An FTX customer filed a lawsuit against hedge fund Olympus Peak, alleging that the firm owes him additional recovery after he sold his claims in the collapsed trading platform.
Nikolas Gierczyk from California claims that Olympus Peak failed to honor an agreement regarding additional recovery rights after he sold his $1.59 million claim against FTX at a 42% discount, receiving a $930,000 payout.
With FTX’s reorganization plan now approved, customers are expected to receive between 129% and 146% of their claims. This could mean that Olympus Peak may collect between $2 million and $2.3 million for the claims it bought from Gierczyk, making a profit of more than $1 million. Gierczyk alleges that the hedge fund has refused to honor the right to further recovery that was part of their agreement.
U.S. Bankruptcy Judge John Dorsey approved FTX’s reorganization plan earlier this week, a move that FTX CEO and chief restructuring officer John J. Ray III described as a major step toward distributing cash to creditors. The reorganization plan will return “100% of bankruptcy claim amounts plus interest for non-governmental creditors,” which Ray called the “largest and most complex bankruptcy estate asset distribution in history.”
While the plan promises full repayment for some creditors, it faced criticism from others who argue that it does not account for token gains made between November 2022 and 2024. FTX creditor Sunil Kavuri claimed that creditors might only receive 10–25% of their crypto holdings back under the new plan.
Gierczyk’s situation is part of a broader trend in which many FTX users have sold their claims to hedge funds and debt investors rather than wait through the lengthy bankruptcy process. With companies like FTX, Celsius Network, BlockFi, and Voyager Digital filing for bankruptcy in 2022, more than 10,000 claims were listed on platforms like Xclaim, allowing users to offload their claims quickly.
Investment platform Cherokee Acquisition reported that over $600 million in FTX claims have already been sold through its Claims Market.
