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 estimating the claims of creditors submitted by FTX debtors, the claim value of users’ cryptocurrency assets can be calculated based on the market price on November 11, 2022. On that day, the price of mainstream cryptocurrencies was:
In other words, if on November 11, 2022, a creditor held one Bitcoin on the FTX platform, they would only be able to claim a maximum of $16,871.63, even if there is remaining funds due to the increase in cryptocurrency asset prices, it will only flow to non-client creditors, including shareholders.
If a creditor disputes this valuation motion, they must file with the United States Bankruptcy Court by 4:00 pm (Eastern Time) on January 11, 2024.
