FTX liquidators have launched the bankrupt crypto exchange’s creditor claims portal using prices from the 2022 bear market.
Pricewaterhouse Cooper (PwC) say creditors must register and submit the necessary documents on the FTX digital claims portal before May 15, the claim limitation date.
The Big Four accounting firm say two factors will determine the amount former FTX customers can get.
“Individual customer recoveries will depend on the assets located by both the JOLs (joint official liquidators) and Chapter 11 debtors, as well as the total receivables received from customers.
The claim value is also based on near-bottom crypto prices at the time of FTX’s collapse in November 2022.
“The customer claim values set forth in the FTX Digital Claim Portal are based on a value reference date of November 11, 2022 at 10:00 AM ET / 3:00 PM UTC in accordance with an order of the Supreme Court of The Bahamas dated January 22, 2024. The Valuation rates are based on the digital asset conversion table adopted by the Chapter 11 process as approved by the U.S. Bankruptcy Court.”
Claims for Bitcoin (BTC) are $16,871, over 74% below the current market value. Claims for Ethereum (ETH) are set at $1,258, 64% below the current market value, while claims for Solana (SOL) are set at $16.24, 87% less than SOL’s current price, according to blockchain reporter Colin Wu .
FTX went bankrupt at the end of 2022 after mismanaging billions in customer funds. The company’s former CEO, Sam Bankmam-Fried, is currently in the Metropolitan Detention Center in Brooklyn awaiting sentencing on fraud charges.
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