Black out space in FTX

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Aug 6th, 2022
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How to black out space in FTX

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How to black out space in FTX

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Crypto is a story about the future of money, about peopleamp;#39;s willingness to adopt this and people get excited about that story. SBF, Sam Bankman-Fried. Sam Bankman-Fried. You run one of the biggest, certainly the fastest growing crypto exchanges. They can kind of begin to see that future and they get a little nervous about, will I have a place in that future? Sam Bankman-Fried, the king of crypto. Heamp;#39;s the most important man in crypto. A lot of these guys suggest like, this is a once in a lifetime opportunity. You gotta get in now, you gotta get in on the ground floor. Itamp;#39;s gotta happen. He had a predatory model that was incredibly radical and dangerous. [Christy Goldsmith Romero] FTX was asking for special treatment. FTX might be heading into a bankruptcy process. A liquidity shortfall of around $8,000,000,000. I cannot imagine a scenario where $8,000,000,000 just disappears. [Anthony Scaramucci] Crypto industryamp;#39;s been cut to ribbons this year. Bankman-F

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FTX said Tuesday it had recovered assets associated with the exchange at the time of its collapse with an estimated value of between $14.5 billion and $16.3 billion.
FTX customers will get their money back and morebut the biggest winners are bankruptcy traders. Sam Bankman-Fried, the former CEO of FTX, is serving a 25-year sentence. In a rare outcome for bankruptcy, customers of the failed cryptocurrency exchange FTX will recover all of their moneyand then some.
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors.
The revelations prompted concern across the cryptocurrency industry that FTX was overly leveraged with Alameda Research, relied on precarious financial accounting metrics, and faced associated financial management risks.
Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago. FTX, which filed for bankruptcy protection in November 2022, said in a court filing Tuesday that between $14.5 billion and $16.3 billion would be available for distribution.
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. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users.
In November 2022, crypto exchange FTX suffered a major liquidity crisis and filed for Chapter 11. FTX created a wave of bankruptcies throughout the industry. In 2023, BlockFi, Genesis, and 3AC (a hedge fund), all of whom had money in or loaned to FTX, failed.

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