FTX proposed to compensate customers' Bitcoin at a rate of $16,871 per coin, which was opposed by creditors

According to recent court documents, FTX is seeking court approval to propose compensating customers with the estimated value of BTC at $16,871 each, ETH priced at $1,258 each, and SOL at $16 each. This move has drawn strong criticism from FTX creditors who describe it as another form of theft and urge people to oppose the plan. FTX debtors argue that this valuation reflects a "fair and reasonable" price for these cryptocurrencies. They added that this move is crucial in preventing any obstacles in bankruptcy proceedings: "Liquidating every individual claim for digital assets is neither practical nor necessary and would unnecessarily delay Chapter 11 cases." In addition, FTX also estimates AVAX's compensation price at $14.19 each while stablecoins USDT, TUSD and BUSD are slightly lower than their anchored price of $1. FTX creditors suggest customers wanting to oppose this motion should write letters to the judge handling the bankruptcy case. Simon Dixon, CEO of BnkToTheFuture stated that FTX's customers "should firmly resist this motion." Customers disagreeing with the motion will have time to oppose it until January 11th , 2024.