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PANews reported on March 27 that, according to Cointelegraph, at a court hearing on March 26, Brian Glueckstein, a lawyer representing crypto exchange FTX, filed an application with Delaware Bankruptcy Judge John Dorsey, asking him to dismiss investors' claims against the so-called "Sam Coin", saying that the value of these coins should be zero in the ongoing bankruptcy case. These tokens are closely related to FTX founder Sam Bankman-Fried (SBF) and include the native token of the travel platform Maps (MAPS), decentralized financial broker Oxygen (OXY), decentralized exchange Serum (SERUM), and the Boba (BOBA) token. Glueckstein explained that experts have carefully analysed the value of the assets at the filing date to determine a reasonable value discount, and that the valuation of these digital asset claims by customers is based on a market that has never existed and will never exist.
FTX's valuation expert, Sabrina Howel, concluded that since the company holds more than 95% of the OXY and MAP tokens (which were once closely associated with SBF), it will take decades to liquidate them. Based on their analysis, FTX's claims related to the MAPS and OXY tokens (worth more than $600 million at current exchange rates) should be considered worthless. At the same time, claims related to the SERUM token (worth $509 million) should be discounted by about 58%. However, FTX customers who still hold these "Samcoins" have raised objections to these valuations and demanded that FTX's lawyers' estimates be reversed. Clients claim that the total value of these four digital assets is still over $1.1 billion.
Judge Dorsey said it was difficult to formally quantify the value of cryptocurrencies and described digital assets as having "no intrinsic value". He listened to the arguments of both sides and said he would consider the matter before making a ruling on how to estimate the value of the disputed cryptoassets.
