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Spa market size to grow by USD 22.08 billion from 2020 to 2025; A descriptive analysis of customer landscape, vendor assessment, and market dynamics – Technavio

Spa market size to grow by USD 22.08 billion from 2020 to 2025; A descriptive analysis of customer landscape, vendor assessment, and market dynamics – Technavio
PR Newswire
NEW YORK, Jan. 16, 2023

NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global …

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Spa market size to grow by USD 22.08 billion from 2020 to 2025; A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

PR Newswire

NEW YORK, Jan. 16, 2023

NEW YORK, Jan. 16, 2023 /PRNewswire/ -- The global spa market size is estimated to increase by USD 22.08 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6% during the forecast period. Discover some insights on market size before buying the full report - Request a sample report

Spa market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –

  • Key purchase criteria
  • Adoption rates
  • Adoption lifecycle
  • Drivers of price sensitivity
  • Get detailed insights into the market study. Buy the report!

Spa market – Vendor Analysis
Vendor Landscape - The global spa market is fragmented due to the presence of several global and regional vendors. A few prominent vendors that offer spas in the market are Aspira Spa, Cal-a-Vie Health Spa, Gaia Retreat & Spa, Hand & Stone Franchise Corp., HOT SPRINGS RESORT & SPA, Kempinski Hotels SA, Lanserhof GmbH, Marriott International Inc., ME SPE Franchising LLC, and Rancho La Puerta Inc. and others.

Vendor Offerings -

  • Aspira Spa - The company offers a line of services such as massages, facials, dynamic envelopments for the body, the healing arts, specialty treatments, salon and nail services, and spa classes among others.
  • Cal-a-Vie Health Spa - The company offers a wide range of services under spa and beauty category, including Cal-A-Vie vinotherapie massage, Cal-A-Vie vinotherapie grape skin wrap, Cal-A-Vie vinotherapie vichy scrub, aromatic awakening massage, bamboo massage, poolside massage, and many others.
  • Gaia Retreat & Spa - The company offers a line of products such as Gaia Deluxe, Bayron Bay Dream, Inner Serenity, and Dreamtime Travel among others.
  • Hand & Stone Franchise Corp. - The company offers a line of products such as therapeutic massage, facial, and hair removal services among others.

Spa Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type (day/club/salon spa, hotel/resort spa, destination spa, medical spa, and others) and geography (Europe, APAC, North America, South America, and MEA).

  • The spa market share growth by the day/club/salon spa segment will be significant during the forecast period. The demand for day spas, club spas, and salon spas is increasing due to the variety of services offered by them. Day spas offer beauty and relaxation treatments such as hair treatments, massages, and facials. Similarly, club spas offer spa treatments and offer facilities like well-equipped gyms, relaxation lounges or bars, and beauty salons where treatments like nail services or other beauty services can be availed. The increasing demand for such services among consumers is driving the growth of the segment.

Geography Overview
By geography, the global spa market is segmented into Europe, APAC, North America, South America, and MEA. The report provides actionable insights and estimates the contribution of all regions to the growth of the global spa market.

  • Europe will account for 33% of the market growth during the forecast period. The presence of many spas and the growing wellness tourism industry is driving the growth of the spa market in Europe during the forecast period.

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Spa market – Market Dynamics

Leading Drivers -

The market is driven by the increase in the adoption of facial, body, and hair treatments in spas. The rise in in the prevalence of acne problems and hair loss problems coupled with the growing awareness about beauty and wellness services has increased the demand for facial, body, and hair treatments in spas. The growing demand is encouraging spas to offer a variety of treatments including steam, exfoliation, moisturizers, masks, peels, and massages. They are also offering other treatments such as reducing puffiness and dark circles around the eyes, aqua therapy, body wraps, body polishes, and Vichy showers. All these factors are driving the growth of the global spas market.

Key Trends – 

The increase in the availability of flotation therapy spa services is identified as the key trend in the market. Floatation therapy offers several medical benefits such as alleviating stress, regulating blood circulation, and improving skin health. It is based on suspended gravity and its demand is growing with the increasing use of weightless, saltwater, stress-and mind-melting flotation tanks, rooms, and pools at spas. Specific flotation tanks, which are dark and soundproof, are used for this therapy. The therapy energizes the body and reduces the risk of chronic pain, headache, swelling, and depression. Such health benefits are increasing the consumer demand for floatation therapy, which is driving the growth of the market.

