FTX Claim Faces Backlash Over Massive Price Gap For BTC, ETH, SOL, BNB

FTX recently opened a claim window but faced major backlash due to the massive gap in BTC, ETH, SOL, and BNB prices.

FTX Claim Faces Backlash Over Massive Price Gap For BTC, ETH, SOL, BNB
STORY HIGHLIGHTS
FTX recently opened a claim window for its creditors.
The claim window depicts a gigantic gap in Bitcoin, Ethereum, Solana, and BNB prices.
The bankrupt crypto exchange attracted criticism owing to the price gap.
FTX’s decision to open a claim window with prices significantly lower than current market values has sparked backlash among users. The bankrupt crypto exchange has fallen victim to claims of theft due to the significant price gap observed on its claim window.

FTX’s Claim Window Shows Massive Price Gap
A post on X by Wu Blockchain has fueled the unrest among users, shedding light on the alarming disparity in claim window pricing for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB).

According to Wu Blockchain’s findings, the FTX claim window pricing set stands at $16,871 for BTC, $1,258 for ETH, $16.24 for SOL, and $286 for BNB. These figures starkly contrast with the current market rates, which stand at $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.

The discrepancy in pricing has left the cryptocurrency community baffled and outraged, with users expressing concerns over the fairness and transparency of FTX’s operations. Many users have taken to social media platforms to voice their grievances and demand accountability from FTX.

In response to the mounting backlash, PwC has issued an official statement on its website, offering insights into the situation surrounding FTX. PwC disclosed that FTX Digital Markets Ltd. has entered into a Chapter 11 settlement with FTX Trading Ltd. and its affiliated debtors, aiming to combine assets from both entities’ estates.

Also Read: Former FTX & Alameda Execs Secures $17 Mln Funding For Dubai Crypto Startup

Bankrupt Exchange Issues Warning
FTX recently issued a cautionary statement regarding its authorized investment manager. In its inaugural monthly communication to stakeholders, FTX took to the X platform to inform creditors that the sale of Digital Assets by FTX Debtors, mandated by a bankruptcy court order, falls exclusively under the jurisdiction of Galaxy Asset Management, the court-appointed investment manager.

Consequently, any offers to sell or solicitations to buy must be made solely through Galaxy Asset Management. The company advised interested parties, particularly institutional buyers or those compliant with relevant regulations, to heed this directive.

FTX noted that certain unauthorized third parties have begun attempting to bid on behalf of specific FTX Debtors, prompting the firm to take preemptive measures. It is evident that the FTX team is prepared for such scenarios and has likely implemented protocols to address any instances of potential exploitation.