According to a newly filed court filing, the major creditors of FTX have claims that range in value from hundreds of millions to tens of millions of dollars. As per the document, the highest single claim is $226 million, with $206 million being the second highest. According to FTX, there are approximately one million creditors. The names have not been revealed, but they owe a total of $3.1 billion. Voyager Digital filed for bankruptcy earlier this year, the company was also hired as a counsel to assist in the acquisition of its assets; however, it has subsequently taken down promotional content from its website that indicated a partnership with FTX.
Well-known Investor Bill Ackamn Endorses Crypto Project Helium, Unveil Crypto Holdings.
One of TradFi’s best-known investors, Bill Ackman, revealed on Monday that he is endorsing a crypto project. He said in a tweet that he likes Helium, a decentralised Wi-Fi mesh network. Helium has been blamed for using fraudulent endorsements like Salesforce and mobility company Lime to give its network legitimacy. As per Forbes reports, Helium’s tokenomics show a questionable history of rewarding its founders and insiders and utilising fake clients to enhance token payouts. By a large margin, the Helium community decided to switch to Solana as its blockchain and connect Helium with the SOL phone. The founder of Helium has promised to continue with Solana despite its downward trend. “Despite crypto’s ability to facilitate fraud, with the benefit of sensible regulation and oversight, crypto technology’s potential for beneficent societal impact may eventually compare with the impact of the telephone and internet on the economy and society,” Ackman tweeted.
Bonds issued by cryptocurrency exchange Coinbase (COIN) and business intelligence firm MicroStrategy (MSTR), a bitcoin investor, have declined as investor trust in the sector has declined in the wake of FTX’s collapse. Finra-Morningstar, a data source, reports that the price of Coinbase’s bond due in 2031 has decreased 15% this month to 50 cents on the dollar. This year’s bearish trend has continued with a decrease, which follows nearly three months of consolidation. On its balance sheet, MicroStrategy has over 130,000 BTC valued at about $2.08 billion. Coinbase’s stock fell 31% this month, closing at $45.26 on Friday. After noting the rise in bond yields and the drop in stock prices, Lawrence McDonald, the creator of the well-known Bear Traps study, tweeted on Sunday, “If you have capital at Coinbase, do your counterparty risk assessment now.” According to CNBC, renowned venture capital firm Multicoin, one of the many exposed to FTX, informed investors that its net performance had decreased by 55% this month and predicted that the collapse of FTX will cause the collapse of other companies in the coming weeks.
