Claims Market
@claims_market
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Following
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233
Claims Market is a platform dedicated to simplifying the market for selling bankruptcy claims. Managed by Cherokee Acquisition Email: all @cherokeeacq .com
New York
Joined December 2022
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Claims Market hit the 500 trades mark, fostering competitive bidding for claims and the best price for sellers. A big ‘thanks’ to our fantastic customers and sales team! Cherokee’s Claims Market is the leading venue for
#FTX
claims with significant market…
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Claims Market: $200m of claims traded in over 300 transactions. Thursday's sale of $4.8m Genesis got us past that milestone.
Sellers are increasingly drawn to Claims-Market's positive user experience. Liquidity is provided by hedge funds competing to offer the best price.…
8
48
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Celsius using PayPal as distribution agent. Earn Account Holders will need to register with PayPal in order to receive a
#crypto
distribution through PayPal.
This means all Earn Account Holders will have to provide PayPal with AML/KYC information. Custody holders will be able…
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0
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Genesis prices moved higher post-FTX settlement. Claims are now quoted 46 bid, 51 ask, +4 points after the Genesis settled FTX's claim for $175 million.
See our interactive price chart:
#crypto
#bankruptcy
#genesis
#ftx
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5
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Celsius: NewCo is unnecessary and value-destructive. The main asset of NewCo (other than mining) is $500mm of Liquid Crypto worth about 10% incrementally to Class 5 Earn claims (1/2).
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4
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#FTX
Plan (1 of 9): Account holders (FTX Trading Ltd.) set up to receive between 127% and 142% of value of allowable claims.
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The Liquid Crypto will be used mostly for staking ETH, an activity creditors can engage in themselves. We urge the Debtors and the UCC to file the Wind-Down motion.
#celsiusbankruptcy
#crypto
#bankruptcy
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FTX claims: now trading at the highest level they have since the inception of the case.
23 bid, 28 ask (pricing varies dependent on claim size).
See pricing chart:
#ftx
#crypto
#bankruptcy
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4
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FTX Disclosure Statement (1 of 6): there is no recovery estimate in this draft Disclosure Statement. This is unexpected, given ample data provided by several detailed presentations to creditors. Docket # 4862
#FTX
#crypto
#bankruptcy
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2
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FTX Calculator (1 of 2): Claims Market has created a free tool that anyone can use to calculate the dollar value of a
#FTX
claim.
Tap on link:
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FTX's analysis using the Subsequent Advance methodology results in preference exposure of $11.2bn during a 15 Day Look-Back.
This result seems grossly overstated. FTX's Presentation dated Mar. 2 '23 shows $7.0bn of Customer net withdrawals Nov. 1-11. FTX's Monthly Operating…
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5
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FTX has recently experienced an accumulation of claims by hedge funds. The top six holders own $1.3 billion in
#FTX
claims.
The top three are as follows: a) Attestor $407 million, b) Ceratosaurus $297 million, c) Canyon $242 million. Data by Claims Market.
#crypto
#bankruptcy
4
2
19
FTX claim prices reached another high of 70 bid, 75 ask, +2 points from the prior week.
Investors expect an amended Plan and Disclosure statement to be filed in the coming weeks that will incorporate
#crypto
prices from the recently filed Conversion Table.
#FTX
#bankruptcy
6
2
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FTX: could the IRS's $44bn claim be subordinated ? Under Tax Division Directive 137, a federal tax claim will be subordinated to the victim’s claim when two requirements are met.
First, the tax claim and the victim’s claim arise from the same transaction.
Second, the funds or…
1
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FTX claims prices: moved up 3 points to 60 bid, 64 ask. This move was driven by a $65m
#FTX
claim auction last week. Additionally, crypto traded higher with BTC ending the week at $38,800, +5%.
#crypto
#bankruptcy
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3
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Preference lawsuits have been declining. As a result of the Bankruptcy Code's 2019 amendment, preference plaintiffs are now required to exercise “reasonable due diligence.” This means plaintiffs must evaluate a creditor’s possible affirmative defenses (1/2).
#bankruptcy
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5
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#FTX
to file an amended plan of reorganization and detailed disclosure statement by May 7, with a June 5 objection deadline, according to a filing yesterday (DN 13628). The collapsed cryptocurrency exchange hopes the bankruptcy judge will approve the package June 25. Cherokee’s…
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FTX Tax Withholding: Disclosure Statement notifies non-U.S. claim holders that there may be up to 30% tax withholding on distributions. See below page 130 of 138 (docket # 4862).
