The defunct cryptocurrency exchange FTX has appointed Galaxy Asset Management as its exclusive intermediary to facilitate asset sales during its bankruptcy proceedings. In an unprecedented move, it is anticipated that FTX's bankruptcy will result in creditors recovering 200% of their claims. FTX's official liquidator has urged creditors to file their claims electronically by May 15, 2024. The claims portal, managed by PwC, is slated to begin its first interim distribution between late 2024 and early 2025, with all claims being processed in U.S. dollars. Meanwhile, some of the largest players in the bankruptcy sector are acquiring hundreds of millions of dollars worth of FTX creditor claims.