• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

FTX’s Legal Argument on Token Valuation

user avatar

by Giorgi Kostiuk

2 years ago


FTX has requested the dismissal of investor claims on certain cryptocurrencies related to its former CEO, Sam Bankman-Fried. The legal team for FTX argued during a hearing to reduce customer claims for the tokens of Maps.me, Oxygen, Serum, and Boba. They claim that these tokens, known as “Sam Coins,” do not have any real market value.

FTX’s attorney, Brian Glueckstein, presented an analysis indicating the tokens have no market and proposed their value be set to zero. The firm's valuation expert explained that liquidating these tokens would take decades, emphasizing their reduced value.

The argument made by FTX suggests that MAPS and OXY tokens, mainly owned by the firm and its affiliates, are essentially worthless despite being valued at over $600 million. SERUM tokens should reportedly be reduced by around 58% from their $509 million valuation.

Customer Opposition to FTX’s Stance

Investors holding these tokens oppose FTX’s proposal to devalue them. They claim the combined assets continue to be worth over $1.1 billion and ask the court to dismiss FTX’s valuations.

Alameda Research and FTX supported the tokens when they saw significant drops in value ranging from 98% to 99.5%. Sam Bankman-Fried is facing legal consequences, potentially including extensive prison sentences for numerous fraud charges following FTX’s collapse.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

PEPE's Volume Activity Reflects Stability in Trading

chest

PEPE's trading volume showed brief spikes without sustained expansion, indicating stability in the cryptocurrency market.

user avatarMohamed Farouk

PEPE Faces Resistance as Price Action Remains Controlled

chest

PEPE's price action was limited by a resistance level at 0055086, resulting in a narrow trading range.

user avatarBayarjavkhlan Ganbaatar

IG Group to Launch Crypto Trading Services Following Acquisition

chest

IG Group plans to launch crypto trading services in Singapore, Australia, and the UAE following its acquisition of Independent Reserve, targeting retail investors and aiming for a 2026 launch.

user avatarJacob Williams

Ethereum Market Analysis Following US Senate Funding Decision

chest

Ethereum's market analysis shows a price of $2,703.54 with a decline in trading volume, amid US Senate funding developments.

user avatarZainab Kamara

IG Group Finalizes Acquisition of Independent Reserve

chest

IG Group has finalized the acquisition of Australian crypto exchange Independent Reserve after receiving regulatory approval in Singapore.

user avatarSon Min-ho

Ethereum Foundation Enhances User-Centered Infrastructure

chest

The Ethereum Foundation focuses on user needs, enhancing interaction with the blockchain while promoting autonomy, security, and privacy.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.