Magnet Capital: Some FTX repayment funds may return to the crypto market
2024-10-09 08:27:19
Creditors of bankrupt cryptocurrency exchange FTX are set to receive more than $12 billion in payments under a court-approved payment plan in the coming months, raising the possibility that some of the cash could be reinvested in digital assets. According to FTX filings, the group has retrieved between $14.70 billion and $16.50 billion, with creditors claiming $11.20 billion. Benjamin Celermajer, co-chief investment officer at Magnet Capital, said the expected FTX payout "is effectively providing liquidity to known cryptocurrency traders. There is a good chance that we will see some of the money flowing back into the crypto market, providing a potential price catalyst for illiquid markets." Notably, the payoff will not happen immediately, and FTX must first form a trust and hire a company to oversee the fund distribution process.
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