• 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

Challenges Faced by DAT Firms During Market Downturns

chest

DAT firms may encounter difficulties during crypto market downturns, including pressure from falling market NAV and the need for cash reserves to stabilize operations.

user avatarRajesh Kumar

Investors Prefer DATs for Regulatory Certainty

chest

Investors are increasingly choosing DAT firms like MicroStrategy over direct cryptocurrency investments due to the regulatory protections offered by SEC-regulated securities.

user avatarMiguel Rodriguez

Understanding the Risks of Trading DASH Perpetual Futures

chest

Traders are advised to understand the unique risks associated with DASH perpetual futures before engaging in trading.

user avatarKaterina Papadopoulou

AI Chatbots Transforming Ecommerce Discovery

chest

AI chatbots like ChatGPT are changing how consumers discover products, offering personalized recommendations and simplifying searches.

user avatarLuis Flores

Amazon and Walmart Capture Majority of AI-Driven Traffic

chest

Amazon and Walmart dominate the AI-driven ecommerce referrals, capturing nearly 70% of the traffic from ChatGPT.

user avatarMaria Gutierrez

ChatGPT Referrals Surge 28% During Black Friday Weekend

chest

ChatGPT referrals to retailer mobile apps increased by 28% year-over-year during Black Friday, highlighting the growing influence of AI in ecommerce.

user avatarArif Mukhtar

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.