It seems that some investors who have claims on the crypto platforms FTX exchange, Celsius Network, BlockFi, and Voyager Digital are seeking to sell their claims rather than waiting for a lengthy bankruptcy process.
According to data from crypto claims trading start-up Xclaim, almost 10,000 claims have been listed for sale, with a majority coming from creditors in China, Hong Kong, and Taiwan.
Some hedge funds and debt investors, including Contrarian Capital Management, Invictus Global Management, and NovaWulf Digital Management, have reportedly purchased some of the claims.
Meanwhile, Celsius is reportedly preparing to file a motion to extend the deadline for users to submit their claims, which has been met with some backlash from community members.
In related news, it has been reported that former FTX CEO Sam Bankman-Fried cashed out $684,000 after his release, with wallets allegedly connected to him being flagged for possibly breaking the condition of his release by spending more than $1,000 without permission.