FTX破产案情披露:数字货币资产全额赔付背后的真相

币圈资讯 阅读:41 2024-04-22 11:18:04 评论:0
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作者:Phyrex 来源:X,@Phyrex_Ni

先把丑话说在前,以下的内容可能不会让持有FTX相关资产,包括SOL,BTC,ETH,APT,XRP,BIT,STG,WBTC,WETH的小伙伴开心。这也不是我对于市场的看空,而是实际上阐述正在发生的问题,以下所有的内容和数据都经由美国特拉华州破产法院公布,案件主体为FTX Trading Ltd.,档案编号22-11068,有兴趣的小伙伴可以自己去查证。

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在2023年12月19日,FTX Digital Markets联合官方清算人与FTX债务人达成了全球和解协议,并经巴哈马最高法院与特拉华州美国破产法院批准。

和解的内容其实就是赔付,这点对于在FTX损失的小伙伴来说应该是件好事,但又不是那么的好。首先需要明确的是,关于赔偿是赔偿美元本位,法院公布的原话是“所有FTX.com客户对现金或数字资产(与NFT相关的除外)的索赔将在适用的请愿日期起在两个程序中以美元计价,不会因请愿后资产价格波动而产生差别付款。”

All http://FTX.com customer claims for cash or digital assets (other than those relating to NFTs) will be valued in both proceedings in U.S. Dollars as of the applicable petition dates, with no differential payments based on post-petition fluctuations in asset prices.

说人话就是两层意思,第一层就是所有已经被追回的数字货币资产,全部都会抛售成为美元。这会是对很多小伙伴都有关系的事件,因为在追回的数字资产中,SOL本身就占了大头,而在价格拉升以后,SOL 更成了一枝独秀,排名第二的BTC和排名第三的ETH ,反而显得压力不是很大了,通过表格可以看到,本来FTX的总负债是70亿美元,其中按照8月31日的价格计算,追回的数字货币已经有34亿美元,在加上现金和其它债券,总缺口只有17亿美元左右,但到了今天,仅追回的前十资产就已经超过了90亿美元,这就代表全额赔付都可以了。

按理说这不应该是好事吗?为什么我会说不好,前边说了,都是按照美元计价赔偿,也就是引发出了第二层意思,首先这些资产都是要被抛售的,有小伙伴该问了,不是已经超过40亿美元的清算额度,为什么还要都卖,因为目前计算的是数学上的理论价格,比如SOL是按照118美元来计算的,但是当有6,000万枚SOL离场的时候,对于价格肯定还是有影响的,当然在九月法庭已经宣判了,每周最多可以出售价值2亿美元的加密货币,这就避免了一次性的抛压,但持续的抛压仍然可能会让价格有下跌的可能。

另外在九月的判决中,法庭也同意了做市商可以用这些资金来谋求更多的利益所以FTX有超过4,400万枚的SOL现在还在链上质押,甚至不能排除目前价格的上涨是有做市商为了抬高价格出货的可能,当然,这些都仅仅是可能,并不代表一定就这么发生的,但确实目前还有大量的FTX等待出售的资产,这些资产对于价格是否会产生压力,还需要小伙伴们自行判断,我并不是说SOL就一定会跌,但6,000万枚的抛压一天没有解决,就一天可能还会存在问题。

另外没有说完的是,在FTX破产中,这次的资产可能是够全部承兑的,但也说了,承兑的都是美元,比如你在FTX里有10万的USDT,那么应该会拿回到10万美元,这是没问题的,但如果你有10枚BTC,那么你拿回的就不是10枚BTC,也不是按照现在价格折算的BTC等值金额,而是全球协议中共识(有可能是按照破产时资产的价值计价)存放的BTC等值价值,假如当时的BTC是3万美元,那么你能拿回的就是30万美元,BTC接下来涨了多少或者跌了多少和你都没有关系。

