Clean up caption in FTX

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Aug 6th, 2022
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How to clean up caption in FTX

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Emily back to you you uh penned an op-ed for CNN uh entitled no one is coming to save the crypto industry uh break it down for us to start with sure so this theme is becoming more and more prominent you know crypto as you know Michael you wrote about something similar crypto the fundamental ideas of Bitcoin are decentralization and transparency Bitcoin came into the world on the heels of the financial crisis and the whole idea was to have a monetary system that did not rely on any one individual or entity you know a trustless system so to speak and now of course we have to say you know crypto and Bitcoin are separate and FTX does not represent Bitcoin these are two separate entities however the crypto industry I argue has sort of straight away from this original ideal of Bitcoin which is this decentralized system because what we saw with FTX and what we saw with Sam Baker freed is that so much trust was placed on this one individual and this one entity would became so powerful that whe

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FTX founder Sam Bankman-Fried, left, arrives at a federal courthouse in Manhattan on Feb. 16, 2023. Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.
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 exact value customers will be repaid depends on the type of claim they filed. 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.
ing to the prosecution, Bankman-Fried stole billions of dollars from the crypto exchanges customers out of sheer greed. One key issue was how much money FTXs customers lost. During the trial, the prosecution and its witnesses repeatedly in fact, 97 times put that number at $US8 billion ($12 billion).
At Bankman-Frieds sentencing hearing, Kaplan agreed. He said FTXs customers had lost some $8bn and that its investors had lost $1.7bn.
Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy. 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.
It began with the CoinDesk article and the leaked balance sheet. Binance initially announced it would sell all its FTT s because of the mishandled and blurred funds. The value of FTT dropped docHubly, prompting FTX customers to withdraw money from their accounts.

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