FTX customers have called the exchange’s bankruptcy process “second act of theft” of their assets

The clients asked the court to recognize their ownership of $8 billion of the exchange’s assets

18.06.2024 - 14:45

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2 min

What’s new? FTX customers have called the crypto exchange’s bankruptcy process a “second act of theft” of their assets in a new petition to the court. The clients intend to have the court rule that the exchange’s confiscated $8 billion in assets are their property and not the bankruptcy estate. The petition was filed in a court in the US District Court for the Southern District of New York late last week.

Material by CoinDesk

What else is known? Last month, the exchange’s managers proposed a new bankruptcy plan. Under it 98% of creditors will receive 118% of the amount of their claims within 60 days after the approval of the document by the court.

In this, the amount of compensation is estimated at the rates of cryptocurrencies at the time of the exchange’s bankruptcy in November 2022, although since then the market capitalization has grown significantly, and many assets have more than doubled in value.

Customers consider such an assessment to be extremely unfair because due to the bankruptcy of the exchange, they missed the opportunity to profit from the growth of rates. Bitcoin, for example, has since quadrupled in value, while the native token of the Solana (SOL) blockchain has quadrupled in value by nine times.

The new statement also notes that certain creditors will be prioritized, and holders of the FTT exchange token are at the bottom of the list, which is unlikely to leave them any chance of getting paid.

US IRS has reduced the amount of claims against FTX from $24 billion to $885 million

A part of the amount will be paid to the agency after the debts owed to customers are settled

Earlier, analysts at K33 Research allowed the possibility that payments to FTX clients could offset selling pressure from lenders of Mt. Gox and Gemini exchanges. Thus, FTX clients will receive compensation in cash, unlike Mt. Gox and Gemini clients, who will receive cryptocurrencies.

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