#FTX
#crypto
#bankruptcy
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FTX Claims Portal has opened: This is a milestone in the case. FTX's website was the only bankrupt crypto site taken down. Without access to the site, FTX creditors could not validate ownership of their claim. (1/4)
#FTX
#crypto
#bankruptcy
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We are looking forward to the
#Bitcoin2023
event starting tomorrow!
We would love to connect and meet with you in Miami Beach to speak about crypto claims and the current market.
Feel free to drop us a DM!
#crypto
#miami
#Bitcoin
3
12
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We are excited to be co-hosting a Twitter Spaces with
@CharlieShrem
this Tuesday at noon EST.
Whether you are a creditor or simply interested in the FTX, Celsius, BlockFi, Genesis or Voyager cases, this will be an insightful conversation.
#crypto
#bankruptcy
4
1
15
Our team had an insightful interview with
@TiffanyFong_
, speaking about why a creditor may want to sell, the process of doing so and the current market for FTX and Celsius.
#FTX
#CelsiusBankruptcy
#crypto
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FTX expects to pay Customers in Full. At today's claims estimation hearing
#FTX
stated that payment in full is the objective, but is not guaranteed.
This statement is not surprising to analysts that are closely following the case, but it's encouraging to hear it.
#bankruptcy
…
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Claims Market: $300 million of volume in over 360 transactions ! Claim sellers understand that the structure of Claims Market results in the best price and the fastest closing.
Feel free to contact us for more information:
#FTX
#crypto
#bankruptcy
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FTX claims-trading volume had its fourth consecutive record-setting month. February volume came in at $855 million, more than doubling January’s volume of $406 million.
The three largest
#FTX
claims traded in February were $137 million, $94 million, and $65 million. Total…
1
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FTX Plan negotiations are underway. Since FTX's draft Plan was filed July 31, 2023, FTX has sought out the perspectives of the Ad Hoc Committee.
This is an encouraging development. Unlike the UCC, the Ad Hoc has members who are very experienced in the complexities of the…
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4
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FTX Examiner: 3rd Cir. Ct. of Appeals ordered the appointment of an examiner. The examiner will investigate the misappropriation of $10 billion in
#FTX
customers’ assets.
This decision will not slow down the progress of the case. However, the investigation is likely to be…
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Thank you for having us on your show.
We enjoyed having the opportunity to share information with creditors on how to receive immediate liquidity at the best prices.
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With $875 million in over 900 transfers, March ended yet another record-smashing month for
#FTX
claims trading.
Total volume for 12 months ending March 2024 rounds out at $3.4 billion.
#bankruptcy
#crypto
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FTX: John Ray is making a case for filing a subcon Plan. From his Second Interim Report (page 3): "Notwithstanding extensive work by experts in forensic accounting ...it is extremely challenging to trace substantial assets of the Debtors to any particular source of funding…(1/2)
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FTX Plan FTT native token: will be cancelled and extinguished. It appears that the Plan treats the FTT token as an equity security.
As a result, it is subordinated to creditor claims and will not receive any distribution (1/4).
#ftx
#crypto
#bankruptcy
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Hedge funds rolled up hundreds of millions in FTX claims in February, led by Attestor, according to Claims Market data. Attestor is now the largest FTX claim holder.
#FTX
#crypto
#bankruptcy
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We have been featured in yet another article for our dominance in the
#FTX
claims trading space.
To view prices & transactions, visit our website:
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FTX claims: prices for
#FTX
claims over $1mm continue to increase. Market prices as of January 12 were 72 bid, 75 ask, up 2 points from the prior week.
Prices continue to increase in anticipation of the
#bankruptcy
Claims Estimation Hearing on January 25.…
1
1
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FTX claim prices: moved up 2 points last week to 64 bid, 69 ask in anticipation of the Dec. 16th Plan and Disclosure Statement. The actual Plan and Disclosure Statement underwhelmed the market and did not affect prices this week.
For details, see chart below and link:…
0
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FTX Digital Assets Conversion Table (1 of 2): the Debtor filed their petition date conversion prices.
