Celsius, FTX, Voyager users sell bankruptcy claims for pennies on the dollar Samuel Wan · 17 mins ago · 2 min read Investors are circling to scoop up bankruptcy claims for a fraction of their value, with plenty of willing sellers wanting out.2 min read Updated: December 29, 2022 at 1:11 pm Cover art/illustration via CryptoSlate 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’s complexity.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.
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.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.Celsius, FTX, and Voyager users face uncertainty Several firms specializing in buying bankruptcy claims have stepped forward, taking advantage of users wanting to move on.
Investment firm Cherokee Acquisition said creditors holding $1 billion with FTX, and $100 million at Celsius, had approached them to negotiate deals.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 — amounting to $126 million in value.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%.Xclaim founder and CEO Matt Sedigh said claims pricing could change daily, depending on developments as they arise.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%.
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: “[I’d] 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 its day.” Bankruptcy Disputed Robinhood shares may be moved to neutral account at BlockFi’s request Disputed Robinhood shares may be moved to neutral account at BlockFi’s request Mike Dalton · 4 hours ago · 1 min read A judge will decide whether to move the assets in January 2023.1 min read Updated: December 29, 2022 at 9:03 am Cover art/illustration via CryptoSlate The judge overseeing BlockFi’s ongoing bankruptcy case agreed today to review a request that could see 56 million Robinhood shares moved to a neutral location, according to a report from the Wall Street Journal on Dec.28.
The judge has not yet agreed to move the assets to a neutral account.The matter will be decided at an upcoming court hearing next month.If BlockFi’s request succeeds, the shares would be held in a broker or escrow account until court proceedings determine who actually owns the disputed shares.BlockFi believes that it should own the Robinhood shares because of its prior dealings with FTX and Alameda Research.Just prior to FTX’s collapse in November, Alameda pledged the shares to BlockFi as loan collateral.
BlockFi has been trying to obtain and sell the shares since its own bankruptcy proceedings began on Nov.28.However, BlockFi is just one entity contending for ownership of the Robinhood shares, and proceedings are taking place across multiple jurisdictions.
That means the dispute may not be settled in a straightforward manner.Last week, FTX and Alameda Research took steps to secure ownership of the shares.Additionally, FTX CEO Sam Bankman-Fried and investor Yonathan Ben Shimon are each attempting to gain control of the shares at a personal level.The disputed shares are currently held by Emergent Fidelity Technologies, a holdings company 90% owned by Bankman-Fried.
The firm originally purchased the shares in May on behalf of Bankman-Fried.At that time, the shares were worth $482 million.Bankruptcy BTC miner balances poised for selloff as sell pressure increases BTC miner balances poised for selloff as sell pressure increases Josh O’Sullivan · 5 hours ago · 2 min read CryptoSlate’s analysis of potential all-time high miner capitulation in 2023 and whether mining BTC selloff will occur.2 min read Updated: December 28, 2022 at 9:48 pm Cover art/illustration via CryptoSlate Bitcoin (BTC) miner balances started at 1.82 million BTC at the beginning of the year.
Despite peaks of capitulation and significant selloff volume, BTC miner wallets still sit at a flat 1.8 million BTC.Mining rewards held in BTC miners’ wallets saw a sharp decline starting in August, likely due to the Poolin exodus.This year saw the third-largest BTC selloff by miners over a 30-day period, with 112% of mined supply plus treasury being spent.In contrast, the first and second-largest selloffs occurred during the 2013 and 2021 bull runs, as miners sold their BTC at a profit rather than a loss.
The invasion of Ukraine in February 2022 caused a global energy crisis, resulting in high costs for BTC miners and wiping out potential profits.The miner balance currently stands at 1.8 million BTC and has remained flat over the past five years, excluding Patoshis coins.This suggests significant sell pressure if miners continue to struggle into 2023.While BTC miners have been offloading their holdings, this is simply miners moving to different wallets rather than sending the BTC to exchanges to be sold.Approximately 200 BTC has been spent daily since 1000 BTC was sold in late November.Through 2022, miners selling to exchanges has remained minimal, with approximately 57,000 BTC sold through the year.With only 57,000 BTC being sold out of a total of 1.8 million BTC and increasing sell pressure, it’s worth considering whether BTC miners are preparing to sell in 2023.Amid BTC mining company bankruptcy, record-breaking whale BTC selloffs and miner profitability crisis — 2023 miner capitulation is geared towards major selloffs if sell pressure continues to mount.
Bankruptcy Celsius case ‘administrative expenses’ add up to $53M Celsius case ‘administrative expenses’ add up to $53M Zeynep Geylan · 59 seconds ago · 1 min read Lawyers, bankers and other advisers in the case earned $53 million for four months of work.1 min read Updated: December 28, 2022 at 9:45 pm Cover art/illustration via CryptoSlate Lawyers, advisers, and bankers involved in the Celsius bankruptcy case collectively earned $53 million as administrative expenses in four months, as reported by the Financial Times.Among Celsius’ five advisors, Kirkland & Ellis was billed the most significant amount at $20.1 million.The company served Celsius for 212 days for $166,000 per day.On the other hand, White & Case’s services as advisors to unsecured creditors committees cost the most expensive among the other four companies.The company earned $10.2 million by participating in the case for 94 days, charging $109,000 daily.
Finally, Jenner & Block made a considerably larger sum for its services as the advisors to the examiner compared to Huron Consulting.
With a $59,000 rate per day, Jenner & Block assisted the case for 32 days, making a total sum of $1.9 million.
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