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    <p>Bankruptcy lawyers for <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> are proposing a repayment plan for <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> <a rel="noopener noreferrer nofollow" title="customers" href="https://thebittimes.com/tag/customers.html">customers</a> that calculates the USD value of their holdings as of November 11, 2022. On that date, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> originally petitioned for bankruptcy protection.</p>
    <p>Back then, bitcoin was worth $16,871. At press time, bitcoin is worth about 150% more at $42,154.</p>
    <p>Most customers opposed a repayment plan based on such inferior prices. Nevertheless, on Wednesday, a Delaware court ruled that bankruptcy judge John Dorsey has broad discretion to determine allowable methods for calculating bankruptcy claims.</p>
    <p>With that approval and case law backing, Dorsey wrote, “I conclude that debtor’s use of the petition date for determining the value of the digital assets claims is appropriate.”</p>
    <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp" alt class="wp-image-59695" srcset="https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 1024w, https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 300w, https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 768w, https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 1536w, https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 1200w, https://cdn.thebittimes.com/images/2024/02/01/68ad6bb210b5e20f94178ba1319b985c.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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    <p><a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> executives Sam Bankman-Fried, Caroline Ellison, Nishad Singh, and Gary Wang have been found guilty of federal crimes. In particular, they improperly diverted <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> <a rel="noopener noreferrer nofollow" title="customer" href="https://thebittimes.com/tag/customer.html">customer</a> deposits into personal payouts, illegitimate corporate expenses, and a proprietary trading company that they controlled called Alameda Research.</p>
    <p>By the time FTX filed for bankruptcy protection, Alameda owed billions of dollars to FTX that it could never repay.</p>
    <p>As claims mounted against the defunct crypto exchange and trading company, the tally reached mind-boggling numbers. The total bankruptcy claims now exceed $2 quintillion. There were millions of customers and countless corporate counterparties who were harmed as the once-$32 billion FTX collapsed to $0.</p>
    <p>Each claim, when tallied separately (and therefore, double-counted), sums to more money than the $454 trillion that exists on earth.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
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      <blockquote class="wp-embedded-content" data-secret="mQA2AOAXzt">
       FTX authorized to sell Sam Bankman-Fried’s Bahamas penthouse
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“FTX authorized to sell Sam Bankman-Fried’s Bahamas penthouse” — Protos" src="https://protos.com/ftx-authorized-to-sell-sam-bankman-frieds-bahamas-penthouse/embed/#?secret=6sFTPd4PFd#?secret=mQA2AOAXzt" data-secret="mQA2AOAXzt" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: FTX-funded charity Effective Ventures agrees to return donations</em></p>
    <p>Incredibly, however, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> bankruptcy attorneys are still hoping for a so-called pay-in-full plan. It assumes that US regulators, including the IRS and SEC, will subordinate behind claims of regular <a rel="noopener noreferrer nofollow" title="customers" href="https://thebittimes.com/tag/customers.html">customers</a> — allowing <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> to repay <a rel="noopener noreferrer nofollow" title="customers" href="https://thebittimes.com/tag/customers.html">customers</a> and not pay its multi-billion dollar regulatory fines.</p>
    <p>This is a big assumption. For context, the IRS alone demanded $24 billion from the estate. Other regulators and government entities around the world have also made large demands.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, </em><em>Instagram</em><em>, </em><em>Bluesky</em><em>, and </em><em>Google News</em><em>, or subscribe to our </em><em>YouTube</em><em> channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-customers-to-be-repaid-at-16-871-bitcoin-prices-tbt78491.html">https://thebittimes.com/ftx-customers-to-be-repaid-at-16-871-bitcoin-prices-tbt78491.html</a></p>

FTX customers to be repaid at $16,871 bitcoin prices

TheBitTimes

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