Los reembolsos de FTX a los acreedores podrían ser un catalizador de liquidez para el mercado de cifrado
El juez de quiebras estadounidense John Dorsey dio luz verde a FTX para pagar al 98% de sus clientes utilizando 16.500 millones de dólares en activos recuperados después de que la bolsa se declarara en quiebra.
El plan de acuerdo, denominado “liquidación”, implica una serie de acuerdos con clientes de FTX, agencias gubernamentales de EE. UU., acreedores y liquidadores designados para cerrar las operaciones de FTX fuera de EE. UU. Se espera que el proceso de acuerdo se complete dentro de los sesenta días posteriores a el plan entra en acción.
El proceso de distribución de FTX a los acreedores podría comenzar pronto
Los Deudores de FTX anunciaron hoy que el Tribunal de Quiebras de los Estados Unidos para el Distrito de Delaware confirmó el Plan de Reorganización de FTX. Lea sobre esto aquí: https://t.co/kETV0rgs0v
- FTX (@FTX_Official) 7 de octubre de 2024
The plan highlights creditors who held a balance of $50,000 or less in digital assets on the exchange when the company went under. Although the proposal was approved, the effective date of execution remains unknown.
The exchange collapsed due to mismanagement of funds by the company executives. According to court documents, FTX founder and former CEO Sam Bankman-Fried channeled customer deposits to his trading firm Alameda Research to cover over-leveraged positions. The court found Sam guilty of looting depositors’ funds and sentenced him to 25 years.
The U.S. Department of Justice confiscated $1 billion during Sam Bankman-Fried’s criminal prosecution. FTX has been in talks with the government department over the seized funds, which include proceeds from a $626 million liquidation of Robinhood Inc. stock, previously purchased by Sam Bankman-Fried and FTX co-founder Gary Wang.
From the proceeds, about $230 million of seized funds could potentially be used to repay FTX shareholders, who would normally receive no compensation after a bankruptcy filing.
FTX also went after former Alameda Research CEO Caroline Ellison for her assets. The exchange filed a motion on October 7th asking the court to approve a settlement agreement with the executive. The agreement obliged Ellison to transfer all her remaining assets, excluding physical property. Ellison concurred with the settlement and consented to collaborate with the investigators. The motion did not, however, specify the value of the assets that Caroline would forfeit.
FTX liquidation proceeds could flow back to the crypto market
FTX estimates it will have between $14.7 billion and $16.5 billion available to refund creditors. The funds are enough to pay customers between 118% and 142% of the value of digital assets in their accounts as of November 2022, when the company filed for bankruptcy.
Benjamin Celermajer, co-chief investment officer at Magnet Capital, noted that some of the funds will flow back into the crypto market, bringing a new liquidity catalyst to the market.
FTX creditors will not gain access to their funds immediately. The reimbursement process will involve the insolvent exchange establishing a trust and bringing in a third-party company to manage the distribution process. There’s a speculation that smaller creditors may begin to receive their refunds before the year ends, while larger creditors may see a settlement in the first half of next year.
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