{"id":9460,"date":"2022-12-29T14:21:14","date_gmt":"2022-12-29T14:21:14","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9460"},"modified":"2022-12-29T14:21:15","modified_gmt":"2022-12-29T14:21:15","slug":"celsius-ftx-voyager-users-sell-bankruptcy-claims-for-pennies-on-the-dollar","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9460","title":{"rendered":"Celsius, FTX, Voyager users sell bankruptcy claims for pennies on the dollar"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Hundreds of Celsius, FTX, and Voyager customers have opted to avoid the bankruptcy process by selling their claims for a fraction of their face value, the Wall Street Journal reported.<\/p>\n<h2>Mt. Gox serves as a reminder of what may lie ahead<\/h2>\n<p>Bankruptcy administration can take many years to resolve depending on the case\u2019s complexity.<\/p>\n<p>Bitcoin exchange Mt. Gox shut down in 2014 after being hacked for a reported 650,000 to 850,000 BTC. Some eight years later, administrators are only now preparing to distribute the remaining assets to users.<\/p>\n<p>Around 140,000 BTC will be repaid, representing an approximate 20% return on the lower estimate of total losses or a 16% return on the higher estimate.<\/p>\n<p>With uncertainties around what assets remain at Celsius, FTX, and Voyager, and the potential for a long, drawn-out wait, it is understandable that some creditors are willing to sell their claims at a loss.<\/p>\n<h2>Celsius, FTX, and Voyager users face uncertainty<\/h2>\n<p>Several firms specializing in buying bankruptcy claims have stepped forward, taking advantage of users wanting to move on.<\/p>\n<p>Investment firm Cherokee Acquisition said creditors holding $1 billion with FTX, and $100 million at Celsius, had approached them to negotiate deals.<\/p>\n<p>Similarly, bankruptcy marketplace Xclaim, which matches buyers and sellers of bankruptcy claims, said 500 Celsius, FTX, and Voyager users had posted their claims on the platform \u2014 amounting to $126 million in value.<\/p>\n<p>The Xclaim website shows details of the percentage users can expect back. FTX users are paid up to 13.5%, Celsius users up to 19%, and Voyager users up to 41%.<\/p>\n<p>Xclaim founder and CEO Matt Sedigh said claims pricing could change daily, depending on developments as they arise.<\/p>\n<p>For example, Voyager claims are the most highly valued of the three at 41%, but before the FTX collapse (when the exchange had agreed to buy Voyager), claims were going for as much as 64%.<\/p>\n<p>However, some users are willing to hang on to their claims to recover more, if not the entire balance owed. Voyager customer Josh Ragusa said:<\/p>\n<p>\u201c[I\u2019d] rather take my chances with my holdings in the hope that I will be able to recoup my portfolio and that digital currency will again have<strong><em>\u00a0<\/em><\/strong>its<strong><em>\u00a0<\/em><\/strong>day.\u201d<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/celsius-ftx-and-voyager-users-sell-bankruptcy-claims-for-pennies-on-the-dollar\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hundreds of Celsius, FTX, and Voyager customers have opted to avoid the bankruptcy process by selling their claims for a fraction of their face value, the Wall Street Journal reported. Mt. Gox serves as a reminder of what may lie ahead Bankruptcy administration can take many years to resolve depending on the case\u2019s complexity. Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9460"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9460\/revisions"}],"predecessor-version":[{"id":9462,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9460\/revisions\/9462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9461"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}