FTX's new demand: Crypto prices return to bear

In the bankruptcy case of FTX, which collapsed in November last year, a request came from the new management of the exchange that shocked creditors. According to official court documents on Dec. 27, the exchange stated that creditors’ crypto claims should be calculated at low prices. The choice of the period when FTX went bankrupt for the calculation of these cryptocurrencies drew backlash from creditors.

FTX: This is not how demands can be met

The request from the exchange to the court stated, “Although it is practically impossible for every individual to want to receive their assets in cryptocurrency, it is unnecessary. This will also unfairly delay and prolong the bankruptcy court process,” the statement said.

Demand for “Bitcoin at $16K, Ether at $1250, SOL at $16”

As it will be remembered, when FTX went bankrupt (November 2022), there were big drops in cryptocurrencies. Altcoins such as Bitcoin also pulled back sharply, with Bitcoin falling to $15,000, Ether to $1,000 and Solana to $8 in December.

Here, the stock market management states that prices should be calculated almost from these lows. In the exchange’s request, it is stated that Bitcoin should be calculated at $16,000, Ether at $1250 and Solana at $16 for payments to creditors.

It is known that Solana ranks first among the cryptocurrencies held by FTX, and the new management has recently transferred large amounts of cryptocurrencies, especially Solana, to exchanges.

Creditors, who want this request to be rejected as soon as possible or even not to discuss the request, are demanding their money in cryptocurrency.

Published: December 29, 2023 09:17