The bankrupt cryptocurrency exchange FTX is once again in the spotlight following a surge in SUI token prices and developments in its creditors' repayment process.
SUI Token Price Surge
FTX creditor Sunil Kavuri highlighted a significant loss for the bankrupt exchange as the SUI token soared to $5.20 with a market cap of $16 billion. This means that the 890 million SUI tokens, which FTX sold for $96 million in March 2023, are now worth $4.6 billion. FTX sold this stake back to SUI network developer Mysten Labs just months after filing for bankruptcy.
FTX Creditors' Situation
Despite multiple reports claiming repayment, FTX has not yet commenced paying back its creditors. According to FTX, distributions are to be completed within 60 days from the effective date. However, the exchange lacks sufficient funds to meet all claims, complicating the repayment process.
Allegations Against Ryan Salame
While the repayment process is ongoing, FTX is also facing new legal actions. A recent filing accuses former FTX co-CEO Ryan Salame of orchestrating fraudulent schemes with Alameda Research. These allegations challenge his previous claims of non-involvement in the fraud.
As FTX grapples with legal and financial challenges, the situation remains complex and dynamic within the exchange and the broader cryptocurrency market.