On Monday, a US bankruptcy court approved a liquidation plan for the cryptocurrency exchange FTX. This decision allows FTX to repay its customers using approximately $16 billion in recovered assets. The creditors are expected to receive more than $12 billion, raising the possibility of reinvestment into the crypto market.
In June, FTX reported $12.6 billion available for customer repayments, potentially increasing to $16.5 billion with additional asset identification. The initial distribution of $1.1 billion could support cryptocurrencies like Bitcoin, Solana, and Ethereum.
Alex Thorn from Galaxy Digital Holdings expects this distribution to provide needed liquidity. Similarly, Benjamin Celermajer from Magnet Capital notes that these payouts could act as a price catalyst for "liquidity-starved assets." However, full payouts may take years.
According to Galaxy Digital, smaller creditors might start receiving payments by December, with larger claims addressed next year. Complete resolution might take up to three years, which could soften the impact on the crypto market.
Caroline Ellison of FTX's trading arm, Alameda Research, agreed to hand over personal assets to the exchange's debtors, settling claims brought by the FTX bankruptcy estate. Ellison will retain certain personal property and cooperate with current and future investigations.
Fuente: www.newsbtc.com ↗