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GM. This is Mrcryptoguy, welcome back to your DAILY crypto news and please excuse the sour milk in yesterday’s subject line.
We had one too many cups of milk….
Here’s what we got for you today:
FTX creditors rejoice❓
Chart of the day: The weekly crypto fund flows report 📊
How do we value crypto assets? 👀
Moonpay teams up with Bitpay 🍪
t’s been 544 days since FTX collapsed. 544 loooong days.
Creditors have been on the edge of their seats, waiting for good news.
Well, yesterday they finally got it… FTX creditors are set to receive 118% of their funds back.
- Nearly all creditors, around 98%, are set to receive up to 118% of their allowed claims.
- The remaining 2% of creditors are not only fully repaid but also compensated with billions.
- A proposal is awaiting approval from Delaware courts to finalize the process.
- Only creditors with approved claims under $50,000 will qualify for the 118% offer.
- FTX anticipates distributing between $14.5 billion and $16.3 billion to creditors, surpassing the initial $8 billion shortfall from bankruptcy, largely due to leverage.
- Approximately 6% ($884 million) of the repayment comes from the sale of anthropic shares in March.
- Earlier talks hinted at refunds based on current market prices, diverging from the original plans set for November '22. However, the outcome remains uncertain as the story unfolds.
- With around $15 billion set for repayment, speculation arises about the next destination of these funds.
Finally, nature is (kinda) healing.
Who knew it would only take a Tom Brady roast special on Netflix for FTX to offer to pay back their creditors. (in case you missed it, here’s the joke)
That being said, we wanna know… How's the FTX Payout News Hitting You?
A/ Party Planner – "Time to pop the champagne! 🍾 Who's up for a 'We Survived FTX' bash?"
B/ Cautious Optimist – "I've got my party hat ready, but I'm not blowing up the balloons just yet."
C/ Puzzled Historian – "I'm just here for the future Netflix docuseries."
D/ Meme Maker – "Got my meme arsenal ready”
Hit “reply” to this email and let us know.