The crypto platform FTX, which imploded spectacularly in November 2022, has opened the possibility of making “claims” for assets such as bitcoin, ethereum, solana and BNB. This makes it possible for creditors (former users) of the platform to request their money back. The problem? The claim prices are a lot lower than the current prices of the assets in question.

For example, the claim price of bitcoin is $ 16,871, while at the time of writing there is a bitcoin price of more than $ 63,000 on the boards.

Question marks about the FTX process

The extremely low prices that users can get for their assets raise questions. Is the FTX process fair and transparent? Aren’t there parties that are now trying to profit from the misery, meaning that users are once again suffering?

Many former customers of the exchange platform spoke out on X and demanded accountability from FTX.

“Stealing with the approval of the law. I hope that a good trial will be organized for the victims of this scam,” Egid CU’84 said on Twitter.

Submit claims before May 15

Creditors currently have the opportunity to submit their claims until May 15. The claims portal is managed by the large PriceWaterhouseCoopers (PwC).

Claims will be distributed in late 2024 or early 2025 and are expected to be in US dollars. In that respect, it is very strange that they use the rates at the time of the bankruptcy for the claims.

It is therefore possible that FTX will soon have a huge amount of capital left over if the prices are much higher at that time. As a result, former users of the platform feel as if they are being scammed for the second time.

After all, they would have preferred to receive that money immediately and simply reinvest it in the market. Then they would have been able to recoup at least some of it thanks to the price increases of the past period.


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