FTX debt surges to 73 cents, SOL surpasses XRP to become fifth largest token by market cap

FTX Group has entered the final stage of bankruptcy and liquidation. The price of FTX claims has risen rapidly. This is partly due to the recovery of the encryption market. In particular, the price of SOL, which is held in large quantities by FTX, has soared and has become the fifth largest cryptocurrency by market capitalization, surpassing Ripple. (XRP), bringing a glimmer of hope to tens of millions of FTX users and creditors.

FTX debt prices rise alarmingly

Market prices for FTX debt have risen from 50 to 53 cents per dollar at the end of October to current levels of 57 to 73 cents per dollar, according to Cherokee Acquisition data.

The price increase appears to be related to the latest update from the FTX bankruptcy administrator on October 16, which stated that if the revised plan is approved, FTX.com and FTX US customers will collectively receive "more than 90% of the global distributable value." ”.

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FTX claims still have unknowns

Cherokee's directors noted that despite rising market prices for FTX claims, it remains unclear how much creditors will ultimately receive distributions and when distributions will occur.

After FTX collapsed, its debt was only 10 cents.

After FTX collapsed in November last year, founder SBF was arrested on fraud charges and is currently awaiting sentencing. After the bankruptcy, the market price of FTX's claims was as low as 10 cents per dollar.

Debt rising momentum: Anthropic shares, SOL

( The valuation of the AI ​​startup Anthropic invested by SBF has increased five times, and FTX customers have the opportunity to get more money back! )

In addition, FTX is a large holder of the cryptocurrency Solana, which has gained more than 650% this year. Before FTX went bankrupt, Solana was trading at less than half of its current price.