{"id":3060831,"date":"2024-01-13T01:37:58","date_gmt":"2024-01-13T06:37:58","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/plato-data\/annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan\/"},"modified":"2024-01-13T01:37:58","modified_gmt":"2024-01-13T06:37:58","slug":"annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan\/","title":{"rendered":"Annoyed FTX Customers Ask Judge To Block The Exchange\u2019s Valuation Plan"},"content":{"rendered":"<div class=\"entry-content rt-single-content\">\n<div class=\"row\">\n<div class=\"col-md-9\">\n<ul>\n<li><span>FTX customers have asked Judge John Dorsey to oppose the exchange\u2019s valuation plans.&nbsp;<\/span><\/li>\n<li><span>The plan values crypto assets as of November 2022, the rock bottom of the bear market.&nbsp;<\/span><\/li>\n<li><span>FTX said the plan is the most feasible way to move forward and repay customers.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/angelbet777north.com\/\" class=\"Inpost\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"95\" src=\"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/wp-content\/uploads\/2024\/01\/annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan.jpg\" alt=\"HTML tutorial\"><br \/>\n<\/a> <\/p>\n<p><span>Customers of the troubled cryptocurrency exchange FTX have <\/span><a href=\"https:\/\/coinedition.com\/grossly-unfair-ftx-customers-ask-court-to-block-valuation-plan\/\"><span>asked<\/span><\/a><span> a US Bankruptcy Judge to stop the exchange\u2019s proposed plan to value crypto assets using November 2022 prices.<\/span><\/p>\n<p><span>Over the past week, dozens of FTX customers from around the world have written letters to Judge John Dorsey in Delaware, who is overseeing FTX\u2019s Chapter 11 proceedings.&nbsp;<\/span><\/p>\n<p><span>The customers argue that the crypto exchange is preventing customers from benefiting from a rebound in crypto prices.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">66 Objection letters have been filed by FTX creditors to debtors motion to dollarize claims (plan)<\/p>\n<p>TOS: Clearly state customers retain ownership of the assets<br \/>Customers should be the first priority (crypto held in trust)<br \/>Enough assets to pay customers first before others <a href=\"https:\/\/t.co\/NcbVrSnfAQ\">pic.twitter.com\/NcbVrSnfAQ<\/a><\/p>\n<p>\u2014 Sunil (FTX Creditor Champion) (@sunil_trades) <a href=\"https:\/\/twitter.com\/sunil_trades\/status\/1745082761419899330?ref_src=twsrc%5Etfw\">January 10, 2024<\/a><\/p>\n<\/blockquote>\n<p><span>Last week, FTX disclosed a valuation plan that valued crypto assets as of the time it went bankrupt in November 2022.&nbsp;<\/span><\/p>\n<p><span>According to the defunct exchange, the valuation plan aligns with US bankruptcy laws.&nbsp;<\/span><\/p>\n<p><span>However, crypto prices have rebounded significantly since they bottomed out in November 2022.&nbsp;<\/span><\/p>\n<p>See Also: <a class=\"row-title\" href=\"https:\/\/bitcoinworld.co.in\/ftt-jumps-24-on-former-ftx-customer-complaints\/\" aria-label=\"\u201cFTT Jumps 24% On Former FTX Customer Complaints\u201d (Edit)\">FTT Jumps 24% On Former FTX Customer Complaints<\/a><\/p>\n<p><span>Bitcoin\u2019s price has climbed to over $46,000 from $16,871.63, and Solana\u2019s price has risen to around $98 from $16.25. Over the same period, the price of Ether has nearly doubled.&nbsp;<\/span><\/p>\n<p><span>As noted in the report, an FTX customer told Judge John Dorsey that the proposed plan is nothing but a <\/span><b>\u201csecond act of theft.\u201d<\/b><span>&nbsp;<\/span><\/p>\n<p><span>Similarly, others called the valuation plan <\/span><b>\u201cgrossly unfair\u201d<\/b><span> to holders of Bitcoin and other volatile assets.&nbsp;<\/span><\/p>\n<p><span>In addition, they argued the plan would result in preferential treatment for customers who held stablecoins and investors who purchased FTX bankruptcy claims for a low price.&nbsp;<\/span><\/p>\n<p><span>Meanwhile, FTX\u2019s decision to value its stock shares and its own proprietary cryptocurrency token, FTT, at $0 has also drawn criticism from some customers.&nbsp;<\/span><\/p>\n<p><span>Under the bankruptcy plan, over $700 million in FTT and FTX stock owned by FTX customers would be wiped out.