FTX Bankruptcy: Sam Coins’ Dispute Heats Up As Creditors Push To Boost Asset Value
In a recent thrilling plot twist witnessed within the cryptocurrency realm, a small crew of FTX trading customers are reportedly demanding hundreds of millions of dollars from FTX, a bankrupt crypto trading firm, making headlines throughout the globe. Following FTX’s remarkable fallout in 2022, this small group of traders’ decisions surrounds three digital tokens, also known as Sam Coins.
The group of traders warranted that despite close ties to the renowned convicted fraudster Sam Bankman-Fried, the Sam Coins, Serum, MAPS, and OXY deserved a payout. This move by the traders nabbed global attention, overriding previous judgments by company experts that ruled these digital assets of minimal value.
Investors Appeal Judge John Dorsey To Compel FTX
As mentioned above, the small crew of traders holding Sam Coins is reportedly petitioning US Bankruptcy Judge John Dorsey to compel FTX to raise the value of these assets. In contrast to previous conclusions made by company experts that deemed these coins worthless, these traders seek to assert otherwise.
Intriguingly, in the argument presented by the group, court documents indicated that before renouncing control of FTX, Bankman established Serum and orchestrated other agreements to gain control of the other two tokens. Aligning with this, the company and its customers are all set to present its final arguments to Dorsey in a Washington federal court on Tuesday.
Also Read: Spot Bitcoin ETFs in Hong Kong to Drive AUM Growth with In-Kind Options
Sam Coins To Be Worth Hundreds Of Millions – Argue Holders
Meanwhile, when FTX filed for bankruptcy in November 2022, the firm argued that the supply of these tokens held, more than 95%, was far more than what could ever be feasibly sold. Even after ruling out the alleged fraud that led to FTX’s downfall, the firm stated in a court filing that selling such a large portion of tokens wouldn’t have been practical. Whereas, company advisors claimed that these tokens, Sam Coins, were worth mere pennies at most.
However, the small crew of Sam Coins holders eclipsed the assessment that ruled out these tokens to be invaluable. As per the traders’ group’s analysis, these Sam Coins should potentially be worth hundreds of millions of dollars. Zeroing in on this, the group has filed petitions demanding payouts based on their evaluation.
Also Read: Binance Philippines Users Rush To Liquidate Holdings At Higher Discounts
The post FTX Bankruptcy: Sam Coins’ Dispute Heats Up As Creditors Push To Boost Asset Value appeared first on CoinGape.
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FTX Bankruptcy: Sam Coins’ Dispute Heats Up As Creditors Push To Boost Asset Value
In a recent thrilling plot twist witnessed within the cryptocurrency realm, a small crew of FTX trading customers are reportedly demanding hundreds of millions of dollars from FTX, a bankrupt crypto trading firm, making headlines throughout the globe. Following FTX’s remarkable fallout in 2022, this small group of traders’ decisions surrounds three digital tokens, also known as Sam Coins.
The group of traders warranted that despite close ties to the renowned convicted fraudster Sam Bankman-Fried, the Sam Coins, Serum, MAPS, and OXY deserved a payout. This move by the traders nabbed global attention, overriding previous judgments by company experts that ruled these digital assets of minimal value.
Investors Appeal Judge John Dorsey To Compel FTX
As mentioned above, the small crew of traders holding Sam Coins is reportedly petitioning US Bankruptcy Judge John Dorsey to compel FTX to raise the value of these assets. In contrast to previous conclusions made by company experts that deemed these coins worthless, these traders seek to assert otherwise.
Intriguingly, in the argument presented by the group, court documents indicated that before renouncing control of FTX, Bankman established Serum and orchestrated other agreements to gain control of the other two tokens. Aligning with this, the company and its customers are all set to present its final arguments to Dorsey in a Washington federal court on Tuesday.
Also Read: Spot Bitcoin ETFs in Hong Kong to Drive AUM Growth with In-Kind Options
Sam Coins To Be Worth Hundreds Of Millions – Argue Holders
Meanwhile, when FTX filed for bankruptcy in November 2022, the firm argued that the supply of these tokens held, more than 95%, was far more than what could ever be feasibly sold. Even after ruling out the alleged fraud that led to FTX’s downfall, the firm stated in a court filing that selling such a large portion of tokens wouldn’t have been practical. Whereas, company advisors claimed that these tokens, Sam Coins, were worth mere pennies at most.
However, the small crew of Sam Coins holders eclipsed the assessment that ruled out these tokens to be invaluable. As per the traders’ group’s analysis, these Sam Coins should potentially be worth hundreds of millions of dollars. Zeroing in on this, the group has filed petitions demanding payouts based on their evaluation.
Also Read: Binance Philippines Users Rush To Liquidate Holdings At Higher Discounts
The post FTX Bankruptcy: Sam Coins’ Dispute Heats Up As Creditors Push To Boost Asset Value appeared first on CoinGape.
Read More