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Post: FTX Lawyers Seek to Devalue Customer Claims for SBF-Linked Cryptocurrencies

FTX Lawyers Seek to Devalue Customer Claims for SBF-Linked Cryptocurrencies

Key Points:

  • FTX lawyers argue that customer claims for four SBF-linked cryptocurrencies should be heavily discounted or reduced to zero.
  • The cryptocurrency exchange aims to dismiss investor claims for ‘Sam Coins’ in an ongoing bankruptcy case.
  • Lawyers representing FTX requested Delaware bankruptcy judge John Dorsey to devalue customer claims for MAPS, OXY, SERUM, and BOBA tokens.

FTX Lawyers’ Argument for Discount:

FTX lawyers believe that customer claims related to the SBF-linked cryptocurrencies should be heavily discounted or considered of no value due to the circumstances surrounding the tokens.

Request to Dismiss Claims:

FTX is seeking to dismiss investor claims for ‘Sam Coins’ in the bankruptcy case by making a case for devaluing the tokens to zero, as argued by their legal representatives.

Legal Proceedings:

The request to devalue customer claims for MAPS, OXY, SERUM, and BOBA tokens was presented during a court hearing on March 26, led by FTX attorney Brian Glueckstein before the Delaware bankruptcy judge.

Hot Take:

FTX’s move to discount or reduce the value of customer claims for SBF-linked cryptocurrencies in the bankruptcy case could have significant implications for the involved parties and set a precedent for similar cases in the cryptocurrency industry.

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