On October 11, FTX client Nikolas Gierczyk sued hedge fund Olympus Peak, accusing the fund of buying his claims and making over $1 million from the transaction. However, Gierczyk claims that he was not paid the full amount of the proceeds. Gierczyk sold $1.59 million of claims to Olympus Peak last year at a 42% discount. The fund is now expected to return 129% to 146% of the value of the debt to customers due to FTX’s bankruptcy reorganization plan. Gierczyk’s lawsuit states that his agreement with Olympus Peak provided for additional compensation, but the fund refused to honor that right.
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