FTX submitted a revised restructuring application to the court on December 26th, hoping to estimate the compensation for customer assets at the “fair and reasonable” value as of the bankruptcy date of November 11, 2022, with Bitcoin listed at $16,871 at that time.
Background:
FTX’s debt increased by 67% to recover its investment! Ikigai Asset took advantage and sold $65 million: waiting for a restart is meaningless.
FTX, a bankrupt cryptocurrency exchange, submitted a revised restructuring application to the court on December 26th, hoping to estimate the compensation for customers’ cryptocurrency assets in US dollars, based on the “fair and reasonable” value as of the bankruptcy date of November 11, 2022. FTX emphasized that this is to avoid unnecessary delays in the bankruptcy process. The FTX team stated that at that time, one Bitcoin was only worth $16,871.
In the application documents, FTX evaluated the value of several major cryptocurrencies as follows:
– BTC: $16,871 at the time of submission, currently reported at $42,032, with a 149% increase.
– ETH: $1,258 at the time of submission, currently reported at $2,335, with an 85.6% increase.
– SOL: $16 at the time of submission, currently reported at $103, with a 543% increase.
– AVAX: $14 at the time of submission, currently reported at $39, with a 178% increase.
According to the documents, FTX used data from Coin Metrics to estimate the prices of cryptocurrency assets. All parties involved in the bankruptcy case must file objections by January 11th, and a hearing on the matter is scheduled for January 25th. The current documents are awaiting court approval.
Igniting the anger of creditors, it is understandable that many creditors strongly disagree with this plan, believing that FTX’s plan is simply a theft. Prominent creditor Sunil Kavuri tweeted urging creditors to stand up and resist!
On the other hand, an organization composed of FTX creditors, called “FTX 2.0 Alliance,” published a post suggesting that customers who oppose their latest proposal directly write letters expressing their opinions. The alliance specifically pointed out that this process does not require the involvement of lawyers, and anyone concerned about the matter can write and send a signed letter to the Delaware Bankruptcy Court. Additionally, the FTX 2.0 Alliance provided a letter template to make it easier for users who wish to express their opposition.
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Related reports:
– FTX liquidation team’s request for “extension of bankruptcy process” rejected by judge: don’t waste time!
– Former FTX executives “creating a new exchange”! Led by SBF, the key witness in the conviction: hoping to protect user assets this time.
– FTX may restart news: SOL up 200% to over $60, FTT surges to $5.5; hopes for full compensation increase.
Tags:
FTX
FTX 2.0
SBF
Rights protection
Compensation