Major challenges – 

The fragmented nature of the market will be a major challenge hindering growth. The global spa market is fragmented with the presence of many players offering a wide range of wellness programs and treatments. The presence of such a large number of players is making geographical expansion difficult for global players. The players compete on various parameters including the price, service, and brand recognition. This varies by region and the presence of high competition discourages new players to enter the market. In addition, the unorganized nature of the market makes difficult for vendors to develop effective marketing strategies. All these factors are reducing the growth potential in the market.

Driver, Trend, and Challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this spa market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the spa market between 2021 and 2025
  • Precise estimation of the size of the spa market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the spa market industry across Europe, APAC, North America, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of spa market vendors

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  • The wellness tourism market size is predicted to surge by USD 327.56 billion from 2021 to 2026 at a CAGR of 7.55%. The increase in mental illness is notably driving the wellness tourism market growth, although factors such as perception of wellness tourism as a luxury travel market may impede the market growth.

Spa Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6%

Market growth 2021-2025

USD 22.08 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.30

Regional analysis

Europe, APAC, North America, South America, and MEA

Performing market contribution

Europe at 33%

Key countries

US, China, Germany, France, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aspira Spa, Cal-a-Vie Health Spa, Gaia Retreat & Spa, Hand & Stone Franchise Corp., HOT SPRINGS RESORT & SPA, Kempinski Hotels SA, Lanserhof GmbH, Marriott International Inc., ME SPE Franchising LLC, and Rancho La Puerta Inc.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

  • 1.1 Market overview 
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem 
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition 
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026 
    • Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary 
    • Exhibit 18: Five forces analysis - Comparison between2021 and 2026
  • 4.2 Bargaining power of buyers 
    • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers 
    • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants 
    • Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes 
    • Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry 
    • Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition 
    • Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

  • 5.1 Market segments 
    • Exhibit 25: Chart on Application - Market share 2021-2026 (%)
    • Exhibit 26: Data Table on Application - Market share 2021-2026 (%)
  • 5.2 Comparison by Application 
    • Exhibit 27: Chart on Comparison by Application
    • Exhibit 28: Data Table on Comparison by Application
  • 5.3 Physical - Market size and forecast 2021-2026
    • Exhibit 29: Chart on Physical - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 30: Data Table on Physical - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 31: Chart on Physical - Year-over-year growth 2021-2026 (%)
    • Exhibit 32: Data Table on Physical - Year-over-year growth 2021-2026 (%)
  • 5.4 Psychological - Market size and forecast 2021-2026
    • Exhibit 33: Chart on Psychological - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 34: Data Table on Psychological - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 35: Chart on Psychological - Year-over-year growth 2021-2026 (%)
    • Exhibit 36: Data Table on Psychological - Year-over-year growth 2021-2026 (%)
  • 5.5 Spiritual - Market size and forecast 2021-2026
    • Exhibit 37: Chart on Spiritual - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 38: Data Table on Spiritual - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 39: Chart on Spiritual - Year-over-year growth 2021-2026 (%)
    • Exhibit 40: Data Table on Spiritual - Year-over-year growth 2021-2026 (%)
  • 5.6 Market opportunity by Application 
    • Exhibit 41: Market opportunity by Application ($ billion)

6 Market Segmentation by Type

  • 6.1 Market segments 
    • Exhibit 42: Chart on Type - Market share 2021-2026 (%)
    • Exhibit 43: Data Table on Type - Market share 2021-2026 (%)
  • 6.2 Comparison by Type 
    • Exhibit 44: Chart on Comparison by Type
    • Exhibit 45: Data Table on Comparison by Type
  • 6.3 Domestic - Market size and forecast 2021-2026
    • Exhibit 46: Chart on Domestic - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 47: Data Table on Domestic - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Chart on Domestic - Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on Domestic - Year-over-year growth 2021-2026 (%)
  • 6.4 International - Market size and forecast 2021-2026
    • Exhibit 50: Chart on International - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 51: Data Table on International - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 52: Chart on International - Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on International - Year-over-year growth 2021-2026 (%)
  • 6.5 Market opportunity by Type 
    • Exhibit 54: Market opportunity by Type ($ billion)

7 Customer Landscape

  • 7.1 Customer landscape overview 
    • Exhibit 55: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

