Houbi Affiliate Sells FTX Property Claim Rights at a Premium
CryptoNewsTerminal Staff28 May, 2024
Houbi Affiliate Sells FTX Property Claim Rights at a Premium
Sinohope Technology, an affiliate of the cryptocurrency exchange Houbi, has sold its claim rights to the bankrupt FTX exchange for $19,500,088.87. This represents a premium of 107.8% over the claim value. The sale was approved by a vote of the company's board of directors and the buyer was Ceratosaurus Investors, L.L.C. Sinohope Technology had previously deposited approximately $18.1 million worth of cryptocurrency on the FTX platform. The sale of the claim rights will allow the company to recoup a portion of its losses. The sale of FTX property claim rights is the latest development in the ongoing saga of the exchange's collapse. FTX filed for bankruptcy in November 2022, leaving millions of customers and creditors in limbo. The company's founder, Sam Bankman-Fried, has been charged with multiple counts of fraud and is currently awaiting trial. The sale of the claim rights is a positive development for Sinohope Technology and other FTX creditors. It shows that there is still value in the exchange's assets and that creditors may be able to recover some of their losses.
