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FTX debtors propose $16,871 Bitcoin price for creditor claims

Press Releases Crypto News Cointelegraph FTX debtors propose $16,871 Bitcoin price for creditor claims

The debtors for FTX have released estimates of the U.S. dollar value of cryptocurrency prices and foreign currency for customers holding claims with the defunct exchange.

In a Dec. 27 filing in United States Bankruptcy Court for the District of Delaware, the FTX debtors said they sought a “fair and reasonable value” for user claims based on digital assets when the exchange collapsed in November 2022. The proposal listed prices for roughly 500 assets in fiat and cryptocurrency, based on those at the time of FTX’s bankruptcy filing.

According to the proposed prices, Bitcoin (BTC) claimants could receive $16,871 per coin, Ether (ETH) was priced at $1,258, and Binance Coin (BNB) at $286. The table excluded an estimated FTX Token (FTT) price but included prices for leveraged tokens, tokenized stocks, spot derivatives, and crypto futures.

“[T]his Court has broad discretion to choose whatever method it deems best-suited to the particular circumstances to estimate the valuation of Claims based on Digital Assets,” said the filing. “[C]ourts consider all factors and circumstances surrounding the claims, but do not seek to estimate claims with mathematical precision.”

The debtors added:

“[T]he Plan provides for Claims in respect of Digital Assets to be calculated by converting the value of the Digital Asset into Cash as of the Petition Date using the rates set forth in the Digital Assets Conversion Table, and making Distributions in Cash.”

According to the filing, the debtors used data from Coin Metrics to estimate the digital asset prices. Parties with the bankruptcy case have until Jan. 11 to file objections, with a hearing on the matter scheduled for Jan. 25. The

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Author: Turner Wright

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