FTX's Controversial Asset Valuation Post-Bankruptcy

FTX's Revised Plan May Disadvantage Creditors

FTX, once a titan in the digital currency sphere, finds itself navigating turbulent waters following its collapse. The exchange's implosion left a tangle of financial complications, with creditors and claimants adrift in uncertainty.

Unexpectedly, FTX proposes a bold move in its bankruptcy saga. The exchange, under the guidance of CEO John Ray III, presents a new Chapter 11 plan. This plan proposes an intriguing method of addressing bankruptcy claims.

A Pivotal Change in Valuation. In a notable shift, FTX's plan suggests valuing claimants' digital assets in monetary terms, fixed at the bankruptcy's date, November 11, 2022. This pivot occurs amidst a market recovery post-FTX's fall, with the total market capitalization leaping from $850 billion to a remarkable $1.6 trillion.

The digital currency market, resilient in the face of adversity, has seen assets like Bitcoin, Ethereum, Solana, and FTT surge over 100% since FTX's bankruptcy filing. Solana stands out, boasting an extraordinary 600% gain.

Sunil Kavuri, a prominent creditor impacted by FTX's downfall, voices concerns. He highlights a contradiction between the reorganization plan and FTX's initial Terms of Service. These terms asserted that customers, not the exchange, held ownership of digital assets.

FTX, in its revised plan, clarifies that this change remains subject to finalization. Creditors from specific groups will need to cast votes on these amendments. However, the plan stipulates that as long as the solution is deemed 'fair and equitable,' dissenting creditors might be compelled to accept it regardless of their stance.

While FTX's strategy aims for fairness, it raises questions about the true value of digital assets in a volatile market, potentially leading to significant losses for creditors.

FTX Menantang Klaim Pajak IRS Senilai $24 Miliar di Pengadilan Kepailitan

FTX, bursa kripto yang bangkrut, menantang klaim pajak IRS sebesar $24 miliar, menganggapnya "tidak masuk akal dan tidak ada gunanya." Tagihan pajak yang berfluktuasi, saat ini mencapai $ 24 miliar, mencakup pajak pendapatan dan pekerjaan dari 2018 hingga 2022. FTX menekankan perlunya resolusi yang adil untuk melindungi para korban kebangkrutan. Sidang pengadilan yang akan datang pada tanggal 13 Desember akan memainkan peran penting dalam menentukan distribusi aset FTX yang tersisa.

BerniceDes 12, 2023 11:00 siang

FTX's Controversial Asset Valuation Post-Bankruptcy

FTX's Revised Plan May Disadvantage Creditors

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