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Fallen cryptocurrency exchange FTX has taken a significant step forward by opening its claim window, enabling creditors to reclaim their crypto assets.
However, the move has sparked backlash on social media platforms as users criticize FTX for setting prices of major crypto assets well below their current market values.
Criticism Over Asset Pricing
Social media uproar ensued following revelations that FTX's pricing for major cryptocurrencies such as BTC, ETH, SOL, and BNB stands significantly lower than their prevailing market rates. Notably, a post by crypto reporter Colin Wu on March 2 highlighted FTX's pricing at $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB, starkly contrasting with the current market prices.
At the time of reporting, BTC was trading at $66,660, ETH at $3,588.88, SOL at $129.93, and BNB at $415.10. Social media users affected by FTX's bankruptcy expressed frustration over what they perceive as an unfair valuation process, with some likening it to legalized theft.
FTX's Bankruptcy Plan and Legal Response
FTX has defended its pricing strategy, citing U.S. bankruptcy law, which mandates asset valuation based on prices at the time of the exchange's bankruptcy filing in November 2022.
Based on a report by Crypto News, critics argue that this approach fails to account for the substantial appreciation in cryptocurrency values since the market's downturn in 2022.
PwC and Galaxy Asset Management
PwC Partners, appointed as the court liquidators for FTX assets, released an official statement addressing the controversy. The statement outlines FTX Digital Markets' Chapter 11 settlement with FTX Trading and affiliated entities, which is aimed at consolidating assets from both estates.
According to Crypto Potato, FTX's bankruptcy proceedings saw a recent development as the United States Bankruptcy Court for the District of Delaware greenlit the sale of its stake in the artificial intelligence firm Anthropic, assessed at a valuation exceeding $1 billion.
Creditors are urged to submit electronic claims by May 15, 2024, with an interim distribution expected in late 2024 or early 2025. Meanwhile, FTX has issued a cautionary statement regarding its authorized investment manager, Galaxy Asset Management, emphasizing that only authorized parties can handle asset transactions.
In its inaugural monthly communication to stakeholders, FTX reiterated that Galaxy Asset Management is exclusively authorized to manage selling offers or buying requests, reaffirming its commitment to a transparent and legally compliant resolution process.
Photo: Mariia Shalabaieva/Unsplash
