FTX, a cryptocurrency exchange, has opened a window for users to file claims for major crypto assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). However, the pricing of these assets in the claim window is significantly lower than their current market values.
According to Wu Blockchain’s findings, the pricing set by FTX for the claim window is $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB. These figures are in stark contrast to the current market rates, which are $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.
Cryptocurrency users whose assets were affected by FTX’s bankruptcy have expressed concerns about the pricing difference on FTX, questioning the platform’s fairness and transparency. Many have taken to social media to voice their concerns and seek accountability from FTX.
Amid the criticism, PwC, a professional services firm, has issued an official statement on its website, providing insights into the situation surrounding FTX. PwC has disclosed that FTX Digital Markets Ltd. is undergoing a Chapter 11 settlement with FTX Trading Ltd. and its affiliated debtors, with the aim of combining assets from both entities’ estates.
FTX’s official liquidator has notified creditors to submit electronic claims by May 15, 2024. The claims portal, managed by PwC, is expected to make its first interim distribution in late 2024 or early 2025, with all eligible claims denominated in United States dollars.
FTX recently issued a cautionary statement regarding its authorized investment manager. The exchange noted that certain unauthorized third parties have attempted to bid on behalf of specific FTX Debtors, prompting the firm to take preemptive measures.
In its monthly communication to stakeholders, FTX informed creditors that the sale of Digital Assets by FTX Debtors, as mandated by a bankruptcy court order, is under the jurisdiction of Galaxy Asset Management, the court-appointed investment manager. Therefore, only Galaxy Asset Management is authorized to handle any selling offers or buying requests. FTX advised interested parties, especially institutional buyers and those complying with regulations, to follow this guidance.
FTX has obtained approval from the United States Bankruptcy Court for the District of Delaware to sell its stake of over $1 billion in the artificial intelligence (AI) firm Anthropic.
In light of the collapse of FTX, there are concerns about whether crypto exchanges can be trusted.