The story of FTX continues, now we are closer to the repayment of the debts, apparently the company now has more than enough to pay their customers and compensate with interests.
FTX Raised Billions of Dollars to Pay Debts
Everyone in the crypto world knows about FTX and the effects it had for everyone. Currently they are being run by restructuring advisers who had recommended to set a fund to pay creditors.
The exchange sold various venture capitals. After selling, they will have 16 Billion dollars to repay the debt that was originally 11 Billions.
Who's the biggest beneficiary?
Believe it or not, it's not the original customers, but very savvy bankruptcy traders that bought claims at a cheap price before FTX filed for bankruptcy. The funds bought worth millions of dollars are expected to make a profit, while the original claimers are not actually happy about this deal.
Sure, they will receive something, and an extra compensation, it doesn't cover the losses when it comes to that prices in the market. The debt is being paid based on the old pricing of the tokens, which was very low in the middle of a bear market, and have now go up around of 200%.
As reported, the debt will be paid with interests, but nothing will be left for equity holders.
FTX went from a giant of crypto to a huge fiasco that has hurt the view on crypto very badly. They efforts to clear the debt are seen, something is better than nothing could we say, but the solution is solution is not actually fair to the customers and the stain remains the same. Hopefully everyone affected will be able to recover not just their investment but their gains.
Hope you liked it, until the next time
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