  • 8.1 Geographic segmentation 
    • Exhibit 56: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 57: Data Table on Market share by geography 2021-2026 (%)
  • 8.2 Geographic comparison 
    • Exhibit 58: Chart on Geographic comparison
    • Exhibit 59: Data Table on Geographic comparison
  • 8.3 North America - Market size and forecast 2021-2026
    • Exhibit 60: Chart on North America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 61: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 62: Chart on North America - Year-over-year growth 2021-2026 (%)
    • Exhibit 63: Data Table on North America - Year-over-year growth 2021-2026 (%)
  • 8.4 Europe - Market size and forecast 2021-2026
    • Exhibit 64: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 65: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 66: Chart on Europe - Year-over-year growth 2021-2026 (%)
    • Exhibit 67: Data Table on Europe - Year-over-year growth 2021-2026 (%)
  • 8.5 APAC - Market size and forecast 2021-2026
    • Exhibit 68: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 69: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 70: Chart on APAC - Year-over-year growth 2021-2026 (%)
    • Exhibit 71: Data Table on APAC - Year-over-year growth 2021-2026 (%)
  • 8.6 South America - Market size and forecast 2021-2026
    • Exhibit 72: Chart on South America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 73: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 74: Chart on South America - Year-over-year growth 2021-2026 (%)
    • Exhibit 75: Data Table on South America - Year-over-year growth 2021-2026 (%)
  • 8.7 Middle East and Africa - Market size and forecast 2021-2026 
    • Exhibit 76: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 77: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 78: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • Exhibit 79: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
  • 8.8 US - Market size and forecast 2021-2026
    • Exhibit 80: Chart on US - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 81: Data Table on US - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 82: Chart on US - Year-over-year growth 2021-2026 (%)
    • Exhibit 83: Data Table on US - Year-over-year growth 2021-2026 (%)
  • 8.9 Germany - Market size and forecast 2021-2026 
    • Exhibit 84: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 85: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 86: Chart on Germany - Year-over-year growth 2021-2026 (%)
    • Exhibit 87: Data Table on Germany - Year-over-year growth 2021-2026 (%)
  • 8.10 France - Market size and forecast 2021-2026
    • Exhibit 88: Chart on France - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 89: Data Table on France - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 90: Chart on France - Year-over-year growth 2021-2026 (%)
    • Exhibit 91: Data Table on France - Year-over-year growth 2021-2026 (%)
  • 8.11 China - Market size and forecast 2021-2026
    • Exhibit 92: Chart on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 93: Data Table on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 94: Chart on China - Year-over-year growth 2021-2026 (%)
    • Exhibit 95: Data Table on China - Year-over-year growth 2021-2026 (%)
  • 8.12 Japan - Market size and forecast 2021-2026
    • Exhibit 96: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 97: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 98: Chart on Japan - Year-over-year growth 2021-2026 (%)
    • Exhibit 99: Data Table on Japan - Year-over-year growth 2021-2026 (%)
  • 8.13 Market opportunity by geography 
    • Exhibit 100: Market opportunity by geography ($ billion)

9 Drivers, Challenges, and Trends

  • 9.1 Market drivers
  • 9.2 Market challenges
  • 9.3 Impact of drivers and challenges 
    • Exhibit 101: Impact of drivers and challenges in 2021 and 2026
  • 9.4 Market trends

10 Vendor Landscape

  • 10.1 Overview
  • 10.2 Vendor landscape 
    • Exhibit 102: Overview on Criticality of inputs and Factors of differentiation
  • 10.3 Landscape disruption 
    • Exhibit 103: Overview on factors of disruption
  • 10.4 Industry risks 
    • Exhibit 104: Impact of key risks on business

