Cover up effect in FTX

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Aug 6th, 2022
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How to cover up effect in FTX

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This is Sam, the founder of FTX a crypto exchange and Alameda Research a Crypto Hedge fund - run by Caroline Ellison a 28-year-old Harry Potter fan. All of that stuff is now gone. FTX had their own crypto which was essentially a Ponzi scheme. Sam went on a Bloomberg podcast and described it as such. He used it as collateral to borrow billions to trade crypto. He tried to build a Crypto Empire out of failing firms leading Jim Cramer to call him the new JP Morgan, turned out that he was instead the Gen Y Bernie Madoff. Sams schemes worked for a while, but a different but not much different guy called CZ - who hated Sam engineered a bank run, by sowing doubt on Twitter. SBF couldnt pay customers back and now FTX has gone bust. Sam was really just a few billion dollars short. Turned out that Hermoine had no magical powers and blew a lot of it trading. 40 million went on political donations, 20 million on superbowl ads, even more on influencer marketing. Now p

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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.
Almost all customers of collapsed cryptocurrency exchange FTX will get their money back and more, ing to a court filing. FTX estimates that it owes creditors around $11.2 billion. FTX said that it has between $14.5 billion and $16.3 billion to distribute to creditors.
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.
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. What Happens When a Crypto Exchange Goes Bankrupt? Investopedia crypto-bankruptcy-affec Investopedia crypto-bankruptcy-affec
Tom Brady is the most famous face to promote and invest in FTX and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, ing to Bloomberg. Who Lost Money in FTX? Tom Brady, Kevin OLeary and More Entrepreneur business-news who-los Entrepreneur business-news who-los
Almost all customers of collapsed cryptocurrency exchange FTX will get their money back and more, ing to a court filing. FTX estimates that it owes creditors around $11.2 billion. FTX bankruptcy: Most customers of crypto firm will get all money back CNBC 2024/05/08 ftx-bankruptcy-m CNBC 2024/05/08 ftx-bankruptcy-m
FTX says it will return money to most of its customers : NPR. FTX says it will return money to most of its customers 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 says it will return money to most of its customers - NPR NPR 2024/05/09 ftx-says-it-will-retur NPR 2024/05/09 ftx-says-it-will-retur
It isnt going to be an immediate payout. The bankruptcy judge has to approve the plan and that could take months, and then once the plan is approved, the funds will be paid within 60 days after it goes into effect.

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