FTX Debtors Want Customers Paid Value of Assets as of November 2022
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- FTX Debtors want customers to be paid the worth of their crypto assets as of the day the crypto exchange went bankrupt.
- The proposal, detailed in a new court filing, sets the value of the crypto assets creditors can claim as that of November 11, 2022.
- An approval will see customers receive an amount considerably lower than prevailing prices, given the crypto market’s recent resurgence.
Debtors of bankrupt cryptocurrency exchange FTX have proposed a new amendment to their bankruptcy plans which will see customers receive the value of their assets as at the time when the exchange collapsed.
Indeed, this amendment was detailed in a court filing in the United States Bankruptcy Court for the District of Delaware. According to the filing, any customer entitlement claim against the exchange intended to reimburse the holder will be based on the value as of November 11, 2022, the day the exchange filed for bankruptcy.
Furthermore, the amendment proposes that FTX customers can only make claims against the crypto asset’s value instead of the asset itself. As a result, the value will be determined by the asset price on the date of the collapse and not prevailing…
The post FTX Debtors Want Customers Paid Value of Assets as of November 2022 appeared first on Coin Edition.
