FTX, the troubled cryptocurrency exchange, is seeking to dismiss investors' claims for "Sam Coins" in an ongoing bankruptcy case, arguing that they should be valued at zero.

During a court hearing on March 26, FTX's legal representatives requested Delaware bankruptcy judge John Dorsey to heavily discount or nullify customer claims for several digital tokens closely associated with incarcerated FTX founder Sam Bankman-Fried.

FTX attorney Brian Glueckstein argued that customer claims for native tokens of platforms like Maps, Oxygen, Serum, and Boba should be significantly discounted or deemed worthless, citing expert analysis on the assets' value as of the petition date.

FTX's valuation expert, Sabrina Howell, highlighted the challenge of liquidating tokens like OXY and MAP, which the firm holds over 95% of, estimating it would take decades to complete.

FTX proposed that claims related to MAPS and OXY tokens, valued at over $600 million, should be considered worthless, while claims tied to SERUM tokens, worth $509 million, should be discounted by approximately 58%.

However, customers still holding these "Sam Coins" contested these valuations, arguing that the assets collectively retain a value of over $1.1 billion.

Judge Dorsey acknowledged the difficulty in quantifying the value of cryptocurrency, describing digital assets as having no inherent value beyond sentiment-driven trading. He promised to consider both sides' arguments before ruling on the valuation of the disputed crypto assets.

MAPS, OXY, and SERUM tokens have all experienced significant declines from their all-time highs, with values plummeting by 98% or more since May 2021. Bankman-Fried, the FTX founder, was convicted of seven fraud charges by the U.S. government nearly a year after FTX's collapse, with the prosecution seeking a maximum 50-year sentence, while his defense argues against characterizing him as a "depraved super-villain."