- Several FTX customers have objected to the exchange’s plan to estimate digital asset claims in US dollars during bankruptcy, arguing it would deprive them of gains since filing.
- The FTT token has rebounded over 27% this past week to around $3 amid a crypto uptrend, pushing its market cap back over $1 billion after briefly topping $1.67 billion in late 2022.
- However, FTT remains down 96% from its all-time high in September 2021, and objections raise concerns about FTX’s bankruptcy proceedings as creditors push back on the exchange’s plan.
The market cap of bankrupt cryptocurrency exchange FTX’s native token FTT has risen back above $1 billion, as customers object to the firm’s plan to estimate digital asset claims in US dollars during its ongoing bankruptcy proceedings.
Objections to FTX’s Bankruptcy Estimation Plan
Several FTX customers, including crypto hedge fund Three Arrows Capital, have filed objections against the exchange’s proposal to estimate digital asset claims in US dollars. They argue this would deprive them of gains accrued since the bankruptcy filing. Sunil Kavuri, a prominent FTX creditor, said he and his lawyers have also objected to this plan.
Factors in FTT’s Price Rebound
The FTT token has climbed over 27% in the past week to around $3 amid a broader crypto market uptrend. This has pushed FTT’s market cap over $1 billion again after briefly topping $1.67 billion in late 2022. However, FTT remains down 96% from its all-time high of $84 in September 2021.
Conclusion paragraph: The objections raise concerns about FTX’s bankruptcy proceedings as creditors push back against the exchange’s plan. Meanwhile, the rebound in FTT’s valuation shows lingering interest in the token despite FTX’s collapse. The process continues to unfold in the courts.
