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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
FTX's repayment process for creditors begins in February 2025, prioritizing those with claims under $50,000, totaling around $1.2 billion. Creditors must complete verification forms by January 20 to qualify for initial payments, amid concerns over phishing scams and market volatility from asset liquidations, particularly in Solana tokens. The repayments could rejuvenate the cryptocurrency market, despite ongoing disputes regarding FTX EU's ownership.
Backpack Exchange claims it legally acquired FTX EU, but the FTX estate disputes this, asserting ownership remains with FTX Europe AG. The estate also challenges Backpack's authority to manage creditor repayments, raising concerns among FTX EU customers about the repayment process and the involvement of other entities like Kraken and Bitgo.
Backpack Exchange has claimed ownership of FTX EU after regulatory approval from CySEC, asserting it purchased the assets from co-founders Patrick Gruhn and Robin Matzke. However, the FTX estate disputes this, stating that FTX EU shares remain with FTX Europe AG and that Backpack is unauthorized to manage creditor repayments, causing confusion among former customers regarding fund distribution.
FTX creditor Lidia Favario has raised concerns over extravagant spending by bankruptcy managers, citing high-end hotel stays and excessive transportation costs that violate DOJ guidelines. She urged the court to enhance expense reviews to ensure accountability, as many creditors face significant financial losses. Additionally, creditor Sunil Kavuri warned of scam emails targeting FTX creditors, advising them to rely solely on the official claims portal for updates, as repayments are not expected before March 2025.
Celsius has filed an appeal against a court order that rejected its $444 million claim for damages from FTX, stemming from alleged preferential transfers. Initially, Celsius sought $2 billion over disparaging statements made by FTX officers but later revised its claim. The court found the amended claims insufficient and prejudicial to FTX's reorganization efforts.
Chainlink's price has recently dropped to $20.25, a 35% decline from its peak this year, amid a broader cryptocurrency market downturn. Despite this, analyst Michael van de Poppe predicts a rebound in 2025, citing Chainlink's ongoing role in decentralized finance and its recent partnerships, including a $2 million LINK token purchase by Donald Trump’s World Liberty Financial. The price has formed a head and shoulders pattern, indicating potential further declines, with key support levels at $18 and $15.
Sunil Kavuri
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