FTX is the only crypto debtor to make meaningful adjustments from pricing services to unaffiliated tokens. Adjustments include an "Asset Liquidation Discount" as well as a zero…
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FTX Claims & The Sixes: Hedge funds dominate
#FTX
claims trading with $3.6 billion accumulated by the top six as of April 16. Data by Claims Market
#crypto
#bankruptcy
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Celsius Account Holder settlement: as compensation for being lied to by Celsius management, Account Holders' claims are being increased by 5%.
The Plan treatment remains the same.
This settlement has the effect of diluting GUC claim distributions that do not benefit from this…
0
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FTX: friction between Debtor and UCC. Recent pleadings show discord between the Debtor and the UCC.
It's unusual for a Debtor to publicly state that UCC members are not experts in restructuring, M&A, and complex litigation.
What is going on here…
See below from Debtor's…
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How much crypto does
#FTX
have left ? About $5.6 billion after selling all liquid crypto.
This assumes liquid crypto (BTC, ETH, etc.) sold for $1.4 billion and 8.5 million SOL sold for $400 million. DS page 35 of 138 states that $1.8 billion crypto was sold for $1.8 billion…
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FTX Preferences: S&C is being extraordinarily aggressive as show in the Layer Zero complaint below.
Under the "Subsequent Advance Methodology," to the extent deposits exceed the value of earlier withdrawals, the preference balance goes to zero (i.e., the excess is not applied…
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FTX timeline: based on an underwhelming Plan and Disclosure Statement that left many key points unresolved, we believe solicitation will begin Q2 2024. The timeline targeted "Q1 / Q2" for solicitation.
Below from Stakeholder Update Materials Sep. 11 2023 (docket # 2463).
#FTX
…
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FTX claims trading volume increased dramatically in 4Q23. Total volume for 9 months ending Dec. '23 was $1.13bn. Data compiled from
#FTX
customer claims transferred on the
#bankruptcy
docket.
#crypto
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FTX claims: prices for claims over $1mm continue to increase. Market prices as of February 9 were 78 bid, 83 ask, up 3 points from the prior week.
Prices continue to increase in anticipation of the amended Plan and Disclosure Statement expected to be filed by February 29.…
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FTX: A few months ago, the Amended Schedule Fs were released in the court docket (docket
#1730
-1750), however finding your claim with your Customer Code can be highly time consuming.
On this site, you can search with your Customer Code and you will see the docket number, page…
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As the article states below, Cherokee has made over 200 transfers worth around $100m from crypto exchanges and other bankruptcies.
14 of the 20 claim transfers in the Celsius case have been from Cherokee.
#FTX
#CelsiusBankruptcy
#claims
Article:
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We will be co-hosting a Twitter Spaces with
@sunil_trades
tomorrow at 11am EST / 4pm GMT.
There will be a Q&A opportunity to ask any questions regarding the case, how claims work as well as current pricing.
We look forward to the event tomorrow!
#FTX
#crypto
#bankruptcy
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Another one of our many satisfied customers. We purchased his
#FTX
claim and provided the best price and fastest close.
2
1
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Claims Market: weekly recap. For the week ended Feb 2 '23: we traded 10
#FTX
claims with total volume of $11.3 million.
Trading was brisk with most claims trading within one day of listing. Best price, fastest closing.
0
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Great to have the Cherokee team altogether today - working hard supporting sellers in the FTX and Celsius bankruptcies.
View our website for our transparency pricing chart:
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Generic pricing for Celsius claims has increased to 30-34%. See historical price chart:
Specific pricing is dependent upon the size of the claim and preference risk.
#celsiusbankruptcy
#crypto
#newco
6
2
9
A representative from Cherokee Acquisition is in Miami, FL - ahead of the Bitcoin 2023 event!
If you would like to connect and talk about the recent crypto bankruptcies and the options available creditors, reach out to
@Jeanatthescene
#crypto
#finance
#ftx
#bitcoin2023
#Miami
6
2
8
For those who missed it, tune into the recorded spaces we attended with
@TiffanyFong_
Many questions from creditors answered regarding claim prices, preference, potential payouts and the claim selling process.
#celsiusbankruptcy
#crypto
3
1
9
Claims Market: why should you trust it ? Two reasons, Transparency and Experience. Transparency is a core value for us. We display transaction history, price history, legal docs, and team bios. Experience is our key attribute based on decades of trading claims in the largest…
1
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Claims Market: traded $12.8m of FTX claims last week in four transactions. It was a busy week as buyers paid up for larger claims with little or no preference risk.