但从现在的趋势来看,大概率定价会低于当时的市场价。而且你别觉得难受,还有更难受的。FTT权益将被视为股权,不会获得任何追偿。也就是说,如果你在最后把所有的资产都换成了FTT,假如你有10万枚FTT,那很抱歉,你一毛钱也拿不到。可能有小伙伴说自己并没有参与到价格的确定中,很可惜,这个价格是由全球债务代表参加协商的,你也别问我怎么选的代表,我也不知道,但确实不但已经选出来了,而且也已经达成共识了,所以除了FTT的持有者以外,应该还能算是一个能接受的结果。

所有符合条件的FTX客户预计将在2024年第二季度通过有机会开始进行赔偿程序,但仍然需要确定倍赔偿客户在哪个司法管辖区协调和支付索赔。


The author's source will tell you the truth first. The following contents may not make the small partners who hold relevant assets happy. This is not my bearish view on the market, but actually expounds the problems that are happening. All the following contents and data have been published by the bankruptcy court of Delaware, USA. Interested small partners can verify for themselves that the joint official liquidator reached a global settlement agreement with the debtor on, and the Supreme Court of Bahamas and Delaware went bankrupt in the United States. The content of the court's approval of the settlement is actually to pay compensation, which should be a good thing for the small partners who have lost, but it is not so good. First of all, it needs to be clear that the compensation is based on the dollar standard. The original words announced by the court are that all customers' claims for cash or digital assets and related exceptions will be denominated in US dollars in the two procedures from the applicable petition date, and there will be no difference in payment due to the fluctuation of asset prices after the petition. The speaker's words are two meanings. The first layer is that all claims have been recovered. All of digital currency's assets will be sold into US dollars, which will be an event related to many small partners, because it accounts for a large part of the recovered digital assets, and after the price rises, it has become the second and third largest, but the pressure is not very great. From the table, we can see that the original total debt is US$ billion, of which US$ billion has been recovered from digital currency at the monthly price, and the total gap between cash and other bonds is only about US$ billion. Today, only the top ten assets recovered have exceeded US$ 100 million, which means that all the assets can be paid in full. It is reasonable to say that this should not be a good thing. Why can't I say that the compensation is denominated in US dollars, which leads to a second meaning? First of all, these assets are to be sold. Some small partners should ask why they should sell them all because the current calculation is a mathematical theoretical price, for example, in US dollars, but when there are 10,000, Of course, in September, the court ruled that cryptocurrency worth up to $100 million can be sold every week, which avoids one-time selling pressure, but the continuous selling pressure may still make the price fall. In addition, in the judgment in September, the court also agreed that market makers can use these funds to seek more benefits, so more than 10,000 pieces are still pledged in the chain, and it cannot even be ruled out that the current price increase is caused by market makers in order to raise prices. The possibility of shipping, of course, these are just possibilities, which does not necessarily mean that it will happen, but there are still a lot of assets waiting to be sold. Whether these assets will exert pressure on the price needs to be judged by the small partners themselves. I am not saying that it will definitely fall, but if the selling pressure of 10,000 pieces is not solved, there may still be problems one day. What is not finished is that in bankruptcy, the assets may be fully accepted, but it is also said that the acceptance is in US dollars, for example, if you have 10,000 pieces in the store. It's no problem to get back $10,000, but if you have one, what you get back is not one, nor the equivalent amount converted at the current price, but the consensus in the global agreement may be the equivalent value of the assets at the time of bankruptcy. If it was $10,000 at that time, what you can get back is how much the $10,000 rose or fell next, which has nothing to do with you, but judging from the current trend, it is highly probable that the pricing will be lower than the market price at that time, and you should not feel uncomfortable. There are even more uncomfortable rights and interests, which will be regarded as equity and won't get any recovery. That is to say, if you change all your assets into 10,000 pieces at the end, I'm sorry that you won't get any money. Maybe some small partners said that they didn't participate in the price determination. It's a pity that this price was negotiated by the global debt representative. Don't ask me how to choose the representative. I don't know, but it has not only been selected, but also reached a consensus, so it should be returned besides the holders. Can be regarded as an acceptable result, all eligible customers are expected to have the opportunity to start the compensation procedure in the second quarter of 2008, but it is still necessary to determine which jurisdiction the double compensation customers coordinate and pay their claims. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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