FTX claims are currently being described as the “hottest ticket in town” 🔥 among investors hoping to profit from the bankruptcy resolution process. We’ll explore how profits can potentially be made by speculating on the recovery or downfall of FTX. 💹
Where are FTX Claims Being Traded?
These claims, which potentially allow creditors to recover funds as the bankruptcy resolution process for FTX unfolds, have been bought in over-the-counter markets where such debts are traded. But not worry, for the average investor, these tokenized claims can be traded on a newly launched exchange OPNX.
Why is the Demand High?
Demand is high as FTX bankruptcy trustee John Ray has already recovered $7.3B in assets for creditors through aggressive clawbacks. Ray’s success in improving recovery potential has fueled frenzied trading activity and increased competition among distressed debt players.
Who is Acquiring the Claims?
Major investors like Silver Point Capital, Diameter Capital Partners, and Attestor Capital have collectively purchased over $250 million worth of claims from FTX creditors in over-the-counter markets.
How to Participate if You Have FTX Claims? How to Tokenize Your FTX Claims?
- Join and Complete KYC: Create an account on both OPNX and https://claims.ftx.com. Complete the KYC procedures on both platforms. 📝
- Apply: Provide claim details and complete the video verification process. 🎥
- Sign: Digitally sign the transfer agreement to initiate the claim transfer process. ✍️
- Convert: Transform your claim into collateral — reOX or oUSD.
Why Should I Convert My FTX Claims?
You can convert your FTX claim to get up use them as collateral for trading on the platform. The value of the claim will be doubled when you convert it into reOX tokens at a 100% bonus of the market price, which will then decrease to a 0% bonus over a period of 50 weeks. But if you think that FTX survives and all depositors will be made whole, tokenizing and selling would be not the preferred option.
Example
FTX claim amount: $1 million
FTX claim price: $0.30
Week 1 reOX conversion amount with 100% bonus = $1 million * $0.60 = $600,000. 💰
Who Verifies and Tokenizes the Claims?
OPNX has partnered with Heimdall, a tokenization solution provider, to manage the onboarding, verification, and tokenization of real-world assets for OPNX users, starting with claims. 🤝
What’s the Difference Between reOX and OX Tokens?
Reborn OX tokens (reOX) are OX tokens that unlock whenever a claim’s preference is settled. reOX can be used immediately as collateral in OPNX’s credit system to trade crypto futures. ⚖️
