Bankrupt FTX seeks court approval to estimate its customers’ digital asset claims in U.S. dollars, according to a Dec. 27 court filing.
The exchange clarified that the action was essential to prevent any hindrance in the bankruptcy proceeding, adding that:
“The liquidation of every individual Claim in respect of a Digital Asset is impractical and unnecessary and would unduly delay these Chapter 11 Cases.”
As such, the defunct crypto platform proposed estimating Bitcoin’s value at $16,871, Ethereum’s price at $1,258, and Solana’s SOL at $16. The firm also estimated Avalanche’s AVAX at $14.19, stablecoins USDT, TUSD, and BUSD a few cents less than their usual $1 peg.
The value of many of these digital assets, bar the stablecoins, has rapidly increased amid the significant market rise of the past year. For context, BTC is trading above $40,000 presently, while ETH’s value has also exceeded $2,200. SOL is also trading at more than $100 as of press time.
However, FTX argue
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