The debtors of the now-defunct cryptocurrency exchange FTX have filed an amended Chapter 11 plan of reorganization which indicates the value of customer asset claims will be retroactively set to the time when the exchange collapsed in November 2022.
In a recent court filing in the United States Bankruptcy Court for the District of Delaware the debtors outlined that any customer entitlement claim, regardless of type of nature, against the exchange aimed at compensating the holder will be based on the value on November 11, 2022.
It was stated that the value of a claim will be determined by the crypto asset's value into cash on the day FTX filed for bankruptcy – November 11 – using conversion rates specified in a conversion table.
However, the price of Bitcoin (BTC) at the time of bankruptcy filing was $17,036. Meanwhile, at the time of publication, the price stands at $42,272.
Meanwhile, last month, on November 30, FTX was approved to sell approximately $873 million of trust assets, with the proceeds intended to repay creditors of the collapsed exchange.
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Joseph Moldovan, chair of business solutions, restructuring, and governance practices at Morrison Cohen — a New York-based law firm — previously explained to Cointelegraph the complexities of the FTX bankruptcy.
"What’s most unusual about the FTX bankruptcy is that the debtors are complex entities with significant amounts of debt," he stated.
Meanwhile, on December 7, Cointelegraph reported that the FTX 2.0 Customer Ad Hoc Committee proposed to revise the reorganization plan in order to maintain a balance among stakeholder interests.
There has been significant scrutiny of the activities of crypto assets associated with both FTX and Alameda Research in recent times.
On December 9, reports revealed that wallets linked to these defunct entities transferred digital assets worth $23.59 million to multiple crypto exchanges.
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