According to Sunil, a representative of well-known FTX creditors, once the compensation amounts are adjusted based on the currently inflated cryptocurrency valuations, the funds received by FTX creditors may be far lower than initially expected.
Sunil estimated in a post on the X platform on Sunday that the actual cryptocurrency recovery rate for FTX creditors is between 9% and 46%, noting that the actual value could be even lower as the prices of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have surged significantly since the exchange's collapse in 2022.
"FTX creditors have not been fully compensated," he wrote, adding that the exchange's planned 143% fiat compensation does not reflect the losses when valued in cryptocurrency.
According to the table he shared in the post, the application price for Bitcoin was $16,871, while it is currently over $110,000, meaning that the 143% fiat compensation is roughly equivalent to 22% of the actual BTC value. Similarly, the 143% recovery rate for Ethereum corresponds to 46% of the actual value, while Solana is only equivalent to 12%.
Sunil also pointed out the possibility of obtaining "additional recovery" through external project airdrops targeting FTX creditors. He cited Paradex as an example, stating that "FTX creditors are the most valuable assets and are extremely attractive to projects."
The first round of payments to FTX creditors with claims below $50,000 was distributed on February 18, totaling $1.2 billion.
In May, the FTX Recovery Trust launched a second round of $5 billion payments to qualified creditors. This payment covers multiple categories of creditors, including Dotcom customer equity claims (72%), U.S. customer equity claims (54%), and convenience claims (120%).
Meanwhile, general unsecured claims and digital asset loan claims will receive a 61% distribution, with funds expected to reach recipients via Kraken and BitGo within one to two business days.
Former FTX CEO Sam Bankman-Fried is currently serving a 25-year sentence for fraud and conspiracy charges and is scheduled to attend a hearing at the U.S. Court of Appeals for the Second Circuit on November 4, marking the next phase of his efforts to overturn his conviction.
Bankman-Fried's legal team filed an appeal in September 2024, arguing that he "was never presumed innocent" and that prosecutors distorted the handling of FTX customer funds. The appeal questions his conviction on seven felony counts in 2023.
Related: Australian police crack cryptocurrency wallet, seizing $5.9 million in cryptocurrency
Original article: “FTX Creditors: Actual Recovery Rate May Shrink to 9% Due to Rising Cryptocurrency Prices”
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