{"id":96220,"date":"2024-10-11T02:52:23","date_gmt":"2024-10-11T06:52:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=96220"},"modified":"2024-10-11T02:52:34","modified_gmt":"2024-10-11T06:52:34","slug":"ftx-customer-sues-hedge-fund-over-bankruptcy","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-customer-sues-hedge-fund-over-bankruptcy\/","title":{"rendered":"FTX Customer Sues Hedge Fund Over Alleged Stolen Bankruptcy Profits"},"content":{"rendered":"\n

FTX Customer Nikolas Gierczyk is suing hedge fund Olympus Peak, claiming they owe him over $1 million from an FTX bankruptcy<\/a> claim deal.<\/p>\n\n\n\n

\"FTX
FTX Customer Sues Hedge Fund Over Alleged Stolen Bankruptcy Profits<\/figcaption><\/figure>\n\n\n\n

Olympus Peak, a hedge fund, is being sued by Californian Nikolas Gierczyk for failing to fulfill his entitlement to additional recovery, according to a Bloomberg report on Oct. 11.<\/p>\n\n\n\n

He asserts that the hedge fund owes him substantial money from their agreement, as creditors are expected to receive a payout of approximately 129% to 146% from the FTX bankruptcy plan.<\/p>\n\n\n\n

Gierczyk claimed that he and Olympus Peak reached a purchase agreement when the hedge fund acquired the bankruptcy claim at a “substantial 42% discount.” He was assured of any surplus distribution from the bankruptcy.<\/p>\n\n\n\n

In a complaint submitted to the federal court in Manhattan on October 10, Gierczyk's attorneys stated that Olympus Peak had explicitly stated they would not be fulfilling their agreement.<\/p>\n\n\n\n

Olympus Peak is a hedge fund that is situated in Greenwich, Connecticut. It has not responded to Bloomberg's request for comment at this time.<\/p>\n\n\n\n

Nearly two years following the crypto exchange's collapse in November 2022, a Delaware bankruptcy judge authorized FTX's reorganization plan on Oct. 7.<\/p>\n\n\n\n

According to a statement, the crypto exchange<\/a> company asserts that it has accumulated property distribution assets valued at $14.7 billion to $16.5 billion. A sum exceeding the previous estimate of the amount owed to creditors by FTX is approximately $11.2 billion.<\/p>\n\n\n\n

John Ray, who assumed the role of FTX CEO following the company's bankruptcy filing, stated, “We are on the brink of returning 100% of bankruptcy claim amounts plus interest to non-governmental creditors through the most intricate and extensive bankruptcy estate asset distribution in history.”<\/p>\n\n\n\n

As of November 2022, when the exchange filed for bankruptcy protection, 98% of FTX's creditors will receive 118% of their claim, per the plan approved by Delaware bankruptcy Judge John Dorsey. This significant payout results from the robust cryptocurrency market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> over the past two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX Customer Nikolas Gierczyk is suing hedge fund Olympus Peak, claiming they owe him over $1 million from an FTX bankruptcy claim deal. Olympus Peak, a hedge fund, is being sued by Californian Nikolas Gierczyk for failing to fulfill his entitlement to additional recovery, according to a Bloomberg report on Oct. 11. He asserts that […]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-96220","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=96220"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96220\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=96220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=96220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=96220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}