• 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

Coinbase Introduces AI Agents to Enhance Workplace Communication

chest

Coinbase is testing AI agents modeled after cofounders Fred Ehrsam and Balaji Srinivasan to enhance workplace communication and provide employee feedback.

user avatarAndrew Smith

Bitcoin Price Forecasts Show Significant Growth Potential

chest

Bitcoin price forecasts indicate significant growth potential, with projections reaching $90,000 by mid-July 2026 and $1,000,000 by 2040.

user avatarJacob Williams

Grant Cardone Announces Major Bitcoin Investment Plan

chest

Billionaire Grant Cardone announces a plan to invest $500 million in Bitcoin this year, aiming to accumulate 10,000 BTC tokens amid the ongoing US-Iran war.

user avatarZainab Kamara

Ethereum Experiences Significant Buyside Pressure in Derivatives Markets

chest

Ethereum has experienced its strongest buyside pressure on derivatives markets since the 2022 bear market, indicating a potential shift in market dynamics.

user avatarSon Min-ho

Ripple CTO Emeritus Warns of Security Risks in DeFi Bridges

chest

David Schwartz, former CTO of Ripple, warns about security risks in DeFi bridges, emphasizing the need for better governance and risk management following the KelpDAO incident.

user avatarAyman Ben Youssef

Analyst Identifies Key Resistance and Support Levels for Bitcoin

chest

Crypto analyst Behdark identifies key resistance and support levels for Bitcoin price.

user avatarTando Nkube

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.