FTX debts attract attention from investment firms, and the debt trading market is gradually taking shape.

As the cryptocurrency exchange FTX files for bankruptcy protection, around 1 million creditors are facing losses of billions of dollars. It is reported that several well-known investment firms are in talks to acquire these debts.

After the bankruptcy of FTX, some creditors began seeking ways to exit quickly. Some small investment firms have purchased claims from hedge funds hoping to exit swiftly. However, the proceeds from selling these claims may be less than the amount ultimately distributed in the bankruptcy proceedings.

According to reports, FTX owes a staggering $3.1 billion to its top 50 creditors. While many choose to wait for the bankruptcy proceedings to conclude, others are beginning to reach out to distressed debt brokers and buyers in hopes of recovering some funds as soon as possible.

Currently, the bond sale price is only a few percent of its face value, which means the seller will incur significant losses. The bond acquirer, on the other hand, needs to be patient and wait for the bankruptcy proceedings to seek higher returns.

An experienced debt trading expert stated: "The market is very interested in these debts, but many people do not truly understand the complexity involved." He has participated in the acquisition of debts from other collapsed digital asset companies and emphasized that such transactions require immense patience.

Among FTX's institutional investors are several crypto hedge funds. Some fund managers have publicly stated that they have large amounts of assets trapped on the FTX platform. Most of these fund companies hope to extricate themselves as soon as possible to avoid lengthy legal procedures.

According to reports, some debts have been acquired at a face value price of 5-6%, involving amounts ranging from several million to hundreds of millions of dollars. The sellers of the debts usually ask for close to 10% of the face value.

The evaluation of the future value of bankruptcy claims is a complex process. In addition to a rough estimate of available assets and liabilities, legal strategies must also be considered. One viewpoint is that if U.S. courts recognize client assets held in trust under English trust law, those trust assets will enjoy priority repayment rights.

In addition, FTX's debts are not limited to customer assets. It is reported that there are some controversial employment contracts that include long-term salary guarantee clauses. However, industry insiders believe that U.S. courts are unlikely to enforce such clauses, and these unpaid wages may have little value in bankruptcy claims.

As the FTX bankruptcy case progresses, a creditor trading market is gradually forming. Investors and creditors will continue to closely monitor this complex legal and financial process in search of the best fund recovery strategies.