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FTX cryptocurrency exchange assesses claims based on "bankruptcy price," opposes customers' claims after 1/11.

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FTX cryptocurrency exchange assesses claims based on "bankruptcy price," opposes customers

FTX's debtor submitted a revised Chapter 11 reorganization plan on 12/16. One key provision of the plan is to "handle cryptocurrency claims based on their cash value at the time of the bankruptcy filing." Due to the significant increase in coin prices, this has sparked dissatisfaction among many creditors. The FTX 2.0 Alliance has suggested that clients who oppose this motion must write to the judge overseeing the bankruptcy case by 1/11.

FTX Reorganization Plan Sparks Market Controversy: Cryptocurrency Claims Evaluated Based on "Bankruptcy Time Value"

Most digital assets have risen, with significant price differences at bankruptcy valuation

According to court documents dated December 27, bankrupt FTX is seeking court approval to estimate its customers' digital asset claims in USD.

While the prices of most cryptocurrencies have rebounded since the bankruptcy, creditors may still face potential losses, as outlined in FTX's proposal. Discrepancies in the prices of major coins have also been noted, with SOL's price differing by over five times.

The exchange emphasizes that this action is crucial to prevent any obstacles in the bankruptcy process and adds:

It is impractical and unnecessary to liquidate every claim related to digital assets, which would inappropriately delay the bankruptcy proceedings.

Customers who disagree must file objections by 1/11

FTX 2.0 Alliance, composed of FTX creditors, suggests customers who wish to oppose the motion to write to the judge overseeing the bankruptcy case. They emphasize that "anyone can send a signed letter to the Delaware Bankruptcy Court, no lawyer needed."

The FTX 2.0 Alliance also provides templates, reminding customers who disagree with the motion to file objections by January 11.