11 Vendor Analysis

  • 11.1 Vendors covered 
    • Exhibit 105: Vendors covered
  • 11.2 Market positioning of vendors 
    • Exhibit 106: Matrix on vendor position and classification
  • 11.3 Accor SA 
    • Exhibit 107: Accor SA - Overview
    • Exhibit 108: Accor SA - Business segments
    • Exhibit 109: Accor SA - Key offerings
    • Exhibit 110: Accor SA - Segment focus
  • 11.4 Cal A Vie Health Spa 
    • Exhibit 111: Cal A Vie Health Spa - Overview
    • Exhibit 112: Cal A Vie Health Spa - Product / Service
    • Exhibit 113: Cal A Vie Health Spa - Key offerings
  • 11.5 Canyon Ranch 
    • Exhibit 114: Canyon Ranch - Overview
    • Exhibit 115: Canyon Ranch - Product / Service
    • Exhibit 116: Canyon Ranch - Key offerings
  • 11.6 Clinique La Prairie 
    • Exhibit 117: Clinique La Prairie - Overview
    • Exhibit 118: Clinique La Prairie - Product / Service
    • Exhibit 119: Clinique La Prairie - Key offerings
  • 11.7 Four Seasons Hotels Ltd. 
    • Exhibit 120: Four Seasons Hotels Ltd. - Overview
    • Exhibit 121: Four Seasons Hotels Ltd. - Product / Service
    • Exhibit 122: Four Seasons Hotels Ltd. - Key offerings
  • 11.8 Gaia Retreat and Spa 
    • Exhibit 123: Gaia Retreat and Spa - Overview
    • Exhibit 124: Gaia Retreat and Spa - Product / Service
    • Exhibit 125: Gaia Retreat and Spa - Key offerings
  • 11.9 Hand and Stone Massage and Facial Spa 
    • Exhibit 126: Hand and Stone Massage and Facial Spa - Overview
    • Exhibit 127: Hand and Stone Massage and Facial Spa - Product / Service
    • Exhibit 128: Hand and Stone Massage and Facial Spa - Key offerings
  • 11.10 HOT SPRINGS RESORT and SPA 
    • Exhibit 129: HOT SPRINGS RESORT and SPA - Overview
    • Exhibit 130: HOT SPRINGS RESORT and SPA - Product / Service
    • Exhibit 131: HOT SPRINGS RESORT and SPA - Key offerings
  • 11.11 Jade Mountain 
    • Exhibit 132: Jade Mountain - Overview
    • Exhibit 133: Jade Mountain - Product / Service
    • Exhibit 134: Jade Mountain - Key offerings
  • 11.12 Osthoff Resort 
    • Exhibit 135: Osthoff Resort - Overview
    • Exhibit 136: Osthoff Resort - Product / Service
    • Exhibit 137: Osthoff Resort - Key offerings

12 Appendix

  • 12.1 Scope of the report
  • 12.2 Inclusions and exclusions checklist 
    • Exhibit 138: Inclusions checklist
    • Exhibit 139: Exclusions checklist
  • 12.3 Currency conversion rates for US$ 
    • Exhibit 140: Currency conversion rates for US$
  • 12.4 Research methodology 
    • Exhibit 141: Research methodology
    • Exhibit 142: Validation techniques employed for market sizing
    • Exhibit 143: Information sources
  • 12.5 List of abbreviations 
    • Exhibit 144: List of abbreviations
About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Crypto’s Lehman moment: Investors buy $250M of FTX claims — Report

It’s hard to know how much a collapsed crypto firm like FTX would be worth by the time its bankruptcy is resolved.
The bankruptcy…

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1 hour ago

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September 22, 2023

By

It’s hard to know how much a collapsed crypto firm like FTX would be worth by the time its bankruptcy is resolved.

The bankruptcy claims market has been growing bullish on the debts of the collapsed cryptocurrency exchange FTX as major credit investors have been rushing to buy FTX debts.

Investors like Silver Point Capital, Diameter Capital Partners and Attestor Capital have purchased more than $250 million worth of FTX debts so far in 2023, Bloomberg reported on Sept. 21, citing an in-house analysis of public court filings.

The FTX debt has also attracted investors like Hudson Bay Capital Management, which reportedly bought a $23 million FTX claim and subsequently sold about 50% of it to Diameter.

In line with growing demand, the price of some FTX claims has been soaring this year. Some low-ranking FTX claims have jumped 191%, surging from $0.12 in early 2023 to about $0.35 recorded in recent weeks, the report said, citing data from the crypto debt broker Claims Market.

The historical indicative prices of “bid” and “ask” for larger FTX claims have also been on the rise this year, according to the Claims Market’s charts.

Historical indicative prices of “bid” and “ask” for larger FTX claims. Source: Claims Market

The debt investors have been piling up FTX Group claims, betting that the firm’s bankruptcy process would unlock additional value by the time it’s resolved. One potential trade-off is that major bankruptcies can take years to unwind, and it can be hard to know what a collapsed company would be worth, especially in crypto.

According to some bankruptcy claim investors, the total value of all traded FTX claims might be much higher than the $250 million of deals seen in public court records.

Related: Stanford to return millions in crypto donations from FTX

Bankruptcy claims investor Thomas Braziel reportedly said that buyers and sellers sometimes wait months to file the paperwork for a debt trade. He claimed to be aware of individual FTX claims of more than $100 million. Braziel stated in the report:

“People made careers off of Lehman and Madoff — I think people see FTX as a Lehman or Madoff. The guys that are buying in these dockets, I consider them some of the smartest people in distressed.”

