So how did FTX creditors - who typically receive just pennies on the dollar for their holdings - luck out so tremendously, and most of them will actually make money following the bankruptcy? Simple: as we hinted in March, FTX has benefited from a historic rally in cryptocurrencies including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried (in fact, some have wondered if the tremendous ascent of Solana - a B-grade token which traditionally crashes every few months, and is generally the laughing stock within the crytpo community - wasn't another market manipulation meant to generated 100%+ recoveries).
Creditors Of Bankrupt FTX To Receive As Much As 142% Of What They Are Owed
https://www.zerohedge.com/crypto/credit ... y-are-owed