Coinspeaker
FTX Lawyers Want SBF Coins to Be Liquidated at Discounted Value

The ongoing bankruptcy case of FTX has taken a new turn as lawyers for the firm seek to liquidate certain cryptocurrencies known as “SBF Coins” at a discounted price.

The “SBF Coins” in Contention

The “SBF Coins” have a direct connection to Sam Bankman-Fried, founder and former CEO of the defunct FTX brokerage, who is billed to serve a jail sentence for fraud. The tokens in contention include DeFi brokerage Oxygen (OXY), decentralized exchange Serum (SERUM), the native token of Maps (MAPS), and Boba (BOBA).

Brian Glueckstein, the lawyer for FTX, argued in a court hearing held on Tuesday that these tokens ought to be severely depreciated or declared worthless during the bankruptcy process. The lawyer stressed that FTX’s valuation specialists had carefully examined the assets’ value as of the petition date and came to the conclusion that FTX’s substantial holdings should render customer claims related to MAPS and OXY ...