FTX creditors seek ‘in-kind’ crypto repayments instead of 2022 low prices
Some FTX customers have expressed that the crypto valuation proposal is unjust to holders of Bitcoin and other volatile assets.
Several FTX clients have requested a U.S. bankruptcy judge to prevent the defunct crypto exchange from valuing their cryptocurrency deposits based on 2022 prices. They argue that FTX’s approach is hindering them from capitalizing on the recent rise in crypto prices.
In supporting the Debtors’ motion to estimate claims based on digital assets, the Official Committee of Unsecured Creditors expressed the belief that estimating claim values collectively, as proposed in the motion, is the most efficient way to streamline the claim reconciliation process and expedite the Chapter 11 Cases’ confirmation.
The motion by the Debtors states that,
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