Xinhuo Technology: FTX claim funds expected recovery rate rises to about 70%
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Xinhuo Technology: FTX claim funds expected recovery rate rises to about 70%
New Fire Technology announced in a public statement that the FTX incident constitutes a special circumstance. The company observed that numerous FTX creditors have recently been restricted from transferring their deposit claims to realize value; however, management believes that the group will soon be able to monetize its FTX deposits through transfers. Potential transferees have submitted competitive offers, and if the transfer of FTX claims becomes permissible, the recoverable amount could increase from approximately 39.4% in September 2023 to approximately 70% in January 2024. The value of the company's frozen assets on the FTX exchange amounts to HKD 141.7 million.
Navigating Web3 tides with focused insightsTechFlow reports that New Fire Technology has issued an announcement stating the FTX incident is a special case. The company observed that multiple FTX creditors have recently been restricted from transferring their deposit claims to realize value, but management believes the group will soon be able to monetize through the transfer of FTX deposits.
Potential assignees have submitted competitive offers, and if the FTX claims can be transferred, the recoverable amount would increase from approximately 39.4% in September 2023 to approximately 70% by January 2024. The value of the company's frozen assets on the FTX exchange amounts to HK$141.7 million.
