Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, September 14. In today's briefing, bankrupt crypto exchange FTX will begin selling some of its vast crypto holdings, pressuring coin prices. Digital Currency Group said that creditors of its bankrupt Genesis unit could recover in full. And assets put on the block by bankrupt trucker Yellow keep rising in value. 

FTX lawyers said on Wednesday that because customer funds were commingled into a general account at the bankrupt exchange, there was no way to track down which user owned any particular coins. The assets in question are the property of FTX’s chapter 11 estate, said FTX lawyer Andrew Dietderich.

Exactly how much money can be recovered from those cryptocurrencies is unclear. FTX is poised to unload no more than $200 million worth of crypto each week. If the coins are sold too quickly with too few buyers, it could crash the value of those tokens.

DCG says Gemini users can expect nearly full recovery. Digital Currency Group, parent company of bankrupt crypto lender Genesis Global, said users of Gemini Trust’s Earn program can expect 95% to 110% recovery of their claims against Genesis under a recently announced financial framework.

Customers of crypto exchange Gemini’s Earn program lent Genesis nearly $1 billion before the latter filed for bankruptcy in January following the failure of crypto exchange FTX. Genesis said last month that under the proposed framework, its customers could receive estimated recoveries of between 70% to 90%.

But DCG said the rate of recovery for more than 232,000 users of Gemini’s Earn program would be even better because Genesis had posted about 30.9 million shares of DCG-owned investment firm Grayscale Bitcoin Trust as collateral to secure borrowings from Gemini Earn users.

Trucker Estes raises stakes in bidding war for Yellow assets. Trucker Estes Express Lines is raising the stakes for bankrupt Yellow’s extensive real-estate portfolio, bidding $1.525 billion and signaling the strong interest in the company’s sprawling network of industrial properties across the U.S.

Yellow said it had designated the new offer from Estes as the highest and best so far, and that it will replace a $1.5 billion bid by rival Old Dominion Freight Line as the stalking-horse bid.

Estes, a privately held, Richmond, Va.-based rival of Yellow, also offered a lower breakup fee and other financial terms that potentially would provide the bankrupt business and its creditors with more cash to pay off debts.

U.S. inflation accelerated in August. Consumer prices rose in August at the fastest pace in more than a year due to a jump in energy costs, illustrating the potential obstacles to wringing inflation out of the economy without a sharper slowdown.

The monthly core reading likely keeps Federal Reserve officials on course to hold interest rates steady at their meeting next week without resolving a bigger debate over whether they will need to raise them again this year to slow the economy and maintain recent progress on inflation.

• Costlier Fuel and Labor Cut Into Corporate Profit

• WSJ Pro Webinar. Asset-based lending is a growing area of private finance, supported by a retrenchment by banks and economic conditions. At the same time, pockets of corporate weakness could create a favorable environment for distressed investing. Our webinar on Sept. 19 will delve into the opportunities in both areas, with perspectives from Evan Carruthers, chief investment officer and co-CEO of Castlelake, Cindy Chen Delano, partner at Invictus Global Management, Sara McGinty, managing director with Ares Management’s Ares Credit Group and Randy Raisman, managing director at Marathon Asset Management. You can register here.

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