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Recently, FTX, which was trapped in debt disputes, has come on.
As we all know, the FTX explosion incident in October 22 almost ignited the entire media and investment circle, but by this year, in addition to the debtors, they still tirelessly paid attention to their trial incidents. With the various dark box operations of FTX, other people in the industry appeared in the industry.Most of them mention this agency with a rather contempt and judgment attitude.
And this news is just related to the creditor.The debtors finally got their wishes in recent days. In the latest trial meeting, the FTX party stated that it is expected to pay the creditor in full and expects that the funds will be paid before the end of the second quarter of 2024.The bad news is that they will not pay at the current price.On the other hand, unlike the previous caliber, FTX claims that it has been restarted, and this also makes it difficult for the holders of FTT to accept.
As far as this is concerned, this news is as normal as encrypted -some people are happy and some are worried.
FTX, the hidden hidden in the encryption market
In the encryption circle, FTX is undoubtedly an absolute star company. Before October 22, it could be called the upper class representative of the encryption circle, but after October, it became a tumor that everyone shouted by the encryption circle.
Regarding the FTX bankruptcy incident, I do not repeat them one by one, but briefly mention the total debt.On November 11, 2022, the FTX, which was the world’s second largest cryptocurrency platform at that time, announced the announcement of the official social media account that FTX trading companies, FTX United States, Alameda research companies and other approximately 130 subsidiaries have been in accordance with the “US bankruptcy law》 Chapter 11 Start launched a voluntary bankruptcy procedure in the court of Traveling.At that time, the Wall Street Journal stated that the FTX fund gap was about $ 8 billion.However, as the trial continues to deepen, the total debt has continued to grow, and the final claims are more than 36,000, and the total debt is about 16 billion US dollars.
High -amount arrears have a profound impact on the encryption circle. In fact, in the entire 2023, the crypto market is still digesting the negative effects of FTX. The most significant price performance is that Bitcoin once fell to $ 16,000 in 2023, and in FTX, in FTXAfter the first anniversary of the bankruptcy, the trading volume of the city’s business was almost cut, and the transaction volume of each exchange was reduced by half.In addition, the external effects of the continuous tightening of supervision and the continuous and deepening of the party game have appeared. It can be considered that FTX plays a key role in the shaping of the current encrypted layout.
Even after the passing of ETFs today, the debt selling of FTX has a great impact on the price of Bitcoin and other currencies, but with the development of selling, from the data point of view, this impact is gradually decreasing.As of January 22, 2024, the FTX institution has settled all 22 million GBTC shares held, including about 20,000 BTCs.
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At the end of August 23, the FTX public positioning data, Source: Coingecko
It is precisely because of the far -reaching impact that the restart of the FTX will be so much concerned. Although its own problems are heavy, the key to its cash flow is difficult to survive.It has been sitting on 9 million customer data, and restarting is not nonsense.
FTX’s restart “wolf is coming”, FTT “meme” first showed up
The discussion about restarting first started in January 2023. At that time, John J. Ray III, the newly appointed CEO of FTX, stated in a public interview that a special action team had been established to restart the exchange of the exchange of the exchange.FTX’s technology recognition.Of course, the FTX bankruptcy was still less than 3 months at the time, and the news did not have any water in the market.
Subsequent news about restarting.Not only the law firm of the official committee of the FTX unparalleled creditors held a repeated theme seminar on many restarts, some creditors also jumped out to say that they were positive for the restart. In the record document record of the FTXdetail.However, the optimism of creditors was mostly regarded as a settlement operation by the market. At that time, the FTX more details deepened their fraud and did not respect the impression of investors. The market still expressed high doubts about its restart.
Reverse trial from April.In the early morning of April 12th, Andy Dietdenerich, a lawyer from FTX Acting Law Firm Sullivan Cromwell, said at the court hearing in Tellawa that FTX has withdrawn $ 7.3 billion in assets, including $ 2 billion in cash, $ 4.3 billion A A.Cryptocurrency, $ 300 million securities, $ 600 million in investment, etc.It also mentioned in the court for the first time that FTX is considering reorganizing the exchange business at some point in the future, and FTX’s creditor is expected to convert its creditor’s rights into a re -open exchange shares.
It has been mentioned before that the market that the FTX funding of the FTX has been $ 8 billion, and it has recovered $ 7.3 billion in April, which undoubtedly injected a stitches into the market.Affected by this news, FTT rose rapidly, with a maximum of 3 USDT on the day, an increase of more than 90%.
Due to the highlights of FTX before, some investors firmly believe that it can come from scratch.In this context, the reorganization of FTX is undoubtedly huge for platform currency FTT, and the historical price of its former scenery makes investors full of imagination.Since then, restarting has become the keywords of FTT holders. As long as the news is restarted, FTT has shown a high rise. FTT’s MEME nature has begun to show, and FTX is not upside down, and it has been good.
