Key Takeaways
- A claim worth more than $20 million sold for 52 to 53 cents on the dollar, according to Thomas Braziel.
- The higher prices applied to select large claims, while smaller claims were reportedly trading at 30 to 40 cents.
- Anthropic’s fundraising and a proposed customer settlement supported recovery hopes, with final payouts still uncertain.
Updated: September 10, 2026
Some FTX creditor claims traded above 50 cents on the dollar in October 2023, according to Thomas Braziel of 117 Partners, a firm specializing in crypto bankruptcy claims.
Claims drew more interest as investors weighed FTX’s Anthropic stake and a proposed settlement over customer property. Buyers were purchasing the right to future bankruptcy distributions from creditors willing to sell.
Large Claim Fetches 52 to 53 Cents on the Dollar
Braziel reported that a claim with a face value exceeding $20 million fetched between 52 and 53 cents on the dollar at auction. He described claims of that quality as exceptional.
Braziel said a claim of that size needed a buyer willing to take on a large bankruptcy position.
He put smaller claims in the 30-to-40-cent range. The higher auction price therefore did not represent what every FTX creditor could expect to receive from selling a claim.
Amazon’s Anthropic Investment Lifted Expectations
On September 25, 2023, Amazon announced plans to invest up to $4 billion in Anthropic. FTX had invested in the AI company before its collapse.
Amazon’s planned investment drew attention to FTX’s stake and the prospect of a higher valuation for Anthropic. In early October, the FTX creditor coalition suggested that an increase in Anthropic’s valuation could help cover customer losses. The value to creditors would depend on how much the bankruptcy estate could ultimately realize from the stake.
Shortfall Claims Address Missing Customer Assets
FTX announced a proposed settlement of customer-property disputes on October 16. FTX planned to include the settlement in an amended restructuring plan, subject to court approval.
Under the proposal, customers would receive a shortfall claim against a general pool of assets, alongside claims against assets at their respective exchanges. The estimated shortfall claims were $8.9 billion for FTX.com and $166 million for FTX US.
The 90% Estimate Applies to Distributable Assets
FTX estimated that customers of both exchanges would collectively receive more than 90% of distributable value under the proposed plan. The estimate referred to customers’ share of distributable assets. It did not mean every customer would recover 90% of their losses.
Its announcement also warned:
“The FTX Debtors currently anticipate that customers of both exchanges will not be paid in full.”
Under FTX’s estimate, FTX.com customers faced larger percentage losses than FTX US customers. Final recoveries still depended on asset sales, litigation, and other outstanding claims.
