Last Updated on April 12, 2023 by Bitfinsider

According to the former head of institutional sales at the collapsed exchange, FTX should restart and create a token reflecting creditor claims.

“At the very least, it would deliver some value to creditors,” Zane Tackett remarked through Telegram. “If they attempt and fail, the creditors aren’t any worse off.”

Tackett suggested that FTX should be revived with all of the items it offered before it went bankrupt in November, as well as a market for trading creditors’ claims on the defunct corporation. He cited rival cryptocurrency exchange Bitfinex, which released a token named BFX following a breach in 2016, as an example of how this may operate. He suggested that the new exchange, like Bitfinex, might provide a market for FTX claims based on one token for every $1 lost.

“As it stands, there is no reasonable method for creditors to price the assets owned by FTX.” “I think it would be a huge benefit if they could convert their debt to stock and gain exposure to the investments FTX had/has,” he added. “It would also provide quick cash to those who wish to sell their claim and give those with assets/desire the option for a larger reward.”

This is similar to the concept of OPNX, a new exchange that opened this month for trading spot crypto and crypto bankruptcy claims. OPNX was founded by the creators of crypto hedge fund Three Arrows Capital, which went bankrupt following the collapse of the TerraUSD stablecoin, and Coinflex, which is still suing Bitcoin Cash proponent Roger Ver and Blockchain.com CEO Peter Smith for $84 million.