Some investors who have claims on the FTX, Celsius Network, BlockFi, and Voyager Digital are considering transferring their claims to others.
Some investors with claims on the crypto exchange, FTX, Celsius Network, BlockFi, and Voyager Digital are attempting to transfer their claims to others rather than waiting through a drawn-out bankruptcy procedure.
According to data from cryptocurrency claims trading startup Xclaim, there are at least hundreds of investors who have been hurt by the recent failures of the platforms FTX, Celsius, BlockFi, and Voyager who do not want to wait through the drawn-out bankruptcy process that does not ensure they will even be able to receive something.
Despite the possibility of losses, the investors have offered their claims for sale in an effort to profit from the situation. Nearly ten thousand claims were listed as of the time of writing, including 9,072 claims on Celsius Network, 93 claims on Voyager, 67 claims on FTX, and 23 claims on BlockFi.
The creator of Xclaim, Matt Sedigh, told the Wall Street Journal in an interview that the company has been getting calls from creditors all around the world.
The CEO states that the creditors with two-thirds of the listed claims are based in China, Hong Kong, and Taiwan. Some debt investors and hedge funds have started looking at claims.
Some of the claims have been bought by organizations like Contrarian Capital Management, Invictus Global Management, and NovaWulf Digital Management.
Celsius is getting ready to offer a proposal that would postpone the time for users to submit their claims. Some residents voiced their displeasure with the prolongation by pointing out how the lawyers receive payment while the debtors are forced to wait even longer.
Sam Bankman-Fried, the former CEO of FTX, is said to have received a payout of $684,000 following his release. Bankman-Fried may have violated the requirement that he not spend more than $1,000 without authorization by having wallets reportedly linked to him blacklisted.
