Odaily星球日报讯 HODL15Capital 于 X 发文提醒，FTX 在提交第 11 章破产申请时严重缺乏现货比特币，仅持有客户认为交易所应持有比特币的 0.1%。FTX 当时仅有 100 万美元比特币，而客户余额为 16 亿美元。

分析：FTX在提交破产申请时仅有100万美元现货比特币

Odaily Odaily News HODL15Capital issued a reminder on X that FTX was seriously short of spot Bitcoin when it filed for Chapter 11 bankruptcy, holding only 0.1% of the Bitcoin that customers believed the exchange should hold. FTX only had $1 million in Bitcoin at the time, while its customer balance was $1.6 billion.

Analysis: FTX had just $1 million in spot Bitcoin when it filed for bankruptcy

According to the latest revised bankruptcy documents shared by FTX creditor Sunil Kavuri, FTX creditors can only recover 10%-25% of their cryptocurrency. Kavuri explained that creditors will be repaid based on the application date, when cryptocurrency prices were much lower than current levels. From this perspective, when the legal petition was submitted, the price of Bitcoin was around $16,000. Kavuri stated that the decision to repay creditors and customers using the application date price has caused dissatisfaction among FTX creditors: "Many FTX customers continue to suffer from mental distress, panic attacks, divorces, and suicidal thoughts, as their life savings have been stolen and their assets have not been returned." Kavuri also believes that SBF's use of customer funds to pay off outstanding debts violates FTX's terms of service and the broader definition of property rights: "The terms of service clearly state that the ownership of digital assets belongs to FTX customers. SBF was undoubtedly convicted of violating the terms of service by transferring customer funds to repay Alameda loans and purchase Robinhood shares." On September 6, 2024, the FTX estate reached an agreement with Emergent Technologies, an entity founded by SBF, to ensure that the $600 million in Robinhood shares would be used to repay creditors. It is not only Kavuri and others who oppose the FTX estate restructuring plan. In August 2024, a U.S. trustee overseeing the bankruptcy proceedings questioned the FTX restructuring, claiming that the plan provided too much legal protection for the administrators and representatives of the FTX bankruptcy estate. Trustee Andrew Vara pointed out in legal documents that in similar cases, these types of protections are not standard, but a concerning anomaly: "This exemption will far exceed the protection of the estate professionals, whose employment and compensation are subject to court approval and oversight in the case." The U.S. SEC has also stated that if FTX chooses to pay back customers with stablecoins, they may oppose the FTX restructuring plan.

FTX creditors: Based on current prices, creditors can only receive “10%-25% of the cryptocurrency”

Here is the translation:

Let's take a look at what institutions that have been long on China have to say.

Author: Sean Tan, Primitive Ventures
Translated by: TechFlow

As a multi-strategy investment firm that is not limited to a single asset, our investment philosophy is not just about finding opportunities, but more importantly, how to build an investment framework that can predict and adapt to future market changes, and constantly seek the best balance between risk and return. What often attracts us are the opportunities that are misunderstood or overlooked by the majority of market participants. Based on our experience in the foreign exchange and cross-border markets over the past decade, we...

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