Claims are valued at cryptocurrency exchange rates at the time of bankruptcy

FTX will start reimbursing customers at the end of 2024

04.03.2024 - 12:56

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2 min

What’s new? The court-appointed FTX liquidators from consulting firm PricewaterhouseCoopers (PwC) have urged customers and creditors of the bankrupt crypto exchange to apply for payouts by May 15 this year. The PwC-managed portal is expected to begin its first interim compensation distribution in late 2024-early 2025, with claims denominated in US dollars.

Announcement on the PwC website

What else is known? Applications are open for claims payments for major cryptocurrencies including bitcoin, Ethereum, Solana, and BNB. In this case, the value of coins is estimated at the rates at the time of the bankruptcy of the exchange. Thus, on the PwC portal, the price of BTC is $16 871, ETH — $1258, SOL — $16,24, and BNB — $286. Since the collapse of FTX in November 2022, the rates of these assets have risen by 288%, 178%, 713%, and 46% respectively.

Source: Twitter.com

On social media, exchange users began criticizing the unfair valuation of the claim amount. In response, PwC issued a statement saying that FTX Digital Markets and FTX Trading are looking to merge assets. This ensures that FTX clients in both bankruptcy proceedings will receive nearly identical payouts around the same time.

Earlier this year, FTX managers abandoned the relaunch of the exchange because they could not find investors and focused on liquidating assets to reimburse clients.

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By the end of last year, FTX had accumulated $4,46 billion in cash.

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