Serum

Bitcoin

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A group of FTX Trading customers is asserting claims for hundreds of millions of dollars from the bankrupt crypto firm. It is contending that three digital tokens referred to as “Sam Coins” are eligible for a payout despite their link with convicted fraudster <a href="https://news.todayq.com/50-year-jail-term-11b-fine-ftxs-sbf-is-doomed/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>. What are these Sam Coins? 
As reported, these investors are holding tokens named Serum, MAPS, and OXY, and are urging US Bankruptcy Judge John Dorsey to intervene and elevate the value of the crypto. This had disputed company experts’ conclusions that deemed the digital coins almost worthless.&nbsp;
Bankman-Fried, before leaving control of FTX, initiated Serum while making agreements to gain control over the other two tokens, according to the court documents. The customers and the company are set to present their final arguments to Dorsey on Tuesday in federal court in Wilmington, Delaware.
FTX argued in a court filing that when it filed for <a href="https://news.todayq.com/ftx-urges-us-to-cut-bankruptcy-claim-shareholders-left-empty-handed/" rel="noopener noreferrer nofollow">bankruptcy</a> in November 2022, it held over 95% of all tokens. However, more than could feasibly be liquidated, even discounting the fraud that led to FTX’s collapse.
Company advisors have recommended the judge approve their assessment that the coins hold minimal value, if any.
However, claimants argue this estimate stands flawed and presented their valuation methodology in court on Monday. This has contended that the crypto coins should be valued in the hundreds of millions of dollars. They have filed claims seeking compensation based on their calculations. FTX case to be resolved soon? 
FTX anticipates that other former customers will recover the entirety of their assets held on the trading platform at the time of its bankruptcy, as these customers invested in assets like US dollars and Bitcoin that still retain value today. The company has disclosed possessing approximately $6.4 billion in cash.
Bankman-Fried was convicted last year of fraud for inappropriately transferring customer assets to a hedge fund he managed, which were then utilized for speculative investments, political contributions, and luxury real estate, leading to the collapse of the FTX empire. The “Sam Coins” were integral to this scheme, argue bankruptcy officials.
FTX’s repayment plan for customers could see them receive up to 120-140% of the initial value of their claims, propelled by the soaring prices of cryptocurrency and assets in artificial intelligence ventures. This repayment is poised to benefit over 100,000 creditors and has emerged as a pivotal aspect of Bankman-Fried’s defense ahead of his sentencing this week.

FTX customers fight for ‘Sam Coins’ payout amid bankruptcy chaos

Todayq News

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