FTX Launches Claims Portal for Creditors with Prices from 2022 Bear Market
FTX liquidators have introduced the claims portal for creditors of the bankrupt crypto exchange, using prices from the 2022 bear market. Pricewaterhouse Cooper (PwC) has announced that creditors must register and submit the necessary documents on the FTX Digital Claim Portal before May 15th, the claim bar date.
Two Factors Determining Claim Amounts
PwC states that two factors will determine the amount that former FTX customers can receive:
- The assets located by both the joint official liquidators (JOLs) and the Chapter 11 debtors
- The total claims received from customers
Therefore, individual customer recoveries will depend on these factors.
Claim Value Based on Near-Bottom Crypto Prices
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 November 11, 2022, at 10:00 am ET / 3:00 pm UTC. The valuation rates are derived from the digital assets conversion table adopted by the Chapter 11 process as sanctioned by the US Bankruptcy Court.
Specific Claim Prices
According to blockchain reporter Colin Wu, here are some specific claim prices:
- Bitcoin (BTC) claims: $16,871 (more than 74% below its current market value)
- Ethereum (ETH) claims: $1,258 (64% below its current market value)
- Solana (SOL) claims: $16.24 (87% less than the price of SOL today)
FTX’s Bankruptcy and CEO’s Fraud Charges
FTX went bankrupt in late 2022 after mismanaging billions in customer funds. Its former CEO, Sam Bankmam-Fried, is currently awaiting sentencing for fraud charges and is being held at the Metropolitan Detention Center in Brooklyn.
🔥 Hot Take: FTX Offers Claim Window with Prices Tied to Bear Market Lows 🔥
FTX has launched the claims portal for creditors, using prices from the 2022 bear market to determine the claim values. Here’s what you need to know:
- Creditors must register and submit necessary documents on the FTX Digital Claim Portal before May 15th.
- The claim amount depends on assets located by JOLs and Chapter 11 debtors, as well as total customer claims.
- The claim values are based on near-bottom crypto prices at the time of FTX’s collapse in November 2022.
- Specific claim prices include BTC at $16,871, ETH at $1,258, and SOL at $16.24.
- FTX went bankrupt due to mismanagement of customer funds, and its former CEO is facing fraud charges.
Make sure to register and submit your claim before the deadline to potentially recover your losses from FTX’s collapse!
By
By
By
By
By