The transfer of $8.3 million associated with the bankrupt FTX exchange and Alameda Research has raised concerns about creditor compensation. Two wallets linked to FTX and Alameda Research conducted transfers of 860 Tether Gold tokens and 2,027 Ether to undisclosed addresses. This occurred just before an amended restructuring plan for FTX was set to be released, adding complexity to the situation. Creditors are eagerly awaiting the revised plan to understand how they will be compensated for their losses.
One voice of caution is Sunil, a member of the FTX Customer Ad-Hoc Committee representing over 1,500 creditors. Sunil has warned that the revised plan may favor debtors over creditors and could include clauses absolving liability for crimes. Legal battles, including lawsuits against bankruptcy firm Sullivan & Cromwell, further complicate the resolution process. These disputes may delay creditors’ access to compensation, as over $490 million worth of claims have already been sold through 507 transactions.
Despite the ongoing bankruptcy proceedings, FTX has agreed to sell the majority of its shares in AI startup Anthropic for $884 million. The deal is pending approval from Judge John Dorsey, who oversees FTX’s bankruptcy proceedings. If approved, it would represent nearly two-thirds of FTX’s total shares in Anthropic. The situation surrounding FTX’s bankruptcy continues to evolve, and creditors are hopeful for a resolution that provides fair compensation for their losses.
