FTX Moves $8.3M a Day Before Revised Proposal Deadline for Restructuring Plan

FTX Exchange Transfer Raises Questions About Creditor Compensation

A recent transfer of $8.3 million linked to the now-bankrupt FTX exchange and Alameda Research has sparked concerns about the future of creditors awaiting compensation. The transfer, occurring just before the release of an amended restructuring plan, has added complexity to the situation.

FTX and Alameda Research: A Closer Look

Wallets associated with FTX and Alameda Research were involved in the transfer. The FTX wallet moved 860 Tether Gold (XAUT) tokens to Wintermute, while the Alameda wallet transferred over 2,000 Ether to undisclosed addresses.

Implications for Creditors

The impending deadline for FTX debtors to submit the amended restructuring plan has left creditors anxious for insights into their potential recovery. Some creditors are cautious, expressing concerns that the revised plan may not fully address their interests.

Challenges Ahead

Legal battles, including disputes with bankruptcy firm Sullivan & Cromwell, complicate the resolution process. These disputes could further delay creditors’ access to compensation, with claims worth over $490 million already sold through multiple transactions.

FTX’s Financial Moves

Amidst bankruptcy proceedings, FTX has agreed to sell a significant portion of its shares in AI startup Anthropic for $884 million. The deal is pending approval from Judge John Dorsey, representing a substantial portion of FTX’s shares in Anthropic.