2024

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 <p class="is-style-lead">A group of previous FTX <a rel="noopener noreferrer nofollow" title="customer" href="https://thebittimes.com/tag/customer.html">customer</a>s urges a U.S. court to modify the proposed <a rel="noopener noreferrer nofollow" title="repayment" href="https://thebittimes.com/tag/repayment.html">repayment</a> approach in their bankruptcy case.&nbsp;</p>
 <p>The former customers contend that the current proposal unjustly excludes them from the significant increase in Bitcoin and other cryptocurrencies over the past year. Bitcoin is up by nearly 170% in a year, reaching $49,000 today for the first time in almost two years after yesterday’s historic ETF approval by the SEC.</p>
 <p>Over 80 individuals with their crypto assets locked in FTX have submitted objections to the plan. This plan suggests fixing the value of their assets to Nov. 11, 2022, the date FTX declared bankruptcy, with repayments in U.S. dollars rather than the original cryptocurrencies.</p>
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    <p lang="en" dir="ltr">66 Objection letters have been filed by FTX creditors to debtors motion to dollarize claims (plan)<br><br>TOS: Clearly state customers retain ownership of the assets<br>Customers should be the first priority (crypto held in trust)<br>Enough assets to pay customers first before others pic.twitter.com/NcbVrSnfAQ</p>— Sunil (FTX Creditor Champion) (@sunil_trades) January 10, 2024
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 <p>After Sam Bankman-Fried’s conviction for perpetrating extensive fraud, leading to FTX’s downfall, a team of bankruptcy specialists, headed by John J. Ray III, has been actively working to maximize the recovery of cash and crypto assets. This team has received court approval to liquidate the crypto holdings on the platform, aiming to accumulate a multi-billion dollar fund to reimburse customers.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency’s value on FTX determines the claim size for each <a rel="noopener noreferrer nofollow" title="customer" href="https://thebittimes.com/tag/customer.html">customer</a> at the time of its Chapter 11 filing. For instance, Bitcoin owners are entitled to a <a rel="noopener noreferrer nofollow" title="repayment" href="https://thebittimes.com/tag/repayment.html">repayment</a> of $16,871 per coin based on that date’s value, despite Bitcoin’s <a rel="noopener noreferrer nofollow" title="current" href="https://thebittimes.com/tag/current.html">current</a> <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>.&nbsp;</p>
 <p>The FTX bankruptcy team has argued in court documents that calculating the exact value of each customer’s digital portfolio is impractical due to the sheer volume of claims. In bankruptcy court terminology, this process would require individual liquidation of all customer claims by the various FTX entities.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/former-ftx-customers-seek-crypto-repayment-amid-current-market-rally-tbt76336.html">https://thebittimes.com/former-ftx-customers-seek-crypto-repayment-amid-current-market-rally-tbt76336.html</a></p>

Former FTX customers seek crypto repayment amid current market rally

TheBitTimes

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