In May, John J. Ray III confirmed the FTX 2.0 plan to restart the time latter; in June, a court file list showed that many companies including Nasdaq, Ripple, Bellede, etc.Restarting.Subsequently, on October 25, Bloomberg reported that FTX was restarting its trading platform with the three uninterpretable bidders.
People familiar with the matter showed that FTX, which has 9 million customers, received more than 75 institutions during the auction, but after multiple rounds of negotiations and considerations, three potential buyers finally stood out.These three are the Cryptocurrency Exchange, a Block.one who hire the former president of the New York Stock Exchange, Bullish Exchange, and Finance Technology startup Figure TechNologys, and the CETS and SUI crypto risk investment company PROOF, who has participated in the CELSIUS bankruptcy acquisition, invested in APTOS and SUI.Group.The acquisition offer will be delivered to the bankruptcy court of Travana for review, and it is finally established in mid -December 23rd.
On November 9th, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), publicly stated that it is possible to restart FTX within the scope of the legal framework.Under a series of favorable stimuli, FTT quickly pulled up by 40%within an hour that day.After the acquirer disclosure, the off -site users were also about to move. At that time, the community news said that FTX may pay at a discount (50%) of the price (50%) on the day of the bankruptcy on November 11, and it will need to pay about 5% of the handling fee.
With the support of various messages, the FTT price continued to be above $ 2. Even in December, the news of the Bahamas’ main liquidation was regarded by investors as a precursor. On December 11, FTT rose to a maximum of $ 5.54.
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Some communities are full of confidence in restarting, source: binance square
Restarting dreams, the creditor ushered in good news
But the beautiful dream of FTT finally stopped.
In the latest announcement documents on January 28, the file shows that the compensation of FTX was in the second quarter of 2024, but it cannot be fully repaid all the losses of the creditors. At presentIn the liquidation.
It is worth noting that the FTT’s recovery of FTT is clearly described in the file, indicating that the basic value of FTT is zero.The court believes that FTT is only a practical token. It is not worth any value outside the current operating exchange. Any current FTT market price is speculative.In other words, FTT is an air coin, and there will be no FTX exchange with FTT as the platform currency in the future.Even if FTX restarts as a 2.0 platform, FTT will not have any relationship.In fact, in terms of regulatory requirements of the United States, the compliance exchanges should not have the issue of coins, which is why Coinbase chooses the capital approach to listing.
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FTX trial file record, source @phyrex_ni
More cruel news followed. On January 31st, at the latest court hearing, FTX lawyer Andrew Dietdenerich said that FTX does not intend to restart the platform.There are not many people who are interested in.It also stated that although FTX has a large number of customer resources, the team still cannot find investors who are willing to invest in huge funds to restart the exchange.
Under the news of determining the hope of restarting hope, FTT was severely frustrated, and once fell to $ 1.65, and now reported to $ 1.73, a decline of 37.44%within 7 days.
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FTT price fell rapidly, source: binance
But unlike the sadness of FTT holders, the claims of the creditors ushered in good news.
As the encrypted market continues to rise in recent months, the FTX party said that it is expected to have enough funds to pay all the approved customers and creditors for claims in full.This part has recovered assets over $ 7.83 billion.
Of course, although the assets are enough to pay, it is clear that the creditors will not compensate according to the highest market value. Instead, it is based on the date value of the application for claims. This date is concentrated around November 22.For example, when the FTX announced bankruptcy, most currencies had undergone a huge depreciation. The BTC quotation was about 16,000 US dollars, but now the BTC has reached 43,000 US dollars.The price of the submitted recovery is the benchmark. In addition, the compensation is based on the US dollar. The US bankruptcy judge John Dorsey ruled that the scale of each claim will be based on the amount of the customer or creditor owed by the FTX application for bankruptcy.
The coin -based place becomes the US dollar. The method of paying for this, naturally there are creditors who have expressed dissatisfaction.However, at least because of the current market, FTX is enough to obtain the debt of funds to pay for the bear market. Even if the payment is not the highest, it is undoubtedly unfortunate for creditors.However, according to a lawyer, full payment is not a guarantee, but just a goal. Whether you can pay for compensation still need to be based on specific circumstances.
Looking back on the SBF that has been jailed, maybe only for 3 months, the ending is not the same as the same day, but it is difficult to suspend time, and the world will be difficult to come back.The person fell into the hammer.Recently, the FTX announced the flow of $ 400 million in cryptocurrencies on the day of bankruptcy. The theft was a large -scale SIM card criminal gang, not the SBF in the previous guessed, and then superimposed the information of FTX.What do you feel about SBF in 115?
As for FTT?The hype should also come to an end, because whether it is restarted or not, the currency has been declared worthless, let alone that it will not restart.But in the end, FTT may not be zero, and as a Meme symbol, after all, in the encryption market, everyone can make Meme, and animal currencies can be rampant. Isn’t it more in line with the standards with legendary FTT?
