The post FTX Offers $16,871 Bitcoin Price for Creditor Claims, Users Reject appeared on BitcoinEthereumNews.com.

If the court approves the proposed plans from debtors, the FTX creditors could lose a huge sum of money considering the rally in crypto market this year. In a recent filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, FTX debtors have unveiled estimates of the US Dollar value assigned to cryptocurrency prices and foreign currency for customers holding claims with the now-defunct exchange. The debtors expressed their intention to establish a “fair and reasonable value” for user claims based on digital assets at the time of FTX’s collapse in November 2022. The proposal includes estimated prices for approximately 500 assets, encompassing both fiat and cryptocurrency, as of FTX’s bankruptcy filing. According to the proposed valuation, claimants holding Bitcoin (BTC) could potentially receive $16,871 per coin. Ether (ETH) was priced at $1,258, and Binance Coin (BNB) at $286. Notably, the presented table excluded an estimated FTX Token (FTT) price but did incorporate prices for leveraged tokens, tokenized stocks, spot derivatives, and crypto futures. The filing notes: “This Court has broad discretion to choose whatever method it deems best-suited to the particular circumstances to estimate the valuation of Claims based on Digital Assets. Courts consider all factors and circumstances surrounding the claims, but do not seek to estimate claims with mathematical precision.” The debtors added that “the Plan provides for Claims in respect of Digital Assets to be calculated by converting the value of the Digital Asset into Cash as of the Petition Date using the rates set forth in the Digital Assets Conversion Table, and making Distributions in Cash.” As per the filing, the debtors leveraged data from Coin Metrics to gauge the estimated prices of digital assets. Participants involved in the bankruptcy case have a window until January 11 to submit objections. The…

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Filed under: News - @ December 29, 2023 6:22 pm