Posted 12/16/2023, 11:32:59 PM
FTX Bankruptcy Plan Values Crypto Claims at Filing Date Prices, Converts to Cash Value for Repayment
- FTX debtors filed an amended Chapter 11 bankruptcy plan stating crypto claims will be valued at the petition date prices
- Claims will be converted to cash values using a conversion table filed with the court
- Crypto prices have risen since the November 11 bankruptcy filing, e.g. Bitcoin was $17,036 then, now $42,272
- Last month FTX was approved to sell $873 million in assets to repay creditors
- There has been scrutiny of crypto wallet transfers linked to FTX and Alameda Research totaling $23.59 million