Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value.
FTX creditors will only get 10-25% of their cryptocurrency back, according to newly revised bankruptcy documents shared by FTX creditor Sunil Kavuri.
The FTX creditor-activist explained that the creditors would receive reimbursements according to the petition date when cryptocurrency prices were much lower than today. To put this into perspective, the price of Bitcoin (BTC) was approximately $16,000 at the time the legal petition was filed.
The decision to reimburse creditors and customers using petition date prices sparked outrage among FTX creditors, Kavuri told Cointelegraph:
