FTX users could get 40% of their deposits back, only if...
They will need to be patient because bankruptcy proceedings can take too long to complete
Compared to the $4 billion in realizable FTX assets, selling these assets, which include stablecoins and BTC holdings, can help customers recover about 50% of their deposits.The above analysis by Messari makes three assumptions to reach its conclusion. It assumes that some FTX-linked assets, such as serum and FTT, will be zero. It also assumes that FTX users will be paid first and that the preliminary balance sheet used is error-free.
The chosen procedure gives high priority to secured creditors. In second place are unsecured creditors, i.e., individuals or companies that loan money without obtaining collateral for their line of credit. Finally, the shareholders can receive their claims once the first two creditors have been satisfied.
Celsius and FTX users could fall into the same category under the Chapter 11 bankruptcy process. Therefore, it is likely that FTX users will be the last, if not the second, to be included in the claims process.
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