FTX faces criticism as crypto asset claims pricing significantly below market values sparks concerns. PwC issues statement on FTX's Chapter 11 settlement.

FTX recently initiated a claims window, offering valuations for major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), and BNB (BNB) that starkly contrast with prevailing market prices.

According to Wu Blockchain's investigation, the pricing set during the FTX claim window is notably lower, with BTC valued at $16,871, ETH at $1,258, SOL at $16.24, and BNB at $286. This is in sharp contrast to the current market rates of $62,144 for BTC, $3,424.62 for ETH, $129.96 for SOL, and $411.32 for BNB.

Crypto users affected by FTX's bankruptcy express apprehension about the substantial pricing gap on the platform, raising concerns about fairness and transparency. Many have turned to X to voice their grievances and demand accountability from FTX.

Amidst the criticism, PricewaterhouseCoopers (PwC) has released an official statement on its website, shedding light on the FTX situation. PwC revealed that FTX Digital Markets is undergoing a Chapter 11 settlement alongside FTX Trading and associated debtors, with the goal of consolidating assets from both entities.

FTX's official liquidator has instructed creditors to submit electronic claims by May 15, 2024. The claims portal managed by PwC anticipates making its initial interim distribution in late 2024 or early 2025, with all eligible claims denominated in US dollars.

Responding to concerns, FTX issued a cautionary statement about its authorized investment manager. The platform highlighted the unauthorized attempts by third parties to bid on behalf of specific FTX Debtors, prompting proactive measures by the firm.

In its first monthly communication to stakeholders, FTX used the X platform to update creditors on the sale of Digital Assets mandated by a bankruptcy court order. Galaxy Asset Management, the court-appointed investment manager, has exclusive jurisdiction over the process, with only authorized handling of selling offers or buying requests. Interested parties, especially institutional buyers adhering to regulations, are urged to follow this guidance.

FTX secured approval from the United States Bankruptcy Court for the District of Delaware during a February 22 hearing to sell its stake of over $1 billion in the artificial intelligence firm Anthropic.