Estate Faces '27 Quintillion' Claims, Many of Which Are Fraudulent, According to FTX Lawyer

The corporation is dealing with an unprecedented amount of claims, a startling "27 quintillion" submissions, many of which are overstated or false, as pointed out by the estate's counsel, Andrew Dietderich.

Some smaller debtors, who are part of the "convenience class," have already gotten their money back.

As of the date of FTX's bankruptcy filing—November 11, 2022—all claims pertaining to digital assets are being evaluated accordingly.


Many creditors may collect as much as 118% of their claim value in cash, according to FTX. However, detractors say this doesn't account for the huge increases in cryptocurrency values after the crash.

Solana, Bitcoin, XRP, and Ethereum are among the major cryptocurrencies that have had a substantial spike in value since the petition date.

Bitcoin and XRP have increased by 500% and 450%, respectively, while Solana has increased by over 650%.

Many creditors feel shortchanged when claims are resolved at values from November 2022.

Sunil Kavuri, who speaks for a large number of FTX creditors, said, "This brings some closure." "Creditors aren't being made whole in crypto terms—but the recovery is based on outdated prices."


For any claims that are not yet resolved, FTX will additionally pay interest at a rate of 9% per year.

Repayments are a positive move, but the business still has months to go before it can close the books on one of the biggest crypto failures ever and address any outstanding claims.

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