FTX liquidators have launched the claims portal for creditors of the bankrupt crypto exchange using prices from the 2022 bear market.

Pricewaterhouse Cooper (PwC) says creditors must register and submit the necessary documents on the FTX Digital Claim Portal before May 15th, the claim bar date.

The Big Four accounting firm says two factors will determine the amount that former FTX customers can get.

“Individual customer recoveries will depend upon the assets located by both the JOLs (joint official liquidators) and the Chapter 11 debtors, as well as the total claims received from customers.

The claim value will also be based on near-bottom crypto prices at the time of FTX’s collapse in November 2022.

“The customer claim values set out in the FTX Digital Claim Portal are based on a value reference date of 11 November 2022 at 10:00 am ET / 3:00pm UTC in accordance with an order made by the Supreme Court of the Bahamas dated 22 January 2024. The valuation rates are based on the digital assets conversion table adopted by the Chapter 11 process as sanctioned by the US Bankruptcy Court.”

Claims for Bitcoin (BTC) are at $16,871, more than 74% below its current market value. Ethereum (ETH) claims are set at $1,258, 64% below its current market value while claims for Solana (SOL) are set at $16.24, 87% less than the price of SOL today, according to blockchain reporter Colin Wu.

Source: Wu Blockchain/X

FTX went bankrupt in late 2022 after mismanaging billions in customer funds. Its former CEO, Sam Bankmam-Fried, is currently sitting in the Metropolitan Detention Center in Brooklyn awaiting sentencing for fraud charges.

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The post FTX Opens Claim Window, Sets Prices for Bitcoin, Ethereum and Others Close to 2022 Bear Market Lows: Report appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ March 5, 2024 12:12 am