FTX has initiated formal liquidation and will compensate customers in Bitcoin at a price of $16,871

On March 3rd, according to official information, FTX Digital markets Ltd (in formal liquidation) ("FTX Digital")'s joint official liquidators ("JOL") have notified customers and non-customer creditors to submit proof of claims in the liquidation of FTX Digital through the FTX Digital Claims Portal. The joint official liquidators have activated the FTX Digital Claims Portal, where eligible customers and non-customer creditors can submit claims in the liquidation of FTX Digital. Users can view their balances in their FTX accounts (based on records by the joint official liquidators) on the website and submit electronic claims in the FTX Digital Liquidation (referred to as "Bahamas Procedure"). Only customers and non-customer creditors who submit electronic claims before the specified deadline of May 15, 2024 ("Claims Deadline") are eligible for distribution under the Bahamas Procedure (provided that such claim is recognized as eligible for distribution). The FTX digital claims portal is managed by PricewaterhouseCoopers on behalf of the joint official liquidators, with an initial interim distribution expected to be made at year-end 2024 or early 2025. Further information regarding distributions will be provided by the joint official liquidators in due course. According to information from PricewaterhouseCoopers' official website, under Bahamian law, there is an obligation to distribute each qualifying claim in US dollars regardless of its size. Currently, claim valuations for major cryptocurrencies on FTX are priced at BTC $16,871 USD, ETH $1258 USD, SOL $16.24 USD, BNB $286 USD. BlockBeats previously reported that on December 29th, 2023, former debtors of FTX sought compensation at a minimum price which was opposed by creditors. However, debtors argued that this valuation reflects a "fair market" price for these cryptocurrencies.