#ftx
#crypto
#bankruptcy
1
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FTX Digital Assets Conversion Table (2 of 2): FTX proposes highly questionable adjustments to Coin Metrics prices, such as a discount for orderly liquidation of crypto on the petition date.
We don't believe that these adjustments can survive meaningful opposition from the UCC…
3
2
5
FTX expects to file their Disclosure Statement and Amended Plan by year-end. They also expect to schedule a Disclosure Statement hearing during the 1st quarter of 2024, and a Plan Confirmation hearing during the 2nd quarter of 2024.
See excerpt from August 23, 2023 Case Update…
2
2
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FTX files amended Schedule F.
#FTX
removed the "Contingent" designation for accounts with locked and non-fungible tokens, as well as OTC trading balances.
#crypto
#bankruptcy
1
4
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Par or Bust: Bids to buy
#FTX
claims in April jumped to 94 cents, up two points from last month and 84 points since petition date. Cherokee's Claims Market is the dominant broker of FTX claims.
#bankruptcy
#crypto
0
2
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Claims Market: 151 FIVE STAR Google reviews ! We have helped over 100
#FTX
creditors sell over $150 million in claims. Best price, fastest close.
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1
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FTX Plan failure to provide AML / KYC information will result in forfeiture.
Creditors who fail to provide AML / KYC information 60 days after a second request is made will forfeit their right to receive all Distributions (1/2).
#ftx
#crypto
#bankruptcy
2
1
8
Another 5-star review from an FTX creditor! We provide fast and transparent service to help you sell your claim. Contact us to learn more.
Contact us via Email: all
@cherokeeacq
.com
For more information visit our website:
#Crypto
#FTX
#claims
0
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7
Genesis prices ticked up to a new high of 50% bid, 54% ask. This was in response to the settlement between the Debtor, the UCC, and
@DCGco
.
The settlement is an important milestone in Plan negotiations. However, the Ad Hoc Group opposes the settlement as does Gemini.…
1
1
6
Claims Market is officially the No. 1 in market share for trading crypto claims.
✅ Over $40m traded in Celsius
✅ Highest volume traded in the crypto claims space
✅ Over 80% of all crypto claims transactions
Register:
#CelsiusBankruptcy
#FTX
#crypto
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1
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FTX Disclosure Statement (additional comment): provides a flowchart showing how the Plan waterfall functions. The key is that 66% of the General Pool Assets (Alameda) are distributed pro-rata to the Allowed Intercompany Shortfall Claims (US and Dotcom, not Alameda) ** and ** 34%…
0
1
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Never Stop Never Stopping:” Bids to buy FTX claims have jumped more than ninefold, to 92 cents on the dollar from 10 cents on the day the cryptocurrency exchange sought protection from creditors.
By March 8, creditors asked for an average of 96 cents on the dollar, compared…
3
1
7
We've updated our claim prices to reflect current market conditions. BlockFi claims are being listed up to 21%.
For more information, visit our website:
#Blockfi
#Bankruptcy
#claims
#crypto
3
3
7
We will be Co-hosting a Twitter Spaces with
@CharlieShrem
in less than 2 hours!
Learn about the cycle of crypto bankruptcy’s and much more…
#celsiusnetwork
#ftx
#crypto
#bankruptcy
3
2
7
Celsius: pivot to Wind-Down. This is a value preserving outcome for creditors. Good riddance to the NewCo boondoggle that would have been a misuse of $450m of creditors' liquid crypto!
#celsiusnetwork
#crypto
#bankruptcy
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1
7
#FTX
Claims Tally: Attestor and Farallon dominate the group of six hedge funds that together purchased $2.4 billion of the $3.9 billion of FTX claims as of April 29. Data by Cherokee’s Claims Market
#crypto
#bankruptcy
1
1
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Pricing for FTX claims on Claims-Market list up to 24% (dependent on claim size). We are happy to provide a fast and efficient service for our clients.
Register your claim on our website:
#celsiusnetwork
#crypto
#claims
#bankruptcy
#FTX
#Voyager
0
2
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Claims Market: the best price and the fastest closing. We have smoothed out the process of closing and getting paid quickly on bankruptcy claim sales. Using state-of-the-art documents and an efficient workflow. We are always available to assist claim sellers with live support.…
3
1
7
Thank you to
@brave
for an incredible networking event in Miami Beach.
