The amount of compensation for dissatisfied FTX affected users is calculated based on the currency price at the time of bankruptcy! Apply to recover US$8 billion

This site (120btC.coM): According to documents submitted to the District Court for the Southern District of New York, FTX victims are seeking a court ruling to determine the $8 billion in assets confiscated by FTX Belongs to the customer and not to the bankruptcy estate.

FTX released a revised restructuring plan last month. Although up to 98% of creditors are allowed to receive 118% of compensation in the form of cash, in fact, the value of users’ assets is based on the day FTX filed for bankruptcy. Calculated based on the market price, it is equivalent to missing out on the rising trend of the currency market over the past year or so, which has caused a lot of controversy and dissatisfaction.

Since FTX declared bankruptcy, the price of Solana (SOL) has increased by a full 9 times, and the price of Bitcoin has also increased by 4 times.

The court document pointed out that FTX filed for bankruptcy during the currency market downturn. At that time, the prices of many cryptocurrencies fell sharply. Therefore, it is obviously unfair to measure the amount of customer compensation based on the currency price in November 2022. This will also cause FTX users to lose at least $8 billion.

Adam Moskowitz and David Boies, attorneys representing FTX victims, stated in the document that the bankruptcy process made FTX customers feel "violated" and "robbed", and many people regarded this as "secondary theft." He also believes that "FTX's bankruptcy reorganization team is almost the same as the previous fraud company operated by SBF."

The document also pointed out that the bankruptcy law stipulates that some creditors have priority over the bankruptcy property, which means that holders of FTT tokens are at the bottom and have a slim chance of eventually receiving compensation.

Lawyer Moskowitz revealed to foreign media: "Since a comprehensive accounting has not been completed, we do not yet know the exact amount of losses, but it must be more than 8 billion US dollars."

The above is the detailed content of The amount of compensation for dissatisfied FTX affected users is calculated based on the currency price at the time of bankruptcy! Apply to recover US$8 billion. For more information, please follow other related articles on the PHP Chinese website!