BOBA

FTX seeks to dismiss investors' claims regarding "Sam Coins."

ChainCatcher news, according to Cointelegraph, FTX seeks to dismiss investor claims regarding the so-called "Sam Coins," arguing that the value of these claims should be zero in the ongoing bankruptcy case. FTX's lawyer Brian Glueckstein stated that claims from clients regarding the native tokens of the travel platform Maps (MAPS), the DeFi brokerage Oxygen (OXY), the decentralized exchange Serum (SERUM), and Boba (BOBA) should be significantly discounted or reduced to zero. Glueckstein explained that experts have carefully analyzed the value of the assets as of the filing date to determine a reasonable value discount, asserting that the valuation of these digital asset claims by clients is based on a market that never existed and will never exist.FTX's valuation expert Sabrina Howell believes that since the company holds over 95% of OXY and MAP tokens (which were closely linked to SBF), it would take decades to liquidate them. According to their analysis, FTX claims that the debts associated with MAPS and OXY tokens (valued at over $600 million at current exchange rates) should be considered worthless. Meanwhile, the debts associated with SERUM tokens (valued at $509 million) should be discounted by about 58%.However, FTX clients still holding these "Sam Coins" are demanding to overturn the FTX lawyer's valuation. These clients assert that the total value of these four digital assets still exceeds $1.1 billion. Judge Dorsey stated that it is difficult to formally quantify the value of cryptocurrencies, describing digital assets as having "no intrinsic value." "The only value comes from the trading itself. As far as I know, cryptocurrency trading relies on sentiment, not anything else." He also indicated that he would carefully consider the matter before making a ruling on how to estimate the value of these disputed crypto assets.
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