On May 8, FTX and its affiliated debtors submitted a reorganization plan and disclosure statement to the U.S. Bankruptcy Court in Delaware, which is expected to distribute almost all of FTX's assets at the time of its bankruptcy in November 2022 to customers and other creditors around the world.

After experiencing the dark era of FTX's thunderbolt, "full compensation" may be the word that creditors are most eager to hear. Affected by this, FTX's platform currency FTT has a pull-up market, rising all the way to break through $2.1, with a 24-hour increase of 19.16%.

FTX restarts, creditors will get back 118% in 60 days

When FTX declares bankruptcy, creditors will face lengthy bankruptcy proceedings in court, and there is no guarantee of how much of their claims will be compensated.

Since FTX filed for Chapter 11 bankruptcy in the District Court of Delaware on November 11, 2022, calculating the exact time and value of claim transactions has been very complicated. Industry traders told Fortune that some claim transactions were conducted on online platforms, some were private transactions, and buyers did not need to submit transfer applications immediately, resulting in delays, while some claim transactions were simply reported as their own claims.

Most creditors want to get at least some of their money back, so without knowing for sure how the transaction will make up for their exposure, some creditors may sell their claims at a low price, and the buyer's loss depends on how much debt the bankruptcy administrator can recover.

Related reading: "He made $25 million by betting on FTX bankruptcy claims"

As of March 28, 49 transactions had exchanged claims worth more than $439 million on Claims Market, the industry's main online trading platform. At the same time, according to court records as of March 20, hedge funds have purchased more than $2.3 billion worth of heavily discounted claims.

FTX estimates that the total value of property collected, converted into cash and available for distribution will be between $14.5 billion and $16.3 billion. This amount includes assets controlled by Chapter 11 debtors and assets controlled by the joint official liquidators of FTX Digital Markets, Ltd. (Bahamas), the Securities Commission of the Bahamas, and the joint official liquidators of FTX Australia.

That is to say, if the reorganization plan is approved by the bankruptcy court, 98% of FTX creditors will receive approximately 118% of their allowed claims within 60 days after the plan takes effect. The remaining creditors will receive all their claims, "plus billions of dollars in compensation for the time value of their investments."

Bitcoin and SOL are saviors

FTX's "rebirth" can be said to be largely due to the surge in Bitcoin and SOL.

According to data submitted in the FTX case report, FTX's estate includes approximately 59 million SOL and 21,482 Bitcoins. These tokens have risen by approximately 1,000% and 343%, respectively, since the company filed for bankruptcy. FTX will sell 41 million SOL to institutional investors at a price 68% lower than the current market price, worth approximately $6 billion as of the time of this article's publication.

Did Bitcoin Haters Anticipate a "Bitcoin Bull Run"?

In SBF's eyes, Bitcoin has no future as a payment network and criticizes Bitcoin for its inefficiency and high environmental costs. He once said, "The Bitcoin network is not a payment network, nor is it an expansion network." Perhaps it is well known that SBF hates Bitcoin. Cathie Wood, CEO of Ark Invest, once said on her social platform, "SBF does not like Bitcoin because Bitcoin is transparent and decentralized, and SBF cannot control Bitcoin."

Since SBF was arrested and imprisoned, the crypto winter has lasted for nearly a year. However, with the halving of Bitcoin and the expectation of ETF, the hype sentiment has gradually increased. On January 11, the Bitcoin ETF was successfully approved, and the crypto industry opened a new chapter. A large amount of funds entered the Bitcoin ecosystem through ETFs. Apart from the meme carnival, Bitcoin has gone from inscriptions to runes, and then to the flourishing L2, which can be described as a "Bitcoin bull market."

Even though SBF hates Bitcoin, he does not deny the material value of Bitcoin, and still trades Bitcoin for profit from the perspective of an investor. According to the data submitted in the FTX case report, FTX still held tens of thousands of bitcoins when it declared bankruptcy. Bitcoin has reached new historical highs step by step in this round of bull market hype. Although it has experienced multiple pullbacks, most researchers still have confidence in its future.

SBF in prison may not have witnessed this historic moment, but it is undeniable that it was Bitcoin, which he had criticized, that once again injected funds into the crypto world.

Investors who choose each other with SOL

During the period when Bitcoin became the leader, SOL was also a target that could not be ignored, and the relationship between FTX and Solana is a good story in the crypto circle.

Solana has never been a team born with a silver spoon in its mouth. After the validator node fundraising ended in 2019, Anatoly and Raj insisted on focusing on the development of the main network first, and this move attracted the attention of SBF. At that time, SBF was looking for cooperative public chains everywhere. Among the well-known public chains, Solana may not be outstanding, but one thing made SBF decide to invest deeply in Solana.

After SBF, Anatoly and Raj learned about Solana, he immediately asked engineers to send a large number of spam transactions to Solana to test the performance of Solana's public chain. Solana withstood the challenge, and SBF decided to invest in Solana that day. A few days later, the design of Serum, a decentralized order book matching engine incubated by FTX itself, was born.

Related reading: "Solana's Ups and Downs: A Lot of Accidents and a Little Inevitability"

It can be said that the mutual choice of FTX and Solana created each other, and SBF is naturally also a loyal investor in SOL. SBF believes that Solana may become the next Bitcoin, and Solana's market value may exceed Ethereum. Not many blockchains can be compared with Solana. "Solana is one of the few public blockchains with a truly reasonable roadmap. It can scale millions of transactions per second, and each transaction only costs a few cents. This is the scale advantage that users need."

After FTX declared bankruptcy, the Solana public chain was also hit hard and fell into trouble, and the price of SOL plummeted. However, Solana still attracts countless users to invest with its high performance and low gas. Especially since the outbreak of the low meme craze last year, the price of SOL has exceeded three digits and has broken through historical highs many times.

Since being detained last summer, SBF has been "obsessed" with Solana even in prison, and there have even been rumors online that he "recommended investing in SOL to prison guards." Although SOL has also retreated and washed out in several market corrections, it has remained at a three-digit price so far, enough to make huge profits for FTX.

Now, SBF has been convicted of all seven counts, and he was eventually sentenced to 25 years in prison by a Manhattan court in the United States and issued a sky-high fine of $11 billion. The FTX chapter led by this legendary figure has finally come to an end. The reorganized FTX may open a new chapter after paying creditors in full, but with the recent tightening of regulations, it remains to be seen whether FTX's restructuring proposal will be passed.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia