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The $91.7 million in FTX receivables listed in the xclaim claims market is likely to get about 13 cents on the dollar, according to data published by the website.
This contrasts with the significantly higher prices that Voyager, Blockfi and Celsius get, with claims trading at 41 cents, 28.5 cents and 18.5 cents, respectively.
According to xclaim's strategy director, Andrew Glantz, this discount occurs because there is less publicly available information about claims.
"This is partly due to the fact that most creditors, most account holders, still do not have access to their account, even to provide a basic screen shot of what their account looks like. It becomes more difficult to check that they are really due," Glantz told coindesk during an interview. This is a lot easier in Celsius and in Voyager, where creditors, even though they have frozen funds, At a minimum, they can access their account, capture the screen, include account information, and convince the buyer that his complaint is valid."
Despite this, Glantz says that there is still interest in the receivables of FTX creditors, and about 80 new buyers have been integrated in the last month accordingly. This group of buyers consists of hedge funds and specialist traders who are "generally well known in the restructuring community".
Because Xclaim is a market and prices are vibrant, The current 13 to 13.5 cents for FTX claims reflects the market's belief that it will be easy to resolve this matter.
“You’ve got competing interests from BlockFi to SBF to creditors arguing over who owns Robin Hood shares and the government going and taking possession of those,” Glantz told CoinDesk, predicting that this could be before the courts for a decade. "With all these small skirmishes, each of these offsets can displace the value of one group of creditors to another group of creditors."
Complaint vendors, although anonymous, are highly concentrated in Asia. Glantz said half are from Singapore, 15 per cent from China, and 23 per cent from Taiwan. Taiwan had some of the highest per-capita losses on FTX, given Taiwanese attraction to FTX’s high interest on USD deposits.
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Xclaim is not the only market that makes it easier to buy and sell FTX creditors' receivables. Shortly after the exchange’s bankruptcy, Cherokee Acquisition, which operates a similar marketplace, started offering trades at 8-12 cents on the dollar.
Thomas braziel, a managing partner at a corporate specialist in difficulty 507 shareholders, said coindesk back then that those prices were unrealistic, That's where the market has a stake. However, as the case progresses slowly, the market appears to have become somewhat more optimistic.
