Users of cryptocurrencies whose holdings were impacted by FTX’s insolvency expressed their worries and demanded an answer from FTX on the social media site X. Claims for popular cryptocurrency assets like Bitcoin (BTC), Ethereum, Solana, and BNB were priced substantially less than their current market prices when FTX established a claim window.
According to Wu Blockchain’s research, the FTX claim window pricing set is $16,871 for BTC, $1,258 for SOL, $16.24 for BNB, and $286 for BNB. These numbers are in sharp contrast to the current market prices, which are $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.
The pricing discrepancy on FTX worries cryptocurrency users whose investments were impacted by FTX’s bankruptcy, raising concerns about the fairness and openness of the platform. Many people voiced their concerns and asked FTX to answer for them on the social media platform X.
PwC responded to criticism by posting an official statement on its website that provided details about the circumstances surrounding FTX. According to PwC, FTX Digital Markets Ltd. and FTX Trading Ltd. and its associated debtors are settling through Chapter 11 with the goal of combining assets from both firms’ estates.
Creditors have been advised by FTX’s official liquidator to file electronic claims by May 15, 2024. All qualified claims will be denominated in US dollars when the PwC-managed claims site launches its first interim distribution in late 2024 or early 2025.
Regarding its approved investment manager, FTX recently released a warning statement. FTX took preventive action after learning that some unapproved parties have started to try to bid on behalf of particular FTX Debtors.
FTX used the X platform to notify stakeholders in its first-ever monthly communication that the court-appointed investment manager, Galaxy Asset Management, is the only entity with authority over the sale of Digital Assets by FTX Debtors as required by a bankruptcy court order.
Consequently, any requests for purchases or sales may only be handled by Galaxy Asset Management. The bankrupt exchange sent this advice to interested parties, advising institutional buyers and those following regulations to heed it.
FTX received permission to sell its over $1 billion stake in the artificial intelligence (AI) company Anthropic from the United States Bankruptcy Court for the District of Delaware on February 22 during a hearing.