• 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

DB Investing Honored with Prestigious Fintech Awards

chest

DB Investing closed the year by receiving two prestigious awards: Best IB & Affiliate Program at the Affiliate Summit Dubai 2025, and Gennaro Lanza's recognition as Entrepreneur CEO of the Year at the Burj CEO Awards.

user avatarMiguel Rodriguez

Proof of Work: The Foundation of Early Blockchain Security

chest

Proof of Work (PoW) has been the cornerstone of blockchain security since its inception, relying on miners who solve complex computational problems to validate transactions.

user avatarLeo van der Veen

Fosi Audio Launches ZH3 HiFi DAC and Headphone Amplifier

chest

Fosi Audio has launched the ZH3, an all-in-one desktop HiFi DAC and headphone amplifier, aimed at expanding high-quality audio offerings.

user avatarTenzin Dorje

Growing Interest in Blockchain Education Amidst PoW vs PoS Debate

chest

Growing interest in blockchain technology has led to increased demand for understanding its security mechanisms, particularly the Proof of Work and Proof of Stake models.

user avatarAisha Farooq

Community Discusses HODL Strategies Amid Market Volatility

chest

A discussion on the classic HODL strategy has provided fresh perspectives among Bitcoin community members on maintaining long-term positions during market volatility.

user avatarElias Mukuru

Market Analysis Sparks Debate on December Gains

chest

A detailed market analysis post has generated healthy debate among Bitcoin community members regarding potential gains in December.

user avatarMohamed Farouk

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.