According to the data published by the site, $ 91.7 million in FTX the payer says that it was listed in the market Xclaim can get around 13 cents on the dollar.
This is in contrast to the higher prices Voyager, BlockFi and Celsius are getting, trading at 41 cents, 28.5 cents and 18.5 cents, respectively. According to Xclaim’s director of strategy, Andrew Glantz, the reduction is due to the lack of public information about claims.
“Part of that is because a lot of payers, a lot of account holders, can’t access their accounts even to give a basic snapshot of what their accounts are.” It’s getting harder and harder to find out that they actually reached,” Glantz interview.
“It’s easier with Celsius and Voyager, where the payers, even if their money is frozen, can access their account and at least take a screenshot, provide account details and make arrangements for the buyer to know that their statement is an accurate statement.”
Despite this, Glantz says there is still interest in FTX paying claims, and about 80 new customers have signed up in the past month as a result. The buyer pool includes hedge funds and professional investors who are “well known in the restructuring community”.
Xclaim: The Powerful Market for FTX Claims in the Wake of Robinhood Lawsuit
As Xclaim is a powerful market and price, the current 13-13.5 cents for FTX claims reflects the market’s belief that this issue will be resolved quickly. “You’re interested in competition from BlockFi and SBF and the creditors are arguing about who owns the Robin Hood shares and the government goes and arrests them,” Glantz told CoinDesk, predicting that may be before the court. Court for ten years. “With these small differences, any of these changes can shift the benefits from one payer to another.”
The sellers are said to be – although anonymous – focused on Asia. Glantz said half came from Singapore, 15% from China and 23% from Taiwan. Taiwan saw some of the highest per capita losses in FTX, due to Taiwan’s high demand for FTX and USD deposits. The DAO is also included, which will present many problems due to its governance structure.
Xclaim is not the only marketplace that makes it easy to buy and sell FTX borrowers. Shortly after the stock exchange fell, Cherokee Acquisition, which operates a similar market, began trading at 8-12 cents on the dollar.
Thomas Braziel, managing director of venture capital firm 507 Capital, told CoinDesk at the time that those prices were unrealistic and that 3 to 5 cents would be a target market. . However, as the case slowly progresses, it seems that the market has become more optimistic.