FTX, a cryptocurrency exchange, has opened a claim window for users affected by its bankruptcy. However, users are concerned about the significantly lower pricing of major crypto assets such as Bitcoin, Ethereum, Solana, and BNB compared to the current market values. According to Wu Blockchain’s findings, FTX has priced these assets at $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB, while the market rates are much higher.
Many users have taken to social media to express their concerns and question the fairness and transparency of FTX. In response to the criticism, PwC, the official liquidator, issued a statement on its website, explaining that FTX Digital Markets Ltd. is undergoing a Chapter 11 settlement with FTX Trading Ltd. and its affiliated debtors. The aim is to combine assets from both entities’ estates.
Creditors have been notified to submit electronic claims by May 15, 2024, through the PwC-managed claims portal. The first interim distribution of eligible claims in USD is expected to take place in late 2024 or early 2025.
FTX has also issued a cautionary statement regarding its authorized investment manager, as unauthorized third parties have attempted to bid on behalf of specific FTX Debtors. To address this, FTX has clarified that Galaxy Asset Management, the court-appointed investment manager, has exclusive jurisdiction over the sale of digital assets by FTX Debtors. Interested parties, especially institutional buyers, are advised to follow this guidance.
In February, FTX obtained approval from the United States Bankruptcy Court to sell its stake of over $1 billion in the AI firm Anthropic. These recent developments have raised questions about the trustworthiness of crypto exchanges following the collapse of FTX.