<\/span><\/p>\n<p><span>With the deadline to oppose the valuation price over, FTX customers now look ahead to a January 25 court hearing on the proposed cryptocurrency prices.&nbsp;<\/span><\/p>\n<p><span>FTX has previously argued that the valuation plan is the only feasible way to move forward and repay customers.&nbsp;<\/span><\/p>\n<p><span>The FTX bankruptcy team has argued in court documents that calculating the exact value of each customer\u2019s digital portfolio is impractical due to the sheer volume of claims.&nbsp;<\/span><\/p>\n<p>See Also: <a class=\"row-title\" href=\"https:\/\/bitcoinworld.co.in\/ftx-values-bitcoin-at-16000-in-its-repayment-plan-stirring-controversy-among-customers\/\" aria-label=\"\u201cFTX Values Bitcoin At $16,000 In Its Repayment Plan, Stirring Controversy Among Customers\u201d (Edit)\">FTX Values Bitcoin At $16,000 In Its Repayment Plan, Stirring Controversy Among Customers<\/a><\/p>\n<p><span>In bankruptcy court terminology, this process would require individual liquidation of all customer claims by the various FTX entities.<\/span><\/p>\n<p><span>Furthermore, FTX claims courts have allowed other bankrupt crypto firms like Celsius Network, BlockFi, and Voyager to value assets as of petition dates.&nbsp;<\/span><\/p>\n<p><span>FTX\u2019s official creditors committee and an ad hoc group of non-U.S. customers have agreed to support FTX\u2019s proposal.<\/span><\/p>\n<\/p><\/div><\/div><\/div>\n<div class=\"entry-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"entry-categories\"><a href=\"https:\/\/bitcoinworld.co.in\/category\/news\/latest-news\/\" rel=\"category tag\">Latest News<\/a>, <a href=\"https:\/\/bitcoinworld.co.in\/category\/press-release\/\" rel=\"category tag\">Press Release<\/a><\/span><\/p>\n<h4 class=\"entry-title title-animation-black-normal\"><a href=\"https:\/\/bitcoinworld.co.in\/borroe-finance-the-emerging-favorite-among-traditional-ethereum-and-bitcoin-enthusiasts\/\">Borroe Finance: The Emerging Favorite Among Traditional Ethereum<\/a><\/h4>\n<div class=\"entry-date\"><i class=\"far fa-calendar-alt\"><\/i>January 13, 2024<\/div><\/div>\n<div class=\"entry-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"entry-categories\"><a href=\"https:\/\/bitcoinworld.co.in\/category\/news\/latest-news\/\" rel=\"category tag\">Latest News<\/a>, <a href=\"https:\/\/bitcoinworld.co.in\/category\/press-release\/\" rel=\"category tag\">Press Release<\/a><\/span><\/p>\n<h4 class=\"entry-title title-animation-black-normal\"><a href=\"https:\/\/bitcoinworld.co.in\/whale-alert-solana-whale-buys-371-billion-bonk-tokens-as-whales-also-stock-up-on-this-new-memecoin-presale\/\">Whale Alert! Solana Whale Buys 371 Billion $BONK<\/a><\/h4>\n<div class=\"entry-date\"><i class=\"far fa-calendar-alt\"><\/i>January 13, 2024<\/div><\/div>\n<div class=\"entry-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"entry-categories\"><a href=\"https:\/\/bitcoinworld.co.in\/category\/news\/latest-news\/\" rel=\"category tag\">Latest News<\/a>, <a href=\"https:\/\/bitcoinworld.co.in\/category\/press-release\/\" rel=\"category tag\">Press Release<\/a><\/span><\/p>\n<h4 class=\"entry-title title-animation-black-normal\"><a href=\"https:\/\/bitcoinworld.co.in\/6-altcoins-that-are-safe-stable-and-secure\/\">6 Altcoins That Are Safe, Stable and Secure<\/a><\/h4>\n<div class=\"entry-date\"><i class=\"far fa-calendar-alt\"><\/i>January 13, 2024<\/div><\/div>\n<div class=\"entry-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"entry-categories\"><a href=\"https:\/\/bitcoinworld.co.in\/category\/news\/latest-news\/\" rel=\"category tag\">Latest News<\/a>, <a href=\"https:\/\/bitcoinworld.co.in\/category\/press-release\/\" rel=\"category tag\">Press Release<\/a><\/span><\/p>\n<h4 class=\"entry-title title-animation-black-normal\"><a href=\"https:\/\/bitcoinworld.co.in\/bitcoin-btc-dominates-2-2b-crypto-boom-analysts-optimistic-about-render-rndr-and-rebel-satoshi-rblz\/\">Bitcoin (BTC) Dominates $2.2B Crypto Boom; Analysts Optimistic<\/a><\/h4>\n<div class=\"entry-date\"><i class=\"far fa-calendar-alt\"><\/i>January 13, 2024<\/div><\/div>\n<div class=\"entry-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"entry-categories\"><a href=\"https:\/\/bitcoinworld.co.in\/category\/news\/latest-news\/\" rel=\"category tag\">Latest News<\/a>, <a