Customer claims for the four SBF-linked cryptocurrencies MAPS, OXY, SERUM, and BOBA should be drastically devalued or eliminated, according to FTX’s attorneys.

The struggling cryptocurrency exchange FTX is attempting to suppress investor claims for ‘Sam Coins,’ claiming that the assets should be valued at zero in the ongoing bankruptcy proceedings.

FTX’s attorneys requested Delaware bankruptcy judge John Dorsey to severely devalue customer claims for a few digital tokens that are directly associated with FTX founder Sam Bankman-Fried, who is currently in jail, during a court hearing on March 26.

Customer claims for the native tokens of the travel platform Maps (MAPS), the DeFi brokerage Oxygen (OXY), the decentralized exchange Serum (SERUM), and the cryptocurrency Boba (BOBA), according to FTX attorney Brian Glueckstein, ought to be drastically reduced or eliminated.

Glueckstein clarified that to calculate a fair discount on the assets’ worth, specialists had carefully examined the value of the assets as of the petition date.

Customers “assume a market that never has and never will exist and attach worth to claims on digital assets.”

Sabrina Howell, FTX’s valuation specialist, concluded that it would take decades to unload the company’s more than 95% of the OXY and MAP tokens, which were formerly intimately associated with SBF.

FTX said that claims related to MAPS and OXY tokens, which are currently valued at more than $600 million, should be rejected based on their study. In the meantime, claims related to $509 million worth of SERUM tokens ought to be devalued by roughly 58%.

However, the FTX clients who were still in possession of these “Sam Coins” objected to these assessments and demanded that the FTX lawyer’s guesses be disregarded. The four digital assets, according to the consumers, are still valued at over $1.1 billion.

Judge Dorsey stated that digital assets have “no inherent value” and that it is challenging to measure the value of cryptocurrencies formally.

The deals themselves are the only source of value. He stated, “As far as I can tell, sentiment is the only factor that influences cryptocurrency trades.”

After hearing arguments from both sides, he declared that he would need more information before deciding how to value these contested cryptocurrency holdings.

The native token for the Solana-based Maps. Me Web3 travel platform, powered by Alameda, is called MAPS. According to CoinGecko data, it has fallen 98% from its all-time high of $2 in May 2021; as of the time of publication, it was trading at $0.03.

The token for the Oxygen DeFi brokerage, situated in Solana and supported by Alameda Research, is OXY. It is presently trading at $0.08, having fallen 98% from its all-time high.

The coin for the eponymous decentralized exchange sponsored by FTX is called SERUM. It is presently worth $0.06 per token, 99.5% less than its peak.

Nearly a year after the demise of FTX, Bankman-Fried was found guilty of seven fraud charges brought against him by the U.S. government. His attorneys argue that the prosecution’s current proposal, which calls for a maximum sentence of 50 years, unfairly portrays him as a “depraved super-villain.”