Token

Based

Serum

MAPS

<p><em><strong>FTX customers demand higher payout for undervalued “Sam Coins”. However, the company claims they’re worth zero.</strong></em></p>
<p>FTX’s customers are requesting higher payouts from the bankrupt company, claiming that the digital tokens, known as “Sam Coins,” are undervalued. However, they completely disregard their association with convicted co-founder Sam Bankman-Fried.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-investors-are-demanding-high-payout-strong"><strong>Investors Are Demanding High Payout&nbsp;</strong></h2>
<p>These investors holding tokens called Serum, MAPS, and OXY are urging US Bankruptcy Judge John Dorsey. These investors want to override the company’s experts’ conclusion that the tokens are “nearly worthless,” as mentioned in a Bloomberg report.</p>
<p>Sam Bankman-Fried, who created Serum and obtained control over the other two tokens, was involved in securing deals related to them, as stated in court documents.</p>
<p>When FTX filed for bankruptcy in November 2022, it held a significant majority of the tokens, far exceeding what could be sold. Additionally even without considering the fraudulent activities that led to its collapse, as the company argued in a court filing.</p>
<p>Token holders are challenging a company’s estimation of the value of tokens. The company’s advisers proposed a minimal amount. However, the holders claim their valuation method values the tokens at hundreds of millions of dollars. They have filed claims for payment based on their calculations.</p>
<p>FTX’s lawyers have indicated that other former customers who invested in the trading platform will likely receive full reimbursement for their investments before bankruptcy. These customers invested in US dollars, Bitcoin (BTC), and other assets that still hold value today.</p>
<h2 class="wp-block-heading" id="strong-ftx-claims-that-sam-coins-are-worth-zero-strong"><strong>FTX Claims That Sam Coins Are Worth ‘Zero’</strong></h2>
<p>FTX wants to quash certain investors’ claims for “Sam Coins,” arguing that they should be valued at zero in an ongoing bankruptcy case. During a court hearing on March 26, lawyers representing FTX requested Delaware bankruptcy judge John Dorsey. Moreover, they requested to heavily reduce customer claims for a few digital tokens that are closely connected to the imprisoned<a href="https://www.thecoinrepublic.com/2022/06/06/giving-pledge-ftx-founder-sam-bankman-fried-will-empty-his-deep-pockets-for-a-good-cause/" target="_blank" rel="noopener noreferrer nofollow"> FTX founder</a>, Sam “SBF” Bankman-Fried.&nbsp;</p>
<p>FTX lawyer Brian Glueckstein mentioned that customer claims for the native tokens should be heavily discounted or reduced to zero. On the other hand, the investors valued the tokens they held at hundreds of millions of dollars and presented related calculations in court.</p>
<h3 class="wp-block-heading" id="strong-what-does-ftx-valuation-expert-says-strong"><strong>What Does FTX Valuation Expert Says?</strong></h3>
<p>FTX’s valuation expert, Sabrina Howell, concluded that because the firm held more than 95% of the OXY and MAP tokens it would take decades to liquidate them. Moreover, creditor attorney Kurt Gwynne argued that the company hired experts to unfairly quote low estimates.</p>
<p>Based on their analysis, FTX asserted claims associated with MAPS and OXY tokens should be deemed worthless, worth over $600 million at current rates. Meanwhile, claims associated with SERUM tokens – worth $509 million – should be discounted by about 58%.</p>
<p>However, the FTX customers asked for the FTX lawyer’s estimates to be overruled, claiming that the four digital assets in question. Moreover, the Sam coins, are still worth more than $1.1 billion in total. Judge Dorsey found determining cryptocurrency’s exact value challenging due to its lack of intrinsic worth. He deferred the ruling on the disputed crypto assets’ value estimation after hearing arguments from both parties.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>FTX customers with Serum, MAPS, and OXY tokens are requesting higher payouts from the bankrupt company, claiming the tokens are undervalued. The company’s experts say the tokens are nearly worthless, but investors want US Bankruptcy Judge John Dorsey to override this.&nbsp;</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.</p>

FTX Customers Want A High Payout For Sam Coins, FTX Spoke On This

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Thecoinrepublic.com

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