FTX Asks Court to Dismiss Investors’ Claims Against “SAM Coins,” Including MAPS, OXY, SERUM, and BOBA

At a court hearing on March 26, attorney Brian Glueckstein, representing the crypto exchange FTX, filed an application with Delaware Bankruptcy Judge John Dorsey to dismiss investors’ claims against the so-called “Sam Coins,” stating that in the ongoing In a bankruptcy case, the value of these coins should be zero. These tokens are closely related to FTX founder Sam Bankman-Fried (SBF), including the native token of travel platform Maps (MAPS), decentralized financial broker Oxygen (OXY), decentralized exchange Serum (SERUM), and Boba (BOBA) token. Brian Glueckstein said customer claims for these tokens should be significantly discounted or reduced to zero. Glueckstein explained that experts have carefully analyzed the value of these assets as of the filing date to determine a reasonable discount to value, and that the client’s valuation of these digital asset claims is based on a market that has never existed and never will exist. Sabrina Howel, valuation expert at FTX, concluded that since the company holds over 95% of OXY and MAPS tokens (which were once closely tied to SBF), it will take decades to liquidate them. Based on its analysis, FTX asserts that its claims related to the MAPS and OXY tokens, which are worth over $600 million at current exchange rates, should be deemed worthless. Meanwhile, claims related to SERUM tokens (worth $509 million) should be discounted by approximately 58%. However, FTX customers who still hold these “Sam Coins” objected to these valuations and demanded that FTX’s attorneys’ estimates be overturned. Clients claim the combined value of the four digital assets is still over $1.1 billion. Judge Dorsey said it was difficult to formally quantify the value of cryptocurrencies, describing digital assets as having "no intrinsic value." He said: "The only value comes from the transaction itself. As far as I know, cryptocurrency trading is only based on emotion and has no other value." He heard arguments from both sides and said he would consider the matter before ruling on how to estimate the value of the controversial crypto assets. (Cointelegraph)