Solana

Gary

Optimism

The prices of claims on the bankrupt crypto exchange FTX Group have experienced a significant surge, fueled by optimism surrounding the return of billions of dollars to customers and creditors. According to Bloomberg, this uptick is attributed to a recent rally in digital assets, driving FTX claims to trade between 57 cents and 73 cents on the dollar, depending on their size. The surge in FTX claims prices Driven by Optimism 
Data from Cherokee Acquisition, a broker of bankruptcy claims, discloses a significant rise from late October when the claims were valued at 50 cents to 53 cents. The turning point occurred on October 16, 2023, following an update from FTX’s bankruptcy managers.&nbsp; 
The announcement suggested that FTX.com and FTX US customers could collectively receive “over 90% of distributable value worldwide” if an amended plan gains approval. This development marked a significant increase from the previous trading range of around 40 cents. 
Also Read: <a href="https://news.todayq.com/ftxs-24-billion-tax-dispute-as-fraud-fallout-continues-will-it-affect-ftt/">FTX’s $24 billion tax dispute as fraud fallout continues, Will it affect FTT?</a> 
Despite the positive momentum, uncertainties continue regarding the timeline for distributions and the final amount creditors will receive, according to Bradley Max, a director at Cherokee. 
FTX faced a turbulent period in November of the previous year, unraveling due to an almost $7 billion dilemma in its balance sheet. Founder Sam Bankman-Fried was later found guilty of massive fraud in November and is currently awaiting sentencing. Immediately after the bankruptcy, claims on the exchange were trading as low as around 10 cents on the dollar, as per Claims Market data. Factors contributing to claim Price Surge 
Several factors have contributed to the recent surge in claim prices, including FTX’s stake in Anthropic, an artificial intelligence startup backed by notable investors such as Google and Amazon.com Inc.&nbsp; 
Additionally, FTX held a substantial amount of the Solana token, which has experienced a remarkable rally of over 650% this year. Solana is now trading at more than double its price just before FTX declared bankruptcy. 
Apart from this, FTX also gets a green signal from the Securities and Exchange Commission (SEC) for the potential revival. According to a recent report by Todayq News, the SEC chair Gary Gensler said that <a href="https://news.todayq.com/ftt-soars-over-85-amid-potential-ftx-revival/">FTX could revive</a> if and only if, when a new leader comes with a clear understanding of crypto law. However, to become the leader of FTX, Tom Farley, a former president of the New York Stock Exchange, is one of the top bidders in the race to purchase the crypto exchange. 
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Here’s why FTX claims price is up

Todayq News

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