called Latona Bioscience Group led by Rheingans-Yoo.

ChainCatcher message, encrypted KOL and former FTX community partner Benson Sun stated on social media that now medium-sized creditors of FTX (with claims between $100,000 and $1,000,000) can negotiate prices around 32%-37%, and it is a one-time payment, not in installments.In addition, he mentioned, "Typically, claim buyers tend to buy large size claims in one lump sum because the legal fees are relatively low, so medium and small creditors have less advantage in pricing. However, after the news from Anthropic came out, the secondary market for claims now feels a bit of FOMO, and claim buyers have even started purchasing medium and small claims."

ChainCatcher news, the off-exchange price of FTX claims has surged significantly, with the market's expected payout ratio for FTX claims more than doubling this year.According to data provided by crypto service provider Matrixport, creditors' expected payout ratio for FTX claims has risen to 37%, the highest level since FTX filed for bankruptcy at the end of 2022, far exceeding the slightly over 10% level at the beginning of 2023.

ChainCatch message, FTX releases more information regarding claims for derivative positions.In the initial customer claims plan submitted on March 15, 2023, it was assumed that all open derivative positions had been closed and included in the USD balance; whereas in the revised customer claims plan submitted on June 27, 2023, all open derivative positions as of the application date and time (November 11, 2022) were split into individual line items to show the number of contracts held by derivative code. This change does not alter or affect the total value of user claims, and the final USD equivalent valuation will be determined later.The purpose of the changes to the customer claims portal is to break down any derivative positions into separate line items for greater transparency.

ChainCatcher news, according to CoinDesk, the bankrupt crypto exchange FTX hopes to begin selling, staking, and hedging its large cryptocurrency assets to return funds to creditors in fiat currency rather than in Bitcoin or Ethereum.FTX aims to trade cautiously to avoid devaluing its over $3 billion in crypto assets, and is seeking to hire Galaxy Digital CEO Mike Novogratz as an advisor for assistance. These requests still require approval from the Delaware bankruptcy court.

ChainCatcher's Three Arrows Capital founder Zhu Su posted on social media, "The crypto claims and trading platform Open Exchange (OPNX) has successfully processed the first batch of FTX claims, and the spot FTX / oUSD market is now live."Previously, it was reported that OPNX has supported bankruptcy claims trading for FTX and Celsius Network. When users sell their claims, they will receive the platform's native tokens reOX or oUSD, which can be used as collateral for trading on OPNX.

ChainCatcher message, the FTX claims website https://claims.ftx.com is now back online. Individual customers can access their account information and then submit claims, which will be included in FTX's Chapter 11 bankruptcy proceedings. (Source link)

ChainCatcher message, FTX official announcement reminds that all official public communications from FTX debtors come from official company channels, emphasizing that claims.ftx.com is the only customer claims portal, and the website restart time will be determined by the debtors. Please be aware of phishing link attacks from other sources.The deadline for customers to submit claims has been set for September 29, 2023, at 4 PM (Eastern Time), and claims must be submitted before the deadline.This morning, the FTX claims portal was briefly online, but the website is currently unavailable. (Source link)

ChainCatcher news, the customer claims website launched by FTX went offline about an hour after going live for unknown reasons. Before going offline, the claims website stated that as of November 11, 2022 (the day FTX filed for bankruptcy in the U.S.), users would be able to access their account balances.Previous news, the FTX claims website went live on July 11, and FTT saw a significant short-term increase. (Source link)

ChainCatcher news, the FTX claims website has been launched, and FTT has seen a brief surge. According to market data, FTT is currently priced at $1.79, with an intraday increase of over 30%.Previously, ChainCatcher reported that the deadline for FTX debtors to submit customer claims proof is set for September 29, 2023, at 4:00 PM Eastern Time. To simplify the process for customers, claims can be submitted through the online claims portal. (source link)

ChainCatcher news, the FTX claims portal announcement states that the launch time has changed due to the revised submission schedule and will start services in a few weeks.Previously reported, FTX officials announced that they have launched an online claims portal, which will go live if the court signs an order regarding the relevant motion around July 3. (source link)

ChainCatcher news, the encrypted claims and trading platform OPNX tweeted that as of now, it has launched spot/futures services; without internal market makers (MM), the average daily trading volume has risen from $13.64 to $20 million; the native token OX has introduced the S2T4F model; The Herd staking and Celsius claims trading have been launched. Next, OPNX will introduce the Giga affiliate program, Justice Tokens, FTX claims trading, and more.It is reported that OPNX is a debt market founded by Zhu Su, which had only 2 transactions on its launch day, April 5, 2023, with a total trading volume of $1.26. (source link)

According to ChainCatcher, The Block reports that New York investment bank Jefferies Financial Group expects FTX creditors to recover about 20% to 40% of their funds, but it is anticipated that the fees for lawyers and other administrators in this bankruptcy process, which could last for several years, may reach between $500 million and $1 billion. Therefore, the net assets that creditors can recover may be between 10% and 35% of the assets they held on FTX.In addition, companies including Jefferies have stated that they have completed or are close to completing several transactions to acquire FTX creditor claims. (source link)