The defunct bitcoin (BTC) and cryptocurrency exchange FTX plans to fulfill clients' asset claims by paying them at the price that BTC and other crypto assets had in November 2022, when the exchange fell.
This is shown by the FTX reorganization plan presented on December 27 before the Delaware Bankruptcy Court, in which they show a list with at least 500 cryptocurrencies that they intend to reintegrate the thousands of users of the exchange, if the plan is approved .
In detail, FTX wants to refund customers their frozen bitcoins at a price of USD 16,871. In the case of ethers (ETH), they would be returned to USD 1,258 and BINANCE coin (BNB) to USD 286.
Other cryptoassets that appear on the list are solana (SOL), which would be returned at a price of USD 16.24, monero (XMR) at USD 125, and cardano, which would be returned to customers at a price of USD 0.34.
FTX's court document shows that its fund reimbursement plans also include those holders of stablecoins. This is the case of USD Tether (USDT), DAI, Euro Coin (EUROC), Binance USD (BUSD) and others.
This means that there will be FTX users who will be reimbursed with the same amount they lost when the cryptocurrency exchange crashed. Contrary to the reality of BTC holders, who will be compensated at an amount 2.5 times lower than what the main decentralized digital asset currently has, which exceeds USD 42,700.
As indicated by FTX, the price determined for the redemptions was taken from quote tracker Coin Metrics. This, since this signature “is widely used within the cryptocurrency industry.”
The plan presented by FTX is not official. The parties must submit their objections by January 11, 2024. In addition, a hearing is pending to discuss this case. It will be celebrated next January 25.
