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.

During SBF's criminal trial, Nishad Singh, former director of engineering at FTX, read out in court a list of deals in a spreadsheet showing that FTX offered well over $1 billion in promotional money to celebrities and influencers. The deals included FTX's $135 million renaming of Miami's well-known entertainment center to FTX Arena (now Kaseya Center). The list also includes $28 million paid to NBA basketball player Steph Curry, $14 million paid to Canadian businessman Kevin O'Leoary, and undisclosed payments to NFL quarterback Tom Brady, supermodel Gisele Bundchen and actor Larry David. Singh said the deals totaled $1.3 billion. （The Block） Previously, crypto KOL Autism Capital posted some facts about the FTX trial on the X platform: SBF, desperate to borrow money by showing Lender its balance sheet when FTX was about to crash, asked former Alameda Research CEO Caroline Ellison, former FTX CTO Gary Wang, and former FTX engineering chief Nishad Singh to put their personal assets — Including cryptocurrency and Serum (SRM) – handed over to Alameda to maintain operations. He even incorporated his own personal FTX stake, which he had tried to hide in Paper Bird, another independent non-Alameda/FTX entity he owned.

Nishad Singh, former head of engineering at FTX, testified that SBF tried to deceive the U.S. Commodity Futures Trading Commission (CFTC) by asking his deputy to transfer his personally owned Serum (SRM) token to Alameda's balance sheet. Singh told the court he didn't close the deal because trying to trick federal regulators "didn't feel right." In addition, Caroline Ellison, former CEO of Alameda, once told Singh that it was "impossible" to stop the quantitative trading firm's operations, alluding to Alameda's inability to close its accounts and pay off the debts of its sister company clients. Then he realized that "users had been betrayed," Singh said.

Nishad Singh, former head of engineering at FTX, testified that SBF tried to cheat the U.S. Commodity Futures Trading Commission (CFTC) by asking his deputy to transfer his personally owned Serum (SRM) token to Alameda's balance sheet. Singh told the court he didn't close the deal because trying to trick federal regulators "didn't feel right." In addition, Caroline Ellison, former CEO of Alameda, once told Singh that it was "impossible" to stop the quantitative trading firm's operations, alluding to Alameda's inability to close its accounts and pay off the debts of its sister company clients. Then he realized that "users had been betrayed," Singh said.

Crypto KOL Autism Capital Posts Some Facts About FTX Trial on Platform X: SBF, desperate to borrow money by showing Lender its balance sheet at a time when FTX was about to crash, asked former Alameda Research CEO Caroline Ellison, former FTX CTO Gary Wang, and former FTX engineering chief Nishad Singh handed over their personal assets — including cryptocurrency and Serum (SRM) — to Alameda to stay afloat. He even incorporated his own personal FTX stake, which he had tried to hide in Paper Bird, another independent non-Alameda/FTX entity he owned.

Golden Finance reported that Zane Tackett, former head of institutional sales at FTX, believed that SBF’s claim that the problem was related to spot margin borrowing was inconsistent with the exchange’s risk mitigation measures, including the discount system. Former FTX CEO SBF may try to overwhelm the jury with intricate details about the operation of his exchange’s margin system, but a former senior employee of the exchange is skeptical that the facts will support the former billionaire’s defense. Tackett believes that the SBF’s assertion that the issue is related to spot margin borrowing does not make sense because the exchange has a haircut system in place to prevent any single asset from posing a significant risk. FTX is designed to mitigate the risks associated with large positions in a single asset. FTX does not consider locked assets as collateral. Your own system treats them as collateral with zero value. Additionally, the collateral contributions and requirements are designed in such a way that the larger the position in a particular asset, the higher the collateral contribution discount or the higher the collateral requirements. If we calculate the full supply of FTT at $40 and Serum is around $1, even with a face value of $40 you can get between $2.5 and $3 billion in collateral. Tackett concluded, "You created these systems because you knew there were inherent risks in accepting coins of any size and denomination." You set up a deduction system. However, when you borrow an asset, you are not applying the same margin system that you require others to adhere to, and it is obvious that he knows what he is doing.

Golden Finance reported that Michael Lewis, the author of "The Big Short", revealed in his new book "Going Infinite" that the former CEO of FTX SBF was worried that its employees would lose money due to the sharp rise in the price of Serum (SRM) tokens in 2021. If you get rich, you may no longer be willing to work 14 hours a day for your crypto trading platform. Therefore, SBF modified the release rules of SRM tokens and locked employees’ SRM tokens for seven years. According to previous news, Michael Lewis's new book about SBF, "Going Infinite: The Rise and Fall of a New Tycoon", is scheduled to be published on October 3. Multiple sources revealed that Apple acquired the rights to the book for US$5 million. Michael Lewis's books also include "The Fallen King of Cryptocurrency SBF & FTX", "The Big Short", etc.

Odaily Planet Daily reported that Michael Lewis, author of "The Big Short", revealed in his new book "Going Infinite" that former FTX CEO Sam Bankman-Fried was worried that his employees would hold a large amount of money due to the sharp rise in the price of Serum (SRM) tokens in 2021. SRM tokens become wealthy and may no longer be willing to work up to 14 hours a day on their crypto trading platform. Therefore, Bankman-Fried modified the release rules for SRM tokens so that employees must wait longer before selling these tokens. (CoinDesk)

PANews reported on October 4 that according to the book "Going Infinite" released by "The Big Short" author Michael Lewis, FTX CEO SBF is worried that his employees will become too rich because the price of SRM has increased too much. Therefore, he increased the SRM token lockup period to make them wait longer before selling. Data shows that SRM hit an all-time high of $13.72 in September 2021, so any employee who received the token at the $1.70 issue price in August 2020 would have become "incredibly wealthy." The book states that in the details of the employee Serum contract, SBF reserved for itself the right to extend the Serum lock time and used it to lock all employees’ Serum tokens for seven years.