尽管被美国破产法官宣布一文不值，FTT 代币周一仍飙升

这激怒了一些投资者，因为自交易所倒闭以来，这些资产的价值已经增加。相反，他们将收回这些资产在崩溃时的货币价值。

FTT, a token once touted by failed crypto exchange FTX, surged on Monday as a US bankruptcy judge declared it worthless.

FTT 是曾经被失败的加密货币交易所 FTX 吹捧的代币，由于美国破产法官宣布其一文不值，该代币周一飙升。

The token, which was used to reward FTX customers and lower their trading fees, soared by 20.1% on Tuesday, reaching $4.60 a token.

该代币用于奖励 FTX 客户并降低其交易费用，周二飙升 20.1%，达到每枚 4.60 美元。

This comes after Judge John Dorsey, of the US Bankruptcy Court of the District of Delaware, said during a hearing on Monday that he had “no evidence today that the value of FTT tokens would be anything other than zero.”

此前，美国特拉华州破产法院法官约翰·多西 (John Dorsey) 在周一的听证会上表示，他“今天没有证据表明 FTT 代币的价值将为零”。

The judge was overruling a request from creditors who held the FTT token in their FTX accounts when the exchange collapsed.

当交易所倒闭时，法官驳回了在 FTX 账户中持有 FTT 代币的债权人的请求。

That hearing, which lasted more than five hours, brought FTX’s two-year bankruptcy to a close.

这场持续了五个多小时的听证会为 FTX 两年的破产画上了句号。

Judge Dorsey approved FTX’s plan to repay its creditors, with 98% of them set to receive all the money they lost, and then some. But, controversially, not all the crypto they lost.

多尔西法官批准了 FTX 偿还债权人的计划，其中 98% 的债权人将收到所有损失的资金，然后是一些。但是，有争议的是，他们并没有失去所有的加密货币。

This has left some investors fuming, as those assets have increased in value since the exchange’s collapse. Instead they’ll get the monetary value of those assets at the time of the collapse back.

这让一些投资者感到愤怒，因为自交易所倒闭以来，这些资产的价值已经增加。相反，他们将收回这些资产在崩溃时的货币价值。

FTX expects to distribute between $14.7 billion and $16.5 billion, making it “the largest and most complex bankruptcy estate asset distribution in history,” according to John Ray, the executive hired to lead the company through the bankruptcy process.

FTX 预计将分配 147 亿至 165 亿美元，使其成为“历史上规模最大、最复杂的破产财产资产分配”，受聘领导该公司完成破产程序的高管约翰·雷 (John Ray) 表示。

However, crypto markets were muted on Tuesday. As of Tuesday morning London time, Bitcoin had dipped by 1.7% since just before Judge Dorsey approved the repayment plan, trading at about $62,400. It has recovered slightly since.

然而，周二加密货币市场表现平静。截至伦敦时间周二上午，自多西法官批准还款计划之前，比特币已下跌 1.7%，交易价格约为 62,400 美元。此后略有恢复。

Meanwhile, Ethereum had dipped by 1.3%, to $2,430, and Solana — the cryptocurrency whose fortunes were most closely tied to FTX — fell by 2.1%, to $145.

与此同时，以太坊下跌 1.3%，至 2,430 美元，与 FTX 关系最密切的加密货币 Solana 下跌 2.1%，至 145 美元。

FTT, on the other hand, jumped by 20.1%, to $4.60.

另一方面，FTT 上涨 20.1%，至 4.60 美元。

Like other tokens issued by centralised exchanges, FTT granted holders certain privileges. In this case, it was lower trading fees on FTX.

与中心化交易所发行的其他代币一样，FTT 授予持有者一定的特权。在这种情况下，FTX 的交易费用较低。

It was initially worth about $25 a token prior to the exchange’s collapse, and hovered around $1 for a year after FTX filed for bankruptcy, occasionally spiking along with reports that Ray was considering rebooting FTX.

在交易所倒闭之前，它的价格最初约为 25 美元，在 FTX 申请破产后一年内徘徊在 1 美元左右，偶尔会随着 Ray 考虑重启 FTX 的报道而飙升。

Those plans have been dead for months, but FTT's value refused to go with it. Lawyers for the bankrupt exchange repeated on Monday that they had no plans to launch a new FTX, under that or any other name.

这些计划已经搁置了几个月，但 FTT 的价值却拒绝随之而来。这家破产交易所的律师周一重申，他们没有计划以该名称或任何其他名称推出新的 FTX。

“FTT has no fundamental value because it has no utility outside of operating the ftx.com exchange,” said Brian Glueckstein, of Sullivan and Cromwell. “There is no and there will be no restarted ftx.com exchange.”

Sullivan and Cromwell 的 Brian Glueckstein 表示：“FTT 没有基本价值，因为除了运营 ftx.com 交易所之外，它没有任何用处。” “没有也不会重启 ftx.com 交易所。”

Over the course of the bankruptcy proceedings, some victims have railed against the decision to repay creditors exclusively in cash, rather than the assets they held on FTX at the time of its collapse.

在破产程序过程中，一些受害者对仅以现金而非其倒闭时在 FTX 上持有的资产偿还债权人的决定表示不满。

According to FTX, some 98% of creditors will get 119% of their claims’ value. Those claims are based on the value of crypto in November 2022, when the company filed for bankruptcy and Bitcoin was trading for less than $20,000. This means creditors will miss out on the rally crypto has enjoyed since.

据 FTX 称，约 98% 的债权人将获得其债权价值的 119%。这些说法是基于 2022 年 11 月加密货币的价值，当时该公司申请破产，比特币的交易价格不到 20,000 美元。这意味着债权人将错过加密货币自此以来享受的反弹。

But FTX couldn’t pay customers in crypto because it never had that crypto, according to Steven Coverick, of Alvarez & Marsal.

但 Alvarez & Marsal 的 Steven Coverick 表示，FTX 无法以加密货币向客户付款，因为它从未拥有过这种加密货币。

Distributing repayments in-kind “would mean the debtors would have to purchase that cryptocurrency on the open market in order to make in kind distributions,” he said.

他说，以实物方式偿还债务“意味着债务人必须在公开市场上购买加密货币才能进行实物分配”。

FTX “would then have to go purchase billions of dollars of cryptocurrencies in those quantities which would … result in a run up in the market.”

FTX“随后将不得不购买数十亿美元的加密货币，这将……导致市场上涨。”

Despite the controversy surrounding in-kind payments, the vast majority of creditors supported the reorganisation in a vote earlier this year, according to court documents.

法庭文件显示，尽管围绕实物支付存在争议，但绝大多数债权人在今年早些时候的一次投票中支持重组。

“I want to say congratulations,” Judge Dorsey said. “This is a model case for how to deal with a very complex Chapter 11 bankruptcy.”

“我想说祝贺，”多尔西法官说。 “这是如何处理非常复杂的第 11 章破产的典型案例。”