FTX investors have filed an additional lawsuit against the law firm Fenwick & West, accusing it of playing a key role in the "structural design"; the firm had previously denied and sought to dismiss.

Such "spillover legal risks" can prolong the claims chain and also affect the pace of bankruptcy asset recovery.

For the secondary market, the systematic selling pressure from FTX has already been priced in, but the pace of litigation determines the timing of cash flow recovery.

If signs of a settlement emerge, it may improve the debt discount rate and auction expectations.