Bittime - FTX, a leading cryptocurrency exchange, is seeking to invalidate certain investors' claims against what is known as "Sam Coins," arguing that in a bankruptcy scenario, those claims should be assessed at zero or significantly discounted.
At a court hearing that took place on March 26 in Delaware, attorneys representing FTX asked bankruptcy judge John Dorsey to grant steep discounts to customer claims against four digital tokens linked to jailed FTX founder Sam “SBF” Bankman-Fried.
FTX Lawyers Seek Discount on Investors' Claims on SBF-Related Cryptocurrencies
According to FTX lawyers, customer claims against token-platform Maps (MAPS), DeFi broker Oxygen (OXY), decentralized exchange Serum (SERUM), and blockchain hybrid Boba (BOBA) should be heavily discounted or even rated at zero.
However, investors value the tokens as worth hundreds of millions of dollars and have presented related calculations in court.
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Valuation of Crypto Assets in Court
During the hearing, FTX attorneys explained that a thorough analysis had been conducted to determine the value of the assets as of the date of the bankruptcy petition, and asserted that claims related to the MAPS and OXY tokens should be considered worthless, while claims related to the SERUM token should be discounted by approximately 58%.
Despite this, FTX customers rejected FTX lawyers' estimates, claiming that these four digital assets were still worth more than $1.1 billion in total.
Judge Dorsey stated that assessing the value of crypto assets is a difficult task because digital assets have “no inherent value” and their value is based solely on trading and market sentiment.
He will consider arguments from both sides before deciding how best to value this disputed crypto asset.
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When looked at individually, these tokens have experienced significant declines from their all-time highs, illustrating the challenges blockchain projects face in maintaining value and market stability amidst regulatory changes and related legal cases.
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