Met many industry professionals and crypto enthusiasts.
Looking forward to seeing everyone for Day One of the
#bitcoin2023
event!
#crypto
#BitcoinMiami
#CryptoNews
1
3
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We are proud to announce that we have achieved over 100 five-star Google Reviews!
Over the years we have consistently been dedicated to providing immediate liquidity to creditors in the most efficient, professional and timely manner possible.
#ftx
#crypto
#CelsiusBankruptcy
5
3
5
We will be joining a Twitter Spaces with
@TiffanyFong_
today, discussing the process of selling a claim & why some creditors may choose to do so.
Time: 3pm EST / Noon PST
A Q&A will be held at the end.
#FTX
#Celsiusbankruptcy
#crypto
3
2
6
Celsius Mining: May 2023 monthly revenue $10.2m. Not even close to MARA 2Qest. $30.0m / month, or RIOT 2Qest. $28.0m / month. Uptime needs to improve.
See Presentation docket # 2918 below.
#celsiusnetwork
#crypto
#bankruptcy
4
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127 Five Star Google reviews are the result of four years of attentive client service. Cherokee's dedicated claims team goes to great lengths in assisting claim sellers.
Our goal is to help claim sellers get the best price, and make the selling process easy and smooth.
1
1
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FTX Calculator (2 of 2): after you click on the FTX Calculator tab, simply type in a Unique Customer Code.
The site calculates the Petition Date dollar value of the
#FTX
claim, using the Debtor's Conversion Table prices.
#crypto
#bankruptcy
3
1
6
We are honored to be featured on Crypto Media News through an interview episode (full episode out soon).
@cmnnewsofficial
We believe in education for the crypto space as a whole, as well as for creditors in the recent bankruptcies.
#cryptonews
#ftx
#bankruptcy
#dubai
2
2
5
This requirement has reduced the number of preference lawsuits and encouraged settlements. Prior to 2019, preference plaintiffs often implemented a "shoot first, ask questions later" approach that unfairly burdened many creditors (2/2).
#bankruptcy
0
0
6
Then the analysis begins again until the Petition Date to determine whether preference exposure remains.
See above photo: the $2.4m Aug 16 Deposits are ** NOT ** applied against the $494k Sep 1 Withdrawal. Excerpt from docket # 2457 above (2/2).
#ftx
#bankruptcy
#crypto
3
0
6
Cherokee Acquisition / Claims Market is on the ground for the Crypto Expo Dubai event this week.
If you are a creditor in a crypto case and/or would like speak about potential synergies, feel free to reach out
@Jeanatthescene
#crypto
#dubai
#ftx
0
2
6
Claims Market clinched $9.2 million of
#FTX
claims trades in 10 competitive transactions for the week that ended April 12. Best price, fastest closing.
#crypto
#bankruptcy
2
1
6
Cherokee / Claims-Market is featured in the recent
@decryptmedia
article regarding FTX claims trading.
You can view our price chart on this article alongside educational information about the market as a whole.
#crypto
#ftx
#bankruptcy
5
1
4
Genesis: $46 million claim traded on Cherokee's platform.
This was a great outcome for the selling creditor who obtained the best price and fastest closing process as a result of our superior market design.
#crypto
#bankruptcy
#genesis
2
1
6
#FTX
and
#Voyager
agreed to release more than $455 million in claims, clearing one more obstacle to FTX’s anticipated Chapter 11 exit later this year. DN 11549 Cherokee's Claims Market is the leading venue for FTX claims.
#bankruptcy
#crypto
…
0
2
6
Claims-Market has recently transacted a claim worth $1,632,783.10!
We are happy to provide fast, efficient & cost-free services to creditors in the crypto space...
For more info, visit our website -
#claims
#CelsiusNetwork
#CelsiusBankruptcy
#FTX
0
0
5
Is the UCC impatient for progress on FTX 2.0 restart?
Or is SullCrom fearful of a motion for a Trustee? (2/2)
#ftx
#crypto
#bankruptcy
0
0
6
Claims Market: traded 7
#FTX
claims in the last 5 trading days for a total of $5mm volume. Best price, fastest close.
1
1
6
FTX: Kris Hansen is representing the Official Committee in the
#FTX
case.
Listen to his deep insights into many key issues of
#bankruptcy
restructurings and
#crypto
from 6:30 to 46:00 in the link:
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