In a revised Chapter 11 plan of reorganization, FTX debtors state that crypto claims by customers will be assessed using a conversion table, with valuation based on the petition date.
The debtors of the now-defunct cryptocurrency exchange FTX have filed an amended Chapter 11 plan of reorganization which indicates the value of customer asset claims will be retroactively set to the time when the exchange collapsed in November 2022.
In a recent court filing in the United States Bankruptcy Court for the District of Delaware the debtors outlined that any customer entitlement claim, regardless of type of nature, against the exchange aimed at compensating the holder will be based on the value on November 11, 2022.
It was stated that the value of a claim will be determined by the crypto asset's value into cash on the day FTX filed for bankruptcy – November 11 – using conversion rates specified in a conversion table.
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