Investors seek to sell FTX, Celsius, BlockFi, Voyager claims

Investors seek to sell FTX, Celsius, BlockFi, Voyager claims

Rather than enduring a protracted bankruptcy process, some investors with claims on FTX, Celsius Network, BlockFi, and Voyager Digital are looking to transfer their claims to others.

According to data from crypto claims trading startup Xclaim, there are at least hundreds of investors affected by the recent collapses of crypto platforms FTX, Celsius, BlockFi, and Voyager who do not want to wait for a lengthy bankruptcy process that does not guarantee that they will be able to get anything at all.

Some hedge funds and debt investors have made claims. Companies such as Contrarian Capital Management, Invictus Global Management and NovaWulf Digital Management have bought some of the claims.

The investors have listed their claims for sale to profit, even if they may suffer losses. Nearly 10,000 shares were recorded at the time of writing, with 9,072 claims on Celsius Network, 93 claims on Voyager, 67 claims on FTX, and 23 claims on BlockFi.

In an interview with the Wall Street Journal, Xclaim founder Matt Sedigh stated that the company has received calls from creditors worldwide. Two-thirds of the claims posted, according to the executive, are from creditors based in China, Hong Kong, and Taiwan.

In the meantime, Celsius is preparing to file a motion to extend the deadline for users to file claims. Some community members were dissatisfied with the extension, pointing out how lawyers get paid while creditors have to wait.

In other news, former FTX CEO Sam Bankman-Fried is said to have cashed out $684,000 since his bond release. Wallets allegedly linked to Bankman-Fried have been flagged, implying that the former CEO may have violated one of his release conditions, which is not to spend more than $1,000 without permission.

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