Former FTX customers seek crypto repayment amid current market rally
A group of previous FTX customer s urges a U.S. court to modify the proposed repayment approach in their bankruptcy case. The former customers contend that the current proposal unjustly excludes them from the significant increase in Bitcoin and other cryptocurrencies over the past year. Bitcoin is up by nearly 170% in a year, reaching $49,000 today for the first time in almost two years after yesterday’s historic ETF approval by the SEC. Over 80 individuals with their crypto assets locked in FTX have submitted objections to the plan. This plan suggests fixing the value of their assets to Nov. 11, 2022, the date FTX declared bankruptcy, with repayments in U.S. dollars rather than the original cryptocurrencies. 66 Objection letters have been filed by FTX creditors to debtors motion to dollarize claims (plan) TOS: Clearly state customers retain ownership of the assets Customers should be the first priority (crypto held in trust) Enough assets to pay customers first before others pi...