OKX Hit by Crypto Theft Due to SMS Notification Security Fail

FTX Executive Acquires $61M Claims

FTX Executive Acquires $61M Claims

An executive who once worked for FTX has acquired claims worth $61 million. 

In the FTX bankruptcy, a few creditors reported suffering to make a profit.

Related articles

Plans to pay back creditors are in place, and expectations for returns are strong. 

FTX is progressing in recovering its assets, as it has acquired $61 million worth of FTX claims. 

Rise of New Startup Dedicated to Claims 

Several FTX clients impacted by the 2022 implosion believed their money was gone. Louis d’Origny is one of these people, according to a Bloomberg report. Expressing worry over his money in the defunct exchange, he claimed a substantial amount, fearing never getting it back.

In the months after FTX’s collapse, d’Origny and his group, including FTX’s former head of product Ramnik Arora, seized the opportunity to invest. They purchased FTX bankruptcy claims from other affected clients shortly after the implosion.

Equipped with these FTX assertions, he initiated roughly four ventures to recover a maximum of $31 million in claims. This progress led to the creation of the FTX Creditors platform, which has made it possible to buy up to $60 million worth of FTX claims. Arora was a major executive of the troubled cryptocurrency business and a crucial component of the FTX Creditors platform. 

As FTX head of product, his responsibility included overseeing products for the crypto exchange and participating in the company’s investment venture. These F.T.X investments were made mostly with customer deposits that had been improperly used. For the F.T.X Creditors team, Arora is handling the engineering aspect. 

FTX Creditors to Receive 25-30% Claims Payout

The goal for F.T.X Creditors is those who had less than $100,000 in the crypto exchange before its crash. 

D’Origny projected each creditor would recoup roughly 25-30% of their dollar on F.T.X claims. The average cost for claims purchased through their third fund stood at 15% on every dollar due. “We wanted to make a fast, easy, transparent process for those creditors,” stated D’Origny, highlighting the market’s lack of transparency and significant margins. In the Bloomberg report, d’Origny’s role in joining those who ruled against the proposed restart of F.T.X was a major highlight.

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Sign Up for Our Newsletter!

Hidden

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.
(Required)

Related Posts

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice

mBit

Inmerion

Marsbet

Press Releases

Related Posts