FTX’s Questionable Claim Valuations Spark Community Distrust And Demand Accountability

FTX, a bankrupt crypto exchange, has traded virtual currencies far below the current market prices of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB). We offer billing procedures based on currency valuation. This has raised questions and concerns among crypto investors and users.

according to For Wu Blockchain, FTX set the call window price for BTC at $16,871, ETH ($1,258), SOL ($16.24), and BNB ($286). This number is in sharp contrast to the current market rates of BTC ($62144), ETH ($3424.62), SOL ($129.96), and BNB ($411.32). This raised concerns about the platform’s fairness and transparency among those affected by FTX’s bankruptcy.

In response to the criticism, PWC issued a statement clarifying FTX’s current position. According to PwC, FTX Digital Markets is pursuing a Chapter 11 settlement with some of FTX Trading’s related debtors. PwC further noted that the objective was to combine the assets of both companies’ properties.

Official liquidator of this bankrupt cryptocurrency exchange invited Creditors have until May 15, 2024 to submit electronic claims. The claims portal, managed by PwC, is expected to begin distributing the first phase of interim distributions towards the end of 2024 or early 2025, with all eligible claims expected to be denominated in US dollars.

FTX issues unauthorized entity warning

By taking proactive measures, failed virtual currency exchanges can warned Licensed Investment Manager. In this regard, the exchange is aware that some unauthorized entities have launched bids against certain FTX debtors, which necessitates taking precautionary measures by the exchange. there was.

The insolvent cryptocurrency exchange has notified creditors on the X Platform through its first communication of each month that any court-ordered sale of digital assets by FTX debtors will be specifically subject to a designated investment management company, Galaxy Asset Management. I was told that it was being done downstairs. As a result, only Galaxy Asset Management can make sales offers and receive purchase requests.

Additionally, the U.S. Bankruptcy Court for the District of Delaware granted permission to the bankrupt cryptocurrency exchange on February 22nd. The sale will allow the exchange to offload its position in AI company Anthropic, which is valued at more than $1 billion. This decision marks a turning point in the bankruptcy phase and helps predict what direction the exchange’s asset management will take.

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