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FTX Creditor Uses NFT to Collect Money From a Bankruptcy Claim

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June 26 (Cointime) - An FTX creditor converted its $31,307 worth of bankruptcy claims into tokens on the Ethereum blockchain and sold them to a buyer. The buyer used this token to borrow $7,500 worth of stablecoin USD on Arcade, a non-fungible token lending platform. This approach allows creditors to no longer passively wait for the recovery of arrears, but to actively recover part of the losses through NFT technology.

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