FTX Creditors' Crypto Recovery Rates Are Low

Critical details have emerged regarding the recovery rates experienced by creditors during the FTX bankruptcy process. According to expert assessments, the "real crypto-based" recovery rates that creditors will obtain range between 9% and 46%. Due to the volatility in the cryptocurrency market, these rates are expected to decline further.

Sunil, who represents FTX creditors, stated in a social media announcement that even if a nominal payment of 143% is made, this amount will not fully cover the losses of the creditors. This situation for creditors negatively affects recoveries despite the current high prices of cryptocurrencies. Sunil also indicated that it might be possible for certain projects outside the bankruptcy process to provide additional earnings to FTX creditors through airdrops. It has been reported that the Paradex platform is currently airdropping to FTX creditors and that other projects are expected to take similar steps.

Sunil emphasized that FTX creditors have become "one of the most valuable communities" in the crypto ecosystem, and many projects are striving to offer special rewards to creditors. However, the targeting of creditors by some malicious actors is also a significant concern. Recently, FTX founder Sam Bankman-Fried (SBF) claimed that all creditors would receive payments between 119% and 143%. However, on-chain researcher ZachXBT pointed out that these payments were calculated based on the low crypto prices in 2022.

Today, with Bitcoin's price around 100,000 Turkish Liras, creditors have received payments based on a price of 17,000 Turkish Liras. This situation indicates that creditors have experienced a significant loss of value. It is recommended that investors closely monitor developments related to FTX creditors and potential crypto airdrop opportunities. Moreover, the impacts of large bankruptcy processes like FTX on the cryptocurrency market should also be observed by investors.