• 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

Kentucky Attorney General's Office Emphasizes Strict Editorial Standards

chest

The Kentucky Attorney General's Office has released a report emphasizing strict editorial standards focusing on accuracy, relevance, and impartiality.

user avatarKaterina Papadopoulou

Water.org Launches Get Blue Campaign

chest

Water.org has launched the Get Blue campaign to expand access to safe water through consumer participation and brand partnerships.

user avatarLeo van der Veen

Matt Damon to Speak at Ripple Swell 2026

chest

Matt Damon will be a keynote speaker at Ripple Swell 2026, highlighting the intersection of finance and philanthropy.

user avatarMaya Lundqvist

New Report on Ethereum EIP Specifications Released

chest

A report based on Ethereum EIP specifications has been published, providing valuable insights and updates for the Ethereum community.

user avatarLi Weicheng

Altcoins Experience Significant Selling Pressure

chest

Altcoins are experiencing significant selling pressure, with a cumulative buy-sell volume difference of approximately 209 billion, indicating weak market conditions.

user avatarAisha Farooq

Canary Capitals Launches Litecoin ETF Amid Slow Demand

chest

Canary Capitals has launched its Litecoin ETF, LTCC, but initial demand is limited compared to Bitcoin and Ethereum ETFs, with only $93 million in inflows.

user avatarTenzin Dorje

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.