Cryptocurrency was supposed to democratise finance. Wall Street, though, always finds a way to win.
The debtor in the bankruptcy of FTX this week said account holders would get at least 118 cents on the dollar for the value of their claims from the crypto exchange’s November 2022 collapse. It is, all things considered, a good outcome. It is also one that vulture funds saw coming.
Firms such as Attestor, Farallon, Oaktree and Silver Point, among others, have been purchasing secondary claims for months on exchanges that specialise in the racy world of bankruptcy interests. In the chaotic weeks after the FTX bankruptcy filing, those claims were changing hands for well under 20 cents on the dollar.
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