FTX users affected by the bankruptcy proceedings are expressing discontent with the proposed estimates of their claims. The FTX estate has introduced a “Digital Asset Conversion Table” complying with bankruptcy laws, valuing crypto assets based on exchange rates from the time of the Chapter 11 petition filing. Similar valuation methods have been used in bankruptcy cases involving Blockfi, Voyager Digital, and the Celsius Network. BTC, currently at $42,800, is assessed at $16,871 using rates from Nov. 11, 2022.
This valuation table affects various assets; for instance, ETH holders might receive $1,258 per unit, lower than the current $2,396. SOL, valued at $100 today, is listed at $16.24. DASH and BCH holders are also expected to receive reduced values compared to their current rates.
The evaluation covers all digital assets, including those in vesting periods. Users have until Jan. 11, 2024, to contest these valuations. The “FTX 2.0 Customer Coalition,” also known as the X account, is guiding individuals on the objection process, allowing anyone to send a signed letter to the Delaware bankruptcy court without the need for legal representation.
Currently, the Claims Market, a Cherokee Acquisition subsidiary, shows FTX claims trading at $0.67, with sellers requesting $0.72. This marketplace actively trades claims from notable crypto bankruptcy cases like Celsius and Blockfi, moving substantial sums of money in claims.
