FTX debtors will assess values of crypto claims based on petition date market prices
In a revised Chapter 11 plan of reorganization, FTX debtors state that crypto claims by customers will be assessed using a conversion table, with valuation based on the petition date.
The debtors of the now-defunct cryptocurrency exchange FTX have filed an amended Chapter 11 plan of reorganization which indicates the value of customer asset claims will be retroactively set to the time when the exchange collapsed in November 2022.
In a recent court filing in the United States Bankruptcy Court for the District of Delaware the debtors outlined that “customer entitlement claim” refers to any claim, regardless of type of nature, against the exchange aimed at compensating the holder based on the value as of the petition date.
On November 11, 2022, FTX and 130 affiliate companies filed for bankruptcy. However, the price of Bitcoin (BTC) at the time of filing was $17,036. Meanwhile, at the time of publication, the price stands at $42,272.
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