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According to Claims Market, a platform that tracks the expected payment ratio for creditors’ claims, FTX has made significant progress in repaying its debts. Starting at 12% earlier this year, FTX’s ability to repay has now increased to 35%-40%. The ratio shows creditors can anticipate a higher amount recovered from liquidating FTX’s assets.
Anthropic’s Valuation Boosts FTX’s Assets
One reason for this improvement is the surge in the valuation of Anthropic, an artificial intelligence company in which FTX made an investment. Recently, Anthropic completed a significant financing round, resulting in a substantial increase in its value. Wu Blockchain, a reputable crypto news outlet, reported that this increased valuation of Anthropic could have a positive impact on how FTX distributes its assets to creditors.
Anthropic itself is headquartered in San Francisco and focuses on AI safety and research. Its objective revolves around developing reliable, interpretable, and controllable AI systems. FTX’s decision to invest in Anthropic aligns with its strategy of portfolio diversification and exploration of new opportunities within the AI sector.
FTX’s Bankruptcy Saga Continues
FTX, a cryptocurrency exchange, filed for bankruptcy in November 2022 due to substantial losses caused by cyberattacks and regulatory actions. The exchange’s debt amounted to approximately US$16 billion, far exceeding its consolidated assets of about US$7 billion.
Read Also: FTX Announces Chapter 11 Bankruptcy, Crypto Crash Imminent?
The bankruptcy proceedings have become intricate with legal disputes, investigations, and allegations of fraud and corruption. FTX’s creditors range from individual investors to major institutions such as banks, hedge funds, and crypto companies.
According to the court filing, FTX currently has a nearly $3.1 billion debt split among its top 50 creditors. Notably, The largest creditor holds a claim amounting to $226 million. The FTX crisis has impacted over 1 million customers.
Sadly, the creditors have been patiently awaiting their payments from FTX’s liquidation for over a year. Although there is some glimmer of hope with an increased payment ratio recently offered to them, they are still uncertain about the final outcome given various factors like market conditions, ongoing legal proceedings, and the availability of funds.
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