FTX Users’ Claims Attract Interest From Oaktree Investors: Report
- Bloomberg reports that large players in distressed investment are looking at FTX customers whose assets remain on the bankrupt crypto exchange.
- Names like Oaktree Capital, Baupost Group, and Oaktree Capital have expressed an interest in buying their claims.
- According to the report, talks are heating up over accounts with more than $100 million.
Sources said that big players in distressed investing are watching the claims of FTX customers whose assets remain on the bankrupt crypto-exchange. Bloomberg.
The report reveals that top names such Oaktree Capital Management, Baupost Group, and Oaktree Capital Management have expressed an interest in possibly making risky bets about getting paid in bankruptcy proceedings.
According to the report, Citigroup and Cowen, as well as other Wall Street players, are competing for a role here as middlemen.
Customers have to decide whether they want to get cash now or wait for the future. The value of the dollar has fluctuated between 5 and 13 Cents.
FTX can present investors with a lot uncertainty. John Ray III, the company’s new manager, has discovered more than $1 billion in assets and $1.2 million in cash, compared to liabilities of approximately $10 billion. It remains to see how much of that money will be distributed to customers and creditors.
According to the Bloomberg report, more investors are interested in accounts with over $100 million. The face value of the 50 largest creditors is at least $20,000,000, and many other customers have lost access to assets on exchange.
The exchange has been under Sam Bankman-Fried’s leadership since he resigned as CEO. filed for bankruptcyRay stated in November that FTX had haphazard financial records and bookkeeping, and that it was impossible to recoup all customer losses.
Several FTX customers who lost funds on the platform were able to share plans with Insider pivot away from cryptoYou can invest cash in stocks for the future and that they don’t have much hopeIn the company making them whole.
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