MAP Protocol News
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2024
Mar / 27- FTX Battles to Dismiss 'Sam Coins' Claims in Bankruptcy Case
- Mar 27, 2024 at 03:00 pm
- FTX, the troubled crypto exchange, seeks to dismiss investor claims for so-called "Sam Coins," arguing that they should be valued at zero in the ongoing bankruptcy proceedings. In a March 26 hearing, FTX's lawyers asked Delaware bankruptcy Judge John Dorsey to steeply discount customer claims for several digital tokens closely associated with the jailed FTX founder Sam Bankman-Fried.
- FTX Declares Sam Bankman-Fried's 'Sam Coins' Worthless
- Mar 27, 2024 at 01:04 pm
- In the ongoing FTX bankruptcy case, the exchange seeks to dismiss investor claims for "Sam Coins," tokens linked to former CEO Sam Bankman-Fried, arguing they hold zero value. FTX lawyers request a substantial discount on claims for MAPS, OXY, SERUM, and BOBA tokens, citing expert analysis indicating low liquidity and high concentrations held by the firm. However, customers dispute these valuations, claiming the assets' collective worth exceeds $1.1 billion. Judge Dorsey acknowledges the difficulty in quantifying cryptocurrency value, describing it as "derived from... sentiment and nothing else."
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