Jefferies groupa global investment banking firm, has reportedly evaluated FTX FTT/USD Creditors could recover up to 40% of their lost money.

What happened: Joseph FemeniaGlobal Head of Distressed Debt Trading at Jefferies, said The block that creditors could potentially recover 20% to 40% of their assets. Femenia has assembled a team to work on getting creditors’ money back, and he has stated that the numbers could even change based on the new FTX balance sheet data.

Femenia estimates that FTX owes between $10 billion and $13 billion to creditors. To begin handling the cases of these creditors, he explains that between 5 and 10 percent of that amount must be used to cover legal and administrative costs.

See more: Best Crypto Day Trading Strategies

FTX’s shocking implosion has sent waves of contagion across the crypto world. On November 11, FTX filed for bankruptcy protection, leaving over a million creditors in a precarious financial position.

This is shown by documents submitted to the court The 50 largest creditors of FTX are owed a staggering $3.1 billion, a staggering figure that shows the serious consequences of the toxic collapse. Prominent names such as Temasek, Tiger Capital, Black Rock, Thomas Bravoand Sequoia Capital are among the investors now fearing significant losses from the collapse.

Meanwhile, the FTX hacker continues his attempts to transfer stolen cryptocurrencies to other exchanges. This contains Bitcoin BTC/USD valued at $4.1 million to OKX via ChipMixer. This comes days after over $600 million in cryptocurrency disappeared from FTX’s wallets and the hacker moved over 180,000 ether ETH/USD to 12 new wallets.

Price promotion: According to it, the FTT is down 5.4% to $1.05 over the past 24 hours Data from Benzinga Pro.

Continue reading: Bitcoin, Ethereum, Dogecoin flat ahead of new trading week