ChainCatcher news, according to The Block, former FTX user Alexander Nikolas Gierczyk has filed a lawsuit in the U.S. District Court for the Southern District of New York, accusing the hedge fund Olympus Peak of violating an agreement regarding additional bankruptcy claim proceeds. It is reported that Gierczyk transferred his bankruptcy claim worth $1.59 million to Olympus Peak at a 58% discount in November 2023.Recently, U.S. Bankruptcy Court Judge John Dorsey in Delaware approved the FTX asset restructuring plan. The plan is expected to repay FTX creditors between 129% and 146% of the claim value at the time of the bankruptcy filing in fiat currency. According to the lawsuit documents, based on this repayment ratio, Olympus Peak is expected to profit between $1.1 million and $1.4 million from Gierczyk's claim.The lawsuit documents indicate that although Gierczyk transferred the claim at a discount, the agreement with Olympus Peak included an "excess claim clause." This clause was originally intended to allow Gierczyk to receive additional compensation in the same proportion if the bankruptcy distribution exceeded expectations. However, the plaintiff's attorney stated that Olympus Peak has explicitly indicated it will not fulfill its obligations under this clause.

ChainCatcher news, according to the official announcement from Terra, in the Chapter 11 bankruptcy cases of Terra Form Labs Pte Ltd (TFL) and Terra Form Labs Limited (TLL), the preliminary deadline for crypto loss claims is 5 PM Eastern Time on August 21, 2024 (5 AM Beijing Time on August 22).If claims against TFL arise before January 21, 2024, or claims against TLL arise before July 1, 2024, please submit your claims before this deadline. This deadline is only for voting on the Chapter 11 plan.

ChainCatcher news, according to Bloomberg, the claim prices of the bankrupt cryptocurrency exchange platform FTX Group have significantly risen in the secondary market, up to 73%, with the current trading price range between 57 cents and 73 cents.

ChainCatcher news, cryptocurrency exchange BitMEX has launched a prediction market that allows traders to bet on the outcomes of real-world events. As of September 13, there are three prediction market contracts available for trading: the recovery rate of FTX bankruptcy claims, the likelihood of a Bitcoin exchange-traded fund being approved on or before October 17, and the probability of SBF going to prison, with more contracts to be added in the future.

According to ChainCatcher, as reported by Unchained, the U.S. Trustee, the department overseeing the bankruptcy process, opposed FTX's motion filed in August regarding "the desire to begin selling, staking, and hedging its large cryptocurrency assets to return funds to creditors in the form of fiat currency rather than Bitcoin or Ethereum" in a court document dated September 7. A hearing on FTX's motion is scheduled for September 13.Previously reported by ChainCatcher, FTX stated in late August that it hoped to begin selling, staking, and hedging its large cryptocurrency assets to return funds to creditors in the form of fiat currency rather than Bitcoin or Ethereum. These requests still require approval from the Delaware bankruptcy court.

ChainCatcher news, the bankrupt crypto lending platform BlockFi stated on its social media that the attack on the bankruptcy claims agent Kroll also led to the leak of some customer data from BlockFi, but BlockFi's internal systems and customer funds were not affected.BlockFi reminds users to upgrade their security measures and be vigilant against scams such as phishing emails.

ChainCatcher message, FTX stated that a cybersecurity incident occurred at the bankruptcy claims agent Kroll, resulting in the leakage of non-sensitive customer data of some claimants in the bankruptcy case.Kroll is directly notifying affected individuals to be vigilant against phishing emails, while FTX's own systems were not impacted by this incident.

ChainCatcher news, court documents show that after the U.S. trustee opposed a previous motion, the FTX debtors modified the settlement proposal.In the latest proposal, the debtors will list the U.S. trustee as an interested party and reduce the maximum settlement value of the claims covered by the procedure from the previous $10 million to $7 million. The debtors will also submit monthly reports on the executed settlements. Any objections from the interested parties will need to be resolved or settled through a court order before the claims process can proceed.

ChainCatcher news, according to the Wall Street Journal, Celsius Network has reached a settlement agreement regarding the claims plan, which will resolve customer claims arising from fraud allegations by increasing the compensation amount by 5%. A total of 30,000 claims will be addressed, with a total claim amount of $78 billion.The report states that Celsius will receive court approval for the settlement agreement at the hearing on August 10. Additionally, Celsius's restructuring plan confirms that the hearing will take place in October.

ChainCatcher news, according to CoinDesk, users holding assets on FTX and Celsius Network can now trade their claims on the crypto claims and trading platform Open Exchange (OPNX), founded by Three Arrows Capital co-founder Zhu Su and others.It is reported that 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. (Source link)

ChainCatcher news, according to a creditor notice released by accounting giant Ernst & Young on Friday, users of the bankrupt Canadian cryptocurrency exchange Quadriga CX will soon receive checks for 13% of their claims. The interim distribution to users will account for 87% of the funds currently held by the trustee of the collapsed exchange.Ernst & Young's documents show that Quadriga's estate owes CAD 303.1 million (USD 222.3 million) in claims involving 17,648 creditors, including Canada Post and the country's tax agency (CRA). (Source link)

ChainCatcher news, according to CoinDesk, the bankrupt Canadian cryptocurrency exchange QuadrigaCX will begin interim distributions for some users, with Ernst & Young as the trustee of the company's assets. In the coming week, Ernst & Young will release the procedure for QuadrigaCX users to submit distribution claims. According to the bankruptcy process, some users' claims may be modified, but they can appeal the modifications. (Source link)

ChainCatcher news, bankruptcy claims trading platform Xclaim announced the completion of a $7 million Series A funding round. Xclaim allows trading of major bankruptcy creditor claims, including FTX, Genesis, and BlockFi. Currently, the claim price for FTX is 19 cents, up from 13 cents earlier this year, while Genesis is at 52.5 cents and BlockFi at 18 cents. (source link)

ChainCatcher news reports that a knowledgeable source indicates that distressed asset funds can purchase FTX bankruptcy claims in the private OTC market for up to 20 cents on the dollar (with a claim investment valuation of 20%).Some public bankruptcy markets value the trading of distressed FTX assets at around 16% of the claim's face value. Individual claims listed for sale on the platform Xclaim reach up to $27 million.An anonymous FTX creditor stated that pricing in the private OTC market is similar, with distressed asset funds buying at prices between 15% and 20% of the claim's face value. "Their expectation is that it will take five years to get the funds. If these funds ultimately achieve a 25% return in five years, that's not a great deal, as the annual return is only around 5%. I believe many of these companies expect to recover about 50% of the claim's face value." (source link)

ChainCatcher news, the crypto bankruptcy claims trading market Xclaim indicates that thousands of customers from several bankrupt crypto exchanges, including FTX, BlockFi, Celsius, and Voyager, have listed their accounts for sale, totaling over $200 million in crypto assets.It is reported that Xclaim was founded by Matthew Sedigh in 2018 to allow crypto traders to unlock the value of frozen accounts through cash-settled accounts. Currently, over 15 million account holders globally hold approximately $30 billion in crypto bankruptcy claims. (Source link)