Oh, honey, buckle up! 🚗💨 FTX creditors are in for a wild ride, and it’s not the kind you paid for with your crypto. According to Sunil, the self-appointed crypto whisperer and FTX creditor rep, the real recovery rate might be as low as 9%. Gasp! 😱 Yes, you read that right. Your crypto dreams are now officially on a budget airline with no legroom.
In a Sunday post on X (because nothing says “financial ruin” like a weekend tweet), Sunil spilled the tea ☕, estimating the recovery rate could be anywhere between 9% and 46%. But let’s be real, with Bitcoin (BTC), Ether (ETH), and Solana (SOL) prices doing the cha-cha since 2022, the actual value could be lower than a limbo stick at a crypto party. 🕺
“FTX creditors are not whole,” Sunil wrote, because apparently, we needed a reminder that crypto is the emotional rollercoaster 🎢 we never asked for. And that 143% fiat repayment? Cute. But in crypto terms, it’s like being handed a participation trophy 🏆 when you wanted the gold.
Here’s the kicker: Bitcoin’s petition price was $16,871, but now it’s over $110,000. So, that 143% fiat payout? It’s basically a 22% BTC value hug. 🤗 Ether’s recovery? 46% in real terms. Solana? A measly 12%. Someone call the crypto ambulance 🚑, because this is a financial emergency.
Airdrops: The Crypto Fairy Godmother? 🧚♀️
But wait, there’s hope! Sunil says creditors might get “extra recovery” through airdrops from external projects. Because apparently, FTX creditors are the hot new accessory in the crypto world. 💎 Paradex is leading the charge, proving that even in chaos, there’s a silver lining-or at least a free token drop. 🎁
The first round of payments for small-time creditors (less than $50k) dropped in February, totaling $1.2 billion. And in May, the FTX Recovery Trust dropped another $5 billion. Dotcom claims got 72%, US claims 54%, and Convenience Claims? A whopping 120%. Meanwhile, General Unsecured and Digital Asset Loan Claims are chilling at 61%, waiting for Kraken and BitGo to deliver the goods. 🦑💰
Sam Bankman-Fried: The Sequel 🎬
And in the “you can’t make this up” department, Sam Bankman-Fried is back! 🎉 Well, not really. He’s still serving his 25-year sentence for fraud and conspiracy, but his appeal hearing is set for November 4. His legal team claims he was “never presumed innocent” and that prosecutors played fast and loose with the facts. Classic Sam. 🤡
So, what’s next? More crypto drama, probably. But hey, at least we’ve got airdrops and appeals to keep us entertained. Stay tuned, folks-this show is far from over! 🎭
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2025-11-02 14:44