The debtors for FTX have released estimates of the U.S. dollar value for cryptocurrency prices and foreign currency for customers holding claims with the defunct exchange. In a filing on December 27 in the United States Bankruptcy Court for the District of Delaware, the FTX debtors proposed a “fair and reasonable value” for user claims based on digital assets at the time of the exchange’s collapse in November 2022.
The proposed prices included estimates for approximately 500 assets in fiat and cryptocurrency, with Bitcoin claimants potentially receiving $16,871 per coin, Ether priced at $1,258, and Binance Coin at $286. The filing excluded an estimated FTX Token (FTT) price but included values for leveraged tokens, tokenized stocks, spot derivatives, and crypto futures.
The debtors asserted that the court has broad discretion in choosing a method to estimate claim valuations based on digital assets, emphasizing that mathematical precision is not necessary. The proposed plan involves converting the value of digital assets into cash as of the petition date using the rates set forth in the Digital Assets Conversion Table, with distributions made in cash.
Data from Coin Metrics was utilized by the debtors to estimate digital asset prices. Parties involved in the bankruptcy case have until January 11 to file objections, and a hearing on the matter is scheduled for January 25. The court’s approval of the motion granting an order to estimate creditor claims based on the proposed pricing is pending.
Some users on X (formerly Twitter) who claimed to be FTX users expressed objections to the proposed plan. Customers of the defunct exchange have been unable to access their funds since November 2022, and some have sold their claims to third parties for less than their total value. If the court approves the plan, crypto holders may miss out on gains from certain tokens, as the prices of Bitcoin and Ether have risen significantly since FTX’s collapse.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up