Solana

Bitcoin

when

Read

<div class="protos">
 Unfortunately, it’s not looking good for FTX customers looking to raise the tragically low bitcoin price that the bankruptcy estate will use to calculate their repayments.
 Yesterday, a US bankruptcy judge denied a victim’s request to use a higher price than $16,871. Specifically, the judge denied Australian Bitcoin miner NuGenesis Ou’s request to vacate a January 31 ruling that set the USD calculation date for crypto asset pricing to November 11, 2022.
 On a separate and unrelated issue, NuGenesis also complained about FTX calculating the price of its proprietary token, NuCoin, at $0 as of November 11, 2022. More relevant to most customers who simply owned bitcoin or major altcoins, however, is that the bankruptcy judge denied NuGenesis’ request to move the USD calculation date away from November 11, 2022 for any crypto asset.
 NuGenesis’ attorney argued that the company didn’t receive its legally required notice of the November 11, 2022 date. However, FTX attorneys argued — and prevailed in this argument — that the bitcoin miner was fully aware of FTX’s petition to use that date. The US Bankruptcy Court judge ruled that “there was no evidence supporting the excusable neglect,” as alleged by NuGenesis.
 On January 31, Delaware’s US Bankruptcy Court ruled that FTX’s bankruptcy estate may repay customers based on bitcoin’s price on November 11, 2022: $16,871. With FTX’s bankruptcy estate still holding onto customers’ bitcoin that is now worth quadruple that figure ($68,100 as of press time), it is easy to see how FTX can claim to be repaying nearly all customers ‘in full.’
 <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
 <div class="wp-block-embed__wrapper">
 <blockquote class="wp-embedded-content" data-secret="Ic9n656QqS">
 We read the 230-page investigation into FTX so you don’t have to
 </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“We read the 230-page investigation into FTX so you don’t have to” — Protos" src="https://protos.com/we-read-the-230-page-investigation-into-ftx-so-you-dont-have-to/embed/#?secret=MryEgiHe7m#?secret=Ic9n656QqS" data-secret="Ic9n656QqS" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
 </div>
 </figure>
 Read more: FTX customers to be repaid at $16,871 bitcoin prices
 <h2 class="wp-block-heading" id="h-full-usd-but-1-4th-the-bitcoin-to-ftx-customers">Full USD but 1/4th the bitcoin to FTX customers</h2>
 Ironically, while boasting that it will repay customers ‘in full’ despite only giving them roughly one-quarter of their actual <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> back, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> bankruptcy lawyers and other experts have earned over $320 million in fees over the last 15 months.&nbsp;
 According to this bankruptcy technicality, customers will only receive the USD equivalent value of their crypto holdings plus nominal USD interest as of the November 2022 bankruptcy petition date when one <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> was <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> just $16,871.
 The math for most other crypto assets is similarly disappointing. Ether has trebled since the bankruptcy, Dogecoin has doubled, XRP is up 50%, and Solana is up 10X. Customers holding any crypto asset will only receive repayment based on its USD value on November 11, 2022.
 Although the judge admitted that other victims might have the right to challenge the $16,871 <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price, this particular miner has lost its request to vacate that ruling. With several months already elapsed since the bankruptcy court set that price and no meaningful challengers able to raise it, it’s looking increasingly likely that <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>’s victims will only be receiving roughly one-quarter of their <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> back as of today’s much higher <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price.
 Somewhat embarrassingly, that is ‘full’ repayment, according to this bankruptcy proceeding.
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-is-worth-69-000-unless-you-re-an-ftx-creditor-tbt89697.html">https://thebittimes.com/bitcoin-is-worth-69-000-unless-you-re-an-ftx-creditor-tbt89697.html</a>

Bitcoin is worth $69,000 — unless you’re an FTX creditor

Table of Contents

TheBitTimes

Other articles published on May 24, 2024

How Blockchain Technology is Revolutionizing the Gaming Industry

Nvidia at the peak of its game: AI crypto is on fire!

SEC Approves Spot Ethereum ETF

Ether ETFs will ‘destroy ethos of crypto,’ says DeFi exec

OKX Ceases Hong Kong Operations With Crucial User Updates

Elon Musk Warns About AI Bias

Join our free newsletter for daily crypto updates!