A former FTX executive-led venture successfully secured $60 million in bankruptcy claims from affected users, primarily assisting those with claims up to $100,000. The rapid transaction capability of FTX Creditor has been praised on social media, completing processes in as little as 30 minutes.

In the aftermath of FTX’s collapse in November 2022, Louis d’Origny and former FTX executive Ramnik Arora seized the opportunity to launch investment funds and the FTX Creditor platform to acquire bankruptcy claims from other users affected by the exchange’s downfall.

Users have shared positive experiences with FTX Creditor, noting a smooth, trustable, and transparent process that led to recovering approximately 70% of their assets. The venture initially accumulated around $31 million in claims through funds and expanded with FTX Creditor, totaling an additional $60 million in claims.

While initial estimates suggested creditors might only recover 25% to 30% of investments, the strategy of purchasing claims at lower costs hints at potentially higher returns for investors. Customers receiving reimbursements are enthusiastic, with many eager to reinvest in cryptocurrency.

FTX’s collapse left over a million customers worldwide facing significant financial losses. Former CEO and Founder, Sam Bankman-Fried, was found guilty of fraud and money laundering and currently faces a lengthy prison sentence.

For more information, you can explore news on Global Crypto News website.

Post Views: 1