FTX creditors receive letter from Kroll? Claim conversion prices list: BTC 16K/ETH 1.2K/SOL 16/FTT not counted

Recently, several Taiwanese FTX creditors have received a letter from the bankruptcy processing company Kroll, accompanied by a thick stack of documents. What does this all represent? It turns out that these are the court-approved documents regarding the "claims assessed at bankruptcy prices" reported at the end of 2023, which include the resolution content and the claimed prices of various currencies.

FTX cryptocurrency claims are assessed at "bankruptcy prices," and clients are required to submit them by January 11th.

Kroll's Claim Conversion Price List

The court decision submitted on December 27, 2023, approves the establishment of the liquidation price for various cryptocurrencies in the context of FTX bankruptcy liquidation. The electronic file is also available in Kroll's document repository.

The court states that the debtor has the right to determine the value of claims in Chapter 11 cases based on the value of digital assets and fiat currency, with this value dependent on the digital asset conversion table.

Low Claim Prices

Due to the resolution being based on market prices at the time of bankruptcy to calculate the cash value creditors can receive, it has faced backlash from many. Prices of many coins differ significantly from the current, with FTT being an exception:

Equity Tokens Suffer Too: Nvidia NVDA at Only 179

If you held equity tokens in FTX, the liquidation values of Nvidia NVDA, MicroStrategy MSTR, and Coinbase COIN, which surged last year, are also much lower than reality:

Creditors Raise Objections

On January 12, some creditors filed objections with the FTX court, arguing that the current value of these assets should be properly evaluated to maximize the benefits for creditors. They cite the significant price recovery of SOL, which should benefit creditors.

Furthermore, they protest the resolution that deems FTT as "worthless" as FTT still holds a certain market value currently, and the court has authorized the debtor to sell FTT, which they find illogical and should be reconsidered.

My lawyers Moskowitz and Boies that represent FTX creditors in MDL filed an objection to Debtors motion to estimate claims at petition

Fighting for FTX creditors to maximise recovery for FTX creditors

We may commence our adversary proceeding for property rights as unresolved pic.twitter.com/kBx8KWyScU

— Sunil (FTX Creditor Champion) (@sunil_trades) January 12, 2024