FTX Sends $8.3 Million a Day Before Deadline for Restructuring Plan
FTX, the bankrupt cryptocurrency exchange, and its sister trading firm, Alameda Research, have transferred $8.3 million, raising concerns for creditors awaiting compensation. The transfer took place just one day before FTX debtors were set to release an amended restructuring plan, adding an element of mystery to an already complex situation.
According to alerts from PeckShield, two wallets connected to FTX and Alameda Research were involved in the transfers. The FTX wallet moved 860 Tether Gold (XAUT) tokens, worth over $2 million, to algorithmic trading firm Wintermute. Meanwhile, an Alameda wallet transferred 2,027 Ether, valued at more than $6.3 million, to two undisclosed addresses. The motive behind these transactions is uncertain, but they coincide with a crucial stage in FTX’s bankruptcy proceedings.
Creditors are eagerly awaiting the amended version of the “Plan and Disclosure Statement,” which is due on May 7. This revised plan aims to provide creditors with more clarity on how they will be compensated for their losses. However, there are concerns among some creditors that the new plan may not adequately address their interests.
Sunil, a member of the FTX Customer Ad-Hoc Committee representing over 1,500 FTX creditors, has urged users to carefully examine the upcoming plan. He warns that it may favor debtors over creditors and includes clauses that absolve liability for crimes. Sunil’s cautionary words reflect the ongoing legal battles, including lawsuits against bankruptcy firm Sullivan & Cromwell (S&C), which further complicate the situation.
FTX’s bankruptcy has been a catastrophe for the crypto market, and the resolution process faces significant challenges. The legal disputes and the potential delay in accessing compensation have added to the complexity. With over $490 million worth of claims already sold through 507 transactions, the path to resolution remains uncertain.
In the midst of bankruptcy proceedings, FTX has agreed to sell the majority of its shares in AI startup Anthropic for $884 million. However, the deal is awaiting final 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.
