FTX, a prominent cryptocurrency exchange, has opened a claim window for users to submit their claims for major crypto assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). However, the pricing of these assets in the claim window is significantly lower than the current market values.
According to Wu Blockchain’s findings, FTX has set the prices at $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB. These figures are in stark contrast to the current market rates, which are $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.
Cryptocurrency users who have been affected by FTX’s bankruptcy are expressing their concerns about the pricing difference on social media platforms. They are questioning the fairness and transparency of the platform and seeking accountability from FTX.
Amid the criticism, PwC, a leading professional services firm, has issued an official statement on its website, providing insights into the situation surrounding FTX. PwC has disclosed that FTX Digital Markets Ltd. is undergoing a Chapter 11 settlement with FTX Trading Ltd. and its affiliated debtors, with the aim of combining assets from both entities’ estates.
FTX’s official liquidator has notified creditors to submit electronic claims by May 15, 2024. The claims portal managed by PwC is expected to make its first interim distribution in late 2024 or early 2025, with all eligible claims denominated in United States dollars.
In a recent cautionary statement, FTX has warned about unauthorized third parties attempting to bid on behalf of specific FTX Debtors. As a result, the exchange has taken preemptive measures to protect its authorized investment manager.
In its monthly communication to stakeholders, FTX has informed creditors that the sale of digital assets by FTX Debtors, as mandated by a bankruptcy court order, is exclusively under the jurisdiction of Galaxy Asset Management, the court-appointed investment manager. Therefore, only Galaxy Asset Management is authorized to handle any selling offers or buying requests. FTX has advised interested parties, especially institutional buyers and those complying with regulations, to follow this guidance.
FTX has obtained approval from the United States Bankruptcy Court for the District of Delaware to sell its stake of over $1 billion in the artificial intelligence (AI) firm Anthropic.
Following the collapse of FTX, many are questioning the trustworthiness of crypto exchanges.