As is well known, under the current restructuring plan of FTX, users’ remaining assets in FTX will be compensated in the form of US dollars. According to a recent motion for estimation of claims submitted by FTX’s debtor, the claimable value of users’ cryptocurrency assets will be calculated based on the market price on November 11, 2022. The mainstream cryptocurrency price on that day was:
In other words, if on November 11, 2022, a creditor held one Bitcoin on the FTX platform, they would only be eligible for a maximum claim amount of $16,871.63. Even if FTX has surplus funds due to the increase in cryptocurrency asset prices, it will only flow to non-client creditors, including shareholders.
If a creditor objects to this motion for estimation of value, they must file with the United States Bankruptcy Court by January 11, 2024, 4:00 PM (Eastern Time).
