{"id":508903,"date":"2022-11-16T19:56:06","date_gmt":"2022-11-16T19:56:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=508903"},"modified":"2022-12-09T11:04:21","modified_gmt":"2022-12-09T16:04:21","slug":"this-firm-offers-8-to-12-cents-on-a-dollar-of-ftx-user-deposit-claims","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-firm-offers-8-to-12-cents-on-a-dollar-of-ftx-user-deposit-claims\/","title":{"rendered":"This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn&#8217;t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered.<\/p>\n<p>Several Users are in a panic due to their funds. However, the latest report revealed that <a href=\"https:\/\/www.cherokeeacq.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Cherokee Acquisition<\/a>, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only recover a fraction of their total assets holdings.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/indicator-us-investors-sold-bitcoin-harder-crash\/\" target=\"_blank\" rel=\"noopener \">This Indicator Hints US Investors Sold Bitcoin Harder Than Others During Crash<\/a><\/div>\n<p>Cherokee Acquisition has a marketplace for credit claims against bankrupt companies like FTX Exchange. The firm placed a guide price on a dollar of FTX user&#8217;s deposit claims above $100,000 in the new price table released on November 15.<\/p>\n<p>The guide price is between 8 to 12 cents on every dollar of the deposit claims. This is an option for FTX&#8217;s creditors who cannot wait till the full resolution of the bankruptcy proceedings to recover their assets.<\/p>\n<h2>Low Price indicates A Low Probability Of Retrieving User Credit Claims<\/h2>\n<p>When a firm files for Chapter 11 bankruptcy protection, impatient creditors may sell their credit claims to distressed asset investment companies like Cherokee Acquisition. The distressed assets investment funds place value on the credit claims so that while the creditors can recover parts of their assets, they too can make a profit after redeeming the allegations.<\/p>\n<p>However, Cherokee Acquisition&#8217;s guide price for the FTX credit claims is relatively low compared to what other bankrupt companies&#8217; users may get. It suggests an almost zero probability for users to retrieve their funds. Celsius Network&#8217;s Earn account holders may receive about 20 cents on a dollar after selling their claims. Voyager Digital&#8217;s creditors may also get 40 cents on a dollar for their credit claims.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-511285 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?resize=931%2C600\" alt=\"\" width=\"931\" height=\"600\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?w=931 931w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/ftx.jpg?w=750 750w\" sizes=\"(max-width: 931px) 100vw, 931px\">Thomas Braziel, the managing partner at 507 Capital, a distressed corporate specialist firm, commented on the meager price tag of FTX&#8217;s credit claims. However, he said the price might be too high for potential buyers.<\/p>\n<p>According to Braziel, no one is buying the FTX credit claims at that price. Braziel highlighted that the best market price for the deposit claims to be between 3 and 5 cents.<\/p>\n<h3>The FTX Crisis, How It Started, And How It&#8217;s Going<\/h3>\n<p>FTX is a conglomerate of over 130 firms that filed for bankruptcy on Friday. The FTX issue began after the firm&#8217;s use of customers&#8217; deposits for investing and lending without their approval came to light.<\/p>\n<p>The firm&#8217;s balance sheet also found a deficit of $10 billion. As a result, FTX went bankrupt with funds from large firms, such as Genesis Trading, Galois Capital, and Ikigai Asset Management, stuck on its platform.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/press-releases\/when-will-ripple-reach-the-bottom-xrp-price-drops-to-0-35-these-tokens-might-be-worth-more-in-2023\/\" target=\"_blank\" rel=\"noopener \">When will Ripple reach the bottom? XRP price drops to $0.35; these tokens might be worth more in 2023<\/a><\/div>\n<p>Users created improvisatory Telegram chat groups to sell their stuck deposits one week after FTX suspended withdrawal. Meanwhile, FTT has declined 10.08% more in the last 24 hours and is now trading at $1.57.<\/p>\n<figure id=\"attachment_508907\" aria-describedby=\"caption-attachment-508907\" style=\"width: 1116px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-508907 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?resize=1116%2C648\" alt=\"This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims\" width=\"1116\" height=\"648\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?w=1116 1116w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-17_00-40-25.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-508907\" class=\"wp-caption-text\">FTT price continues to plunge l <a href=\"https:\/\/www.tradingview.com\/symbols\/FTTUSDT\/\" target=\"_blank\" rel=\"noopener nofollow\">FTTUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn&#8217;t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered. Several Users are in a panic due to their funds. However, the latest report revealed that Cherokee Acquisition, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only recover a fraction of their total assets holdings. Related Reading: This Indicator Hints US Investors Sold Bitcoin Harder Than Others During Crash Cherokee Acquisition has a marketplace for credit claims against bankrupt companies like FTX Exchange. The firm placed a guide price on a dollar of FTX user&#8217;s deposit claims above $100,000 in the new price table released on November 15. The guide price is between 8 to 12 cents on every dollar of the deposit claims. This is an option for FTX&#8217;s creditors who cannot wait till the full resolution of the bankruptcy proceedings to recover their assets. Low Price indicates A Low Probability Of Retrieving User Credit Claims When a firm files for Chapter 11 bankruptcy protection, impatient creditors may sell their credit claims to distressed asset investment companies like Cherokee Acquisition. The distressed assets investment funds place value on the credit claims so that while the creditors can recover parts of their assets, they too can make a profit after redeeming the allegations. However, Cherokee Acquisition&#8217;s guide price for the FTX credit claims is relatively low compared to what other bankrupt companies&#8217; users may get. It suggests an almost zero probability for users to retrieve their funds. Celsius Network&#8217;s Earn account holders may receive about 20 cents on a dollar after selling their claims. Voyager Digital&#8217;s creditors may also get 40 cents on a dollar for their credit claims. Thomas Braziel, the managing partner at 507 Capital, a distressed corporate specialist firm, commented on the meager price tag of FTX&#8217;s credit claims. However, he said the price might be too high for potential buyers. According to Braziel, no one is buying the FTX credit claims at that price. Braziel highlighted that the best market price for the deposit claims to be between 3 and 5 cents. The FTX Crisis, How It Started, And How It&#8217;s Going FTX is a conglomerate of over 130 firms that filed for bankruptcy on Friday. The FTX issue began after the firm&#8217;s use of customers&#8217; deposits for investing and lending without their approval came to light. The firm&#8217;s balance sheet also found a deficit of $10 billion. As a result, FTX went bankrupt with funds from large firms, such as Genesis Trading, Galois Capital, and Ikigai Asset Management, stuck on its platform. Related Reading: When will Ripple reach the bottom? XRP price drops to $0.35; these tokens might be worth more in 2023 Users created improvisatory Telegram chat groups to sell their stuck deposits one week after FTX suspended withdrawal. Meanwhile, FTT has declined 10.08% more in the last 24 hours and is now trading at $1.57.<\/p>\n","protected":false},"author":565,"featured_media":508904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,86845,71704,87395],"class_list":["post-508903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-fttusdt","tag-ftx","tag-galois-capital"],"acf":[],"yoast_head":"\n<title>This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims<\/title>\n<meta name=\"description\" content=\"The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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