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FTX Bankruptcy: Key Dates For The $16 Billion Payout And Potential Market Effects
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FTX Bankruptcy: Key Dates For The $16 Billion Payout And Potential Market Effects

Ronaldo Marquez
Ronaldo Marquez
7 months ago
3 mins read
FTX

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On Monday, a US bankruptcy court officially approved the liquidation plan for cryptocurrency exchange FTX, allowing the company to repay its customers using approximately $16 billion in recovered assets. 

This decision comes at a critical time for the crypto market, as creditors are poised to receive more than $12 billion through the court-sanctioned payout plan, raising the possibility that some of these funds could be reinvested into the digital asset ecosystem, potentially influencing market prices.

Market Awaits FTX Liquidation Impact

In June, FTX reported having $12.6 billion available for customer repayments, a figure that could increase to $16.5 billion as additional assets are identified and liquidated. 

The initial distribution of around $1.1 billion, while relatively modest, is expected to provide support for Bitcoin (BTC) and other cryptocurrencies such as Solana (SOL) and Ethereum (ETH), according to Alex Thorn, the head of research at Galaxy Digital Holdings.

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Benjamin Celermajer, co-chief investment officer at Magnet Capital, also noted that the upcoming payouts “effectively provide liquidity to known crypto traders”. He highlighted the likelihood that some of these funds will flow back into the cryptocurrency market, potentially acting as a price catalyst for “liquidity-starved assets.”

However, it is important to note that the repayments from FTX will not occur immediately. Bloomberg reports that the exchange must establish a trust and hire a company to oversee the distribution process. 

Repayments Expected To Take Years?

Galaxy Digital says payments to smaller creditors may begin as early as December, while larger claims will be addressed in the first half of next year. Some remaining claims could take up to three years to resolve.

Research firm K33 has estimated a “latent demand from FTX reallocators” of around $2.4 billion. However, they caution that the impact on the crypto market may be “soft” due to the staggered nature of the repayments expected over the next year.

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In a related development, Caroline Ellison, the former CEO of FTX’s trading arm, Alameda Research, has agreed to hand over her assets to the exchange’s debtors to settle a claim brought against her by the FTX bankruptcy estate. 

Ellison has reached a settlement that includes the transfer of her assets that have not already been confiscated by the government or used for legal fees, FTX said in a court filing on Monday. 

Ellison, who is also the former romantic partner of the now convicted Sam Bankman-Fried, also agreed to cooperate with the bankruptcy estate in current and future investigations. Upon completion of the settlement, Ellison will retain only certain physical personal property.

FTX
The daily chart shows FTT’s price volatility experienced in the past 48 hours. Source: FTTUSDT on TradingView.com

When writing, the defunct exchange’s native token FTT is trading at $2.25, down from an 8-month high of $3 reached after the bankruptcy plan was approved on Monday.  

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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