Analyst outraged by FTX compensation decisions

Cryptocurrency market specialist Kirill Evans wrote on social network X that he sat down to study the bankruptcy documents of FTX. It turned out that the trading platform decided to return their resources to its clients in the form of digital assets converted into American currency. However, the specialist was indignant, noticing several tricks in these papers. One of them is that the balance will be converted into US dollars (USD) at the rate that the court approved as of February 7, 2024. It turned out that some cryptocurrencies were significantly undervalued in price.

The expert emphasized that, according to his calculations, “FTX will return only about 10% — 15% of what it was”. In addition, the specialist had several misunderstandings at once. He emphasized that the SOL token was sold to some funds with a “lock” for $60, however, people will be returned the specified cryptocurrency at the rate of $16 for 1 SOL. Note that the current market value of this asset is just under $150.

Analyst wrote that FTX is making interesting moves. The company sells $2.6 billion in SOL for Pantera and Galaxy Digital. At the same time, it gives people not their assets, which are the property of users, but money in terms of US dollars on a random date set by the court, according to uncertain criteria. At the same time, it is not clear to the expert where the resources raised from the sale of cryptocurrencies will go.

The researcher also emphasized that Bitcoin has been trading above $30,000 for more than six months. In this case, the conversion will be at the rate of $16,871. Kirill Evans assured that he does not want to delve further into this document, and readers themselves can familiarize themselves with the “fictitious” prices for cryptocurrencies by opening and studying the attached screenshot. The expert sarcastically noted that “the rule of law, people’s property and justice are what guided the body that made such decisions.” With this comment, the specialist hinted that the interests of FTX users were taken into account last.

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