Telegram-канал edwardmorra_btc - Edward Morra: Криптовалюты

Edward Morra

15 октября 2024 19:20

👨‍💻Big FTX Update

FTX repayments are coming and it’s time to finally make a big update. I know a lot of you are wondering whether you should wait till the official repayments or sell your claim now? When can we expect repayments realistically? How much to expect?What potential problems can we face? Etc.

Let’s discuss below:

▪️When can you expect repayments?

For claims < $50k one time payment: Jan ’25 - March ’25
For claims > $50k multiple payments: Q1-Q4 ’25
FTX bankruptcy plan was approved October 8th -> effective date will be set within 90 days from October 8th -> repayments will be made within 60 days from effective date.
So, realistically as early as January ’25. Worst case scenario - March ’25.

▪️How much can you expect?

For claims < $50k - around 118%* of claim value. One time payment.
For claims > $50k - up to 142%* of claim value. Multiple payments throughout 2025.
*claim value is calculated at the time of the bankruptcy i.e. November 2022.

▪️How will you get your repayment?

Most likely wire (bank) transfer. This might be a serious problem if you don’t have a bank account or don’t want your bank to know about your crypto money. You might need to explain the source of those funds (how/when did you get them etc) and possibly face tax consequences.
Ideally, you want to get repayments in stablecoins (USDC, USDT) to avoid bank questions and taxes. Unfortunately, this is still not decided. Time is running out and they (FTX) need to find a distribution partner asap. Stay tuned and hope for the best. However, if you don’t want to deal with uncertainties and risks - your best bet is to sell your claim for USDC now before the official repayments so you can deploy this money right into the market. Claim prices are the highest they ever been and for some people this may be the perfect option. You can find out how much you can get for your claim here. Let’s discuss whether you should consider selling your claim below.

▪️Should you sell your claim now or wait until official repayments?

Not financial/legal advice, DYOR.
▫️This is really something you should decide yourself. In my opinion, for claims under $50k - probably just wait until official payment. You will get it in 1 time payment. Unless of course you need that money right now and/or have a clear plan on how to use it to frontrun others who will most likely deploy money right back into crypto as soon as they receive it.
▫️For claims above $50k - it’s a tricky situation. You can easily get well over 100% for a large claim now. For 20-30% you are missing (remember official repayments for claims over $50k is up to 142%) you are not sacrificing up to another year of waiting till you get your whole repayment back. Considering crypto might easily pump 20-30%+ in a week, then selling a claim now and getting that liquidity before everyone else might be worth it.

If you decide to sell your claim or wondering how much can you get for it now, I recommend checking out FTX Creditor. I sold my claim (link to post) earlier this year and can absolutely vouch for them. Quick and smooth experience (can sell your claim within 24-48h, paid in USDC directly to your crypto wallet of choice).

Fill in the form to receive a quote on your claim. They are buying claims under $50k till 19th of October (4 days left). Larger claims till November. Use this link to get a better (best) quote:

👉 https://www.ftxcreditor.com/sell_claim?afmc=0007G8G3