FTX creditors rekindle hope? FTX creditors' OTC trading recovery rate exceeds half!

Thomas Braziel, who specializes in researching FTX debt claims, stated that some FTX creditors are valuing their claims in over-the-counter (OTC) trades at over $0.5. A price exceeding $0.5 indicates that the market expects creditors to potentially recover around half of the current user assets.

According to a report from The Block, Braziel, a partner at 117 Partners, stated that in last Friday's auction, FTX claims worth over $20 million were sold at a price of around 52 cents, indicating a market estimated claim rate of 52%. However, only the "largest, cleanest claims" were able to fetch this price.

In a January X pre-push poll, most respondents expected a claim payout rate of only 25%. But the FTX restructuring team posted earlier this month that Anthropic, an AI startup previously invested in by SBF for $580 million, was raising funds from Google at a valuation of $20-30 billion, bringing FTX's equity value to $3-4.5 billion. This gives FTX customers a chance to get back more money and ignites hope for FTX creditors.

With the current CEO John Ray III leading the FTX restructuring team, they are trying to recover funds and have begun selling tokens and liquidating other FTX assets.

However, according to court documents recently filed by the restructuring team, there is an estimated $9 billion shortfall in compensation funds, with FTX.com creditors, including those from Taiwan, having a shortfall of about $8.9 billion. FTX admits that FTX customers still cannot recover the full amount, and the losses for FTX.com users are proportionally greater.

Details of FTX's accelerated compensation plan: How to address the $9 billion compensation fund shortfall?

SBF's criminal trial is still ongoing, with the court taking a break these days and the trial set to resume on Thursday.