FTX users ask court to reject compensation scheme based on November 2022 values

Former FTX customers have asked a judge to reject a cryptocurrency compensation scheme proposed by the bankrupt exchange on the grounds that it would cost them huge profits. According to the proposed plan, FTX's estate would have repaid them by basing the value of customers' crypto assets in November 2022 in US dollars. But as cryptocurrencies have rallied since FTX's collapse, with Bitcoin (BTC) alone having risen by more than 160 per cent, the exchange's customers believe that payments based on the proposed strike price are unfair. One customer pointed out that under FTX's terms of service, the customer is the owner of the digital assets, not FTX, and therefore will not accept compensation in fiat currency.