Adapt issue in FTX

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Aug 6th, 2022
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How to adapt issue in FTX

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Mr Oamp;#39;Leary I know that you are a big supporter of crypto even after you lost 10 million dollars in ftxamp;#39;s collapse but you are an experienced investor so let me ask you do you believe that the potential benefits of crypto are so promising that we should accept weaker anti-money laundering rules we should apply the same regulatory structure that we apply to existing trading of stocks and bonds an exchanges tied to broker dealers that is not complicated itamp;#39;s already been implemented in other countries and so and I I take issue Senator with your concept that it makes it easier to do money laundering currencies have been used for drug trafficking since the 60s in the American dollar when it was thrown out of a Piper aircraft in a duffel bag the American dollar is also used by Bad actors all the time crypto doesnamp;#39;t get a pass to help the worldamp;#39;s worst criminals

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The downfall of FTX FTXs balance sheet was leaked and showed there was a lack of diversification and the two companies were tied too closely together. The balance sheet listed $9 billion in liabilities and $900 million in assets, with poorly labeled entries showing a negative $8 billion balance. FTX scam explained: Everything you need to know - TechTarget techtarget.com whatis feature FTX-sca techtarget.com whatis feature FTX-sca
While some could recover as much as 142% of what they held, the vast majority are likely to receive 118%. The specific pay day is estimated to be months away. While the gains are unusual and impressive, the biggest winners in the FTX affair are those who trade bankruptcy claims.
What happened to FTX? FTX and FTX.US crashed due to a lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from rattled investors. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which docHubed a two-year low on Nov. 9, 2022. FTX Crash: Timeline, Fallout and What Investors Should Know - NerdWallet nerdwallet.com article investing ftx-cra nerdwallet.com article investing ftx-cra
Under FTXs re-organisation plan, customers whose claims amount to US$50,000 or less will receive roughly 118 per cent of the amount of their allowed claim. About 98 per cent of creditors will receive this compensation.
What Happened to FTX? FTX was a leading cryptocurrency exchange that went bankrupt in November 2022 amid allegations that its owners had embezzled and misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion. The Collapse of FTX: What Went Wrong With the Crypto Exchange? investopedia.com what-went-wrong-with-f investopedia.com what-went-wrong-with-f
Bankrupt Crypto Firm FTX Is Going to Pay Customers Back in Full Plus Interest A majority of customers would get at least 118% of their money back under a proposed plan, as the company now has up to $16.3 billion in cash to use.
FTX said in recent court filings that 98% of its customers will be able to receive full repayment within 60 days of a bankruptcy court approval of its wind-down plan. The faster payment option will cover all customers who are owed up to $50,000.
The bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November 2022. The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTXs accounts, served as the impetus for its bankruptcy. Bankruptcy of FTX - Wikipedia wikipedia.org wiki BankruptcyofFTX wikipedia.org wiki BankruptcyofFTX

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