According to the report, many investors have been buying the rights to FTX crypto accounts with assets stuck on the platform after FTX halted all withdrawals in November 2022. Debt investment firm Contrarian Capital Management reportedly purchased an FTX account holding a massive amount of Bitcoin (BTC) and Ether (ETH), alongside $430,000 of cash.

Some crypto bankruptcies have also been taking years to be settled. Mt. Gox, once a major crypto exchange that was hacked back in 2014, has recently again postponed the deadline to return Bitcoin holdings to investors by one more year. At the time of writing, Bitcoin has surged more than 3,000% since Mt. Gox barred its users from withdrawing crypto in the aftermath of the hack.

The news comes amid FTX restructuring executives reminding investors to complete the claims process through the FTX Customer Claims Portal by the deadline of Sept. 29, 2023.

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FTX opens lawsuit against former employees of Hong Kong affiliate

The bankrupt crypto exchange FTX has opened a lawsuit against former employees of a Hong Kong affiliate company Salameda to recover $157.3 million.
…

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1 hour ago

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September 22, 2023

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The bankrupt crypto exchange FTX has opened a lawsuit against former employees of a Hong Kong affiliate company Salameda to recover $157.3 million.

The defunct cryptocurrency exchange FTX filed a lawsuit on Sept. 21 against former employees of Hong Kong-incorporated company Salamde affiliated with the FTX group, according to court documents. 

The court filing says FTX seeks to recover $157.3 million that it claims was fraudulently withdrawn in the timespan leading up to the exchange filing for bankruptcy.

According to the filing, Michael Burgess, Matthew Burgess, Lesley Burgess - the mother of Michael and Matthew, Kevin Nguyen and Darren Wong, along with two companies allegedly had ownership of companies with registered accounts and FTX.com and FTX US and were able to withdraw funds in the “preference period” prior to the actual bankruptcy filing.

The court filing reads:

“Each of these transfers to Defendant Michael Burgess was made with the intent to hinder, delay or defraud FTX US’s present or future creditors.”

It continues to point out that these transfers were completed hours prior to FTX halting all non-fiat user withdrawals on Nov. 8, 2022.

The allegations include that Mathew Burgess pressured FTX employees to “push out” particular pending withdrawal requisitions “from one of Michael Burgess’s FTX US exchange accounts, while misrepresenting the account to be his own.” It cited messages on the Slack application.

Related: Binance and CEO Changpeng Zhao ask court to dismiss SEC suit

This development comes as Sam Bankman-Fried (SBF), the former FTX CEO, sits in jail awaiting the first of his two-part trial, which is set to begin on Oct. 3, 2023. The second trail is anticipated for March 2024. 

On Sept. 21 judges decided against granting SBF early release from jail. He argued he couldn’t adequately prepare for trial from jail and said it violated his First Amendment Rights under the United States constitution.

However, on the same day, Judge Lewis Kaplan granted a motion proposed by the Department of Justice (DOJ) that bars testimony of SBF’s key witnesses.

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EU Parliament research recommends non-EU nations tighten crypto regulation

Potential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main concerns highlighted by the author…

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1 hour ago

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September 22, 2023

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Potential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main concerns highlighted by the author of the report.

The European Parliamentary Research Service (EPRS) highlighted the need for tighter oversight from non-European Union regulators to ensure greater stability and development in the global cryptocurrency market.

MiCA implementation timeline. Source: esma.europa.eu

As the Markets in Crypto-Assets Regulation (MiCA) Act continues on the road to implementation by December 2024, an EPRS report cited the need for establishing a tighter regulatory framework in non-EU jurisdictions:

“There are yet several channels through which the EU's financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”

Potential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main concerns highlighted by the report’s authors.

Overview of crypto-asset regulations in EU, the United Kingdom and the United States. Source: europarl.europa.eu

According to the report, the U.S. has a fragmented regulatory landscape, which involves a variety of state-level and federal stakeholders, indirectly impacting legal clarity and regulatory certainty.

Global stablecoin regulation overview. Source: europarl.europa.eu

The report also highlighted the United Kingdom’s (UK) Financial Services and Markets Act (FSMA) and a study conducted for the European Parliament, which expects a significant divergence “over the coming years between the UK and the EU in terms of how crypto-assets are identified.”

Related: Binance plans to delist stablecoins in Europe, citing MiCA compliance

On Sept 18, The Malta Financial Services Authority (MFSA) began a public consultation over changes in its crypto regulations to better align with the upcoming MiCA regulations.

As Cointelegraph prevoiusly reported, the revised rulebook proposes changes to the rules for exchanges, custodians and portfolio managers in order to align with the European Union’s MiCA.

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