In a recent filing on December 27, bankrupt cryptocurrency exchange FTX unveiled its repayment plan, triggering customer outrage and discontent. The plan, which values customers’ digital assets at the time of FTX’s collapse, offers a value significantly lower than prevailing market prices.

FTX Under Fire

The filing by FTX stated that the repayment plan aims to make substantial progress towards confirming a Chapter 11 plan and returning the value of the assets to customers and other creditors. 

However, the unique nature of these Chapter 11 cases, involving claims based on digital assets, has posed challenges in determining fair and reasonable values for these unliquidated claims.

According to the filing, to estimate the value of the digital assets owed to customers, FTX compiled a data set that included coin and token prices from Coin Metrics, a widely used source of price-related information in the cryptocurrency industry.

In addition, the filing states that adjustments were made to account for factors such as orderly liquidation of assets, non-marketable assets, and equity-like assets.

However, as reflected in the Digital Assets Conversion Table, the proposed valuation has left customers dissatisfied, particularly due to the significant discrepancy between the proposed values and current market prices. 

For example,

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Author: Ronaldo Marquez

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