href=\"https:\/\/bitcoinworld.co.in\/category\/press-release\/\" rel=\"category tag\">Press Release<\/a><\/span><\/p>\n<h4 class=\"entry-title title-animation-black-normal\"><a href=\"https:\/\/bitcoinworld.co.in\/missed-solanas-boom-nuggetrush-could-be-your-new-opportunity-for-huge-gains\/\">Missed Solana\u2019s Boom? NuggetRush Could Be Your New<\/a><\/h4>\n<div class=\"entry-date\"><i class=\"far fa-calendar-alt\"><\/i>January 13, 2024<\/div><\/div>\n<ul class=\"plato-post-bottom-links\">\n<li class=\"plato-post-bottom-link-amplifi\">SEO Powered Content &amp; PR Distribution. <a href=\"https:\/\/www.amplifipr.com\" target=\"_blank\" rel=\"noopener\">Get Amplified Today.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platodata-network\">PlatoData.Network Vertical Generative Ai. Empower Yourself. <a href=\"https:\/\/platodata.network\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoaistream\">PlatoAiStream. Web3 Intelligence. Knowledge Amplified. <a href=\"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoesg\">PlatoESG. <a href=\"https:\/\/platoesg.com\/aiwire\/carbon\/\" target=\"_blank\" rel=\"noopener\">Carbon,<\/a> <a href=\"https:\/\/platoesg.com\/aiwire\/cleantech\/\" target=\"_blank\" rel=\"noopener\">CleanTech,<\/a> <a href=\"https:\/\/platoesg.com\/aiwire\/energy\/\" target=\"_blank\" rel=\"noopener\">Energy,<\/a> <a href=\"https:\/\/platoesg.com\/aiwire\/environment\/\" target=\"_blank\" rel=\"noopener\">Environment,<\/a> <a href=\"https:\/\/platoesg.com\/aiwire\/solar\/\" target=\"_blank\" rel=\"noopener\">Solar,<\/a> <a href=\"https:\/\/platoesg.com\/aiwire\/waste-management\/\" target=\"_blank\" rel=\"noopener\">Waste Management.<\/a> <a href=\"https:\/\/platoesg.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platohealth\">PlatoHealth. Biotech and Clinical Trials Intelligence. <a href=\"https:\/\/platohealth.ai\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-source\"><span>Source:<\/span> <a href=\"https:\/\/bitcoinworld.co.in\/annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan\/\" target=\"_blank\" rel=\"noopener\">https:\/\/bitcoinworld.co.in\/annoyed-ftx-customers-ask-judge-to-block-the-exchanges-valuation-plan\/<\/a><\/li>\n<\/ul>\n","protected":false},"author":1,"featured_media":3060832,"template":"Default","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[21246,38012,3758,10944,3759,69363,9410,71374,13775,8975,5049,10996,77812,12627,40997,3761,72331,68956,3631,3787,68950,16368,18340,48551,40087,70383,3718,48552,75154,3683,48553,6043,30331,6153,21993,14924,48554,18396,5457,68863,12619,69756,3719,3634,48390,10509,4902,4419,24385,3685,69017,35481,48555,13833,24510,10957,5018,15117,11015,8798,15002,4726,40006,36489,48588,47330,5378,9162,4529,5790,23000,18362,12789,3641,45188,4707,5824,24707,4886,3767,3895,11739,3833,5068,76179,26689,14052,42046,7402,3835,4531,14155,21988,14118,39855,44573,69357,14017,9259,11048,4727,3797,69742,25989,28695,72328,3843,14208,3772,48556,40112,4614,13776,17730,5345,37075,3847,48557,18118,32374,9179,18595,3650,19265,9878,3700,3653,48564,9411,25492,48558,12984,28749,4198,48580,4349,13214,39916,3658,3741,9483,26688,3706,49910,39997,3742,13964,69384,37177,68945,48559,460,48560,68953,71078,3663,19503,69348,68865,70178,11453,10683,11045,23402,3965,12133,24561,11936,7457,8453,9642,3968,5662,39866,3665,15573,10790,23180,9221,3709,11469,10419,10150,26190,47165,33839,3744,10097,39868,48590,37696,40852,19892,48565,4503,9421,13653,3872,39869,39870,12444,4359,11458,29763,4330,4285,4028,20922,3669,37251,10092,11631,48561,13215,8266,4986,69021,68948,3671,19267,4036,75423,9234,5841,40077,4037,36021,466,3984,19137,37172,69023,4039,3782,4808,24736,11001,21104,3756,15995,23339,3815,70372,17625,3941,48562,3878,11461,40240,13217,14555],"artist":[48384],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/3060831"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/3060832"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=3060831"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=3060831"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=3060831"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=3060831"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=3060831"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=3060831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}