今年6月，这家破产的交易所有126亿美元可以返还给客户，在发现并出售其所有资产后，FTX's payments are about to be in place, and some analysts predict that these payments are very likely to flow back into the currency circle.
The creditors of the bankrupt crypto exchange FTX will receive over $12 billion in payments according to the court-approved payment plan in the coming months, increasing the possibility that some of the cash may be reinvested in digital assets.
Earlier, a US court judge approved FTX's restructuring plan, allowing it to repay creditors for the first time, involving an amount exceeding $14 billion.
In June this year, the bankrupt exchange will be able to return $12.6 billion to customers. After discovering and selling all its assets, this figure may reach $16.5 billion, as the price of Bitcoin has increased 2.6 times since FTX collapsed, making the proceeds from asset sales higher than estimated.
According to FTX's disclosed information, the group has retrieved $14.7 billion to $16.5 billion, while the creditors' claims amount to $11.2 billion. Therefore, under the restructuring plan approved by Judge John Dorsey, 98% of creditors can receive 119% of the reported amount as of November 2022. FTX CEO John Ray III stated that the group's goal is to repay all debts and interest to all non-government creditors.
Cryptocurrency traders are now looking for sources of volatility to break Bitcoin and other tokens out of their long-term downtrend. Although October is typically a strong period for digital assets, the indicators for the top 100 tokens have fallen by 3% this month, increasing the possibility that the rebound in the crypto market, which has been ongoing for a year, is losing momentum.
Benjamin Celermajer, co-chief investment officer of Magnet Capital, said that the expected payment by FTX is actually providing liquidity to known crypto traders. We are likely to see some funds flowing back into the crypto market, potentially providing a price catalyst for markets suffering from a lack of liquidity.
It is worth noting that repayment will not occur immediately, as FTX must first establish a trust and hire a company to oversee the fund allocation process.
Galaxy stated that transfers to smaller creditors could start as early as December, while transfers to larger creditors will be completed in the first half of next year. The company mentioned that the remaining claims might take up to three years to resolve.
Research firm K33 estimated the potential demand for 'FTX reallocation' to be $2.4 billion, but cautioned that the current impact on the crypto market might be 'mild' as payments will be phased throughout next year.
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