Expunge construction in FTX

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Aug 6th, 2022
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How to expunge construction in FTX

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following the bankruptcy of cryptocurrency exchange FTX many people are worried about contagion into other cryptocurrency exchanges uh the cryptocurrencies but also into the real economy so in this video we look through what happened and the reasons behind it but also look at those possible contagion routes and also some potential Solutions because I think there could be some good that actually comes out of this now if you do enjoy our content donamp;#39;t forget to subscribe to our channel itamp;#39;s free to do so and you wonamp;#39;t miss any new videos so letamp;#39;s look at the contagion following the FTX bankruptcy in a bit more detail letamp;#39;s begin with the cast of characters in this tragedy now itamp;#39;s as if this whole sequence of events was designed for a Netflix movie in fact some people have already come up with some suggestions for who the actors should be but the key character is Sam bankman freed whose initials are SBF heamp;#39;s the CEO of the exchange

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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.
Hedge funds including Diameter Capital Partners, Canyon Partners and Farallon Capital Management scooped up an $874.5 million obligation FTX owed to BlockFi Inc., ing to people familiar with the matter, marking the largest trade to-date in the surging market for debt tied to Sam Bankman-Frieds fraud-tainted
A judge ruled in early 2023 that assets held by users in their BlockFi wallet belonged to the users and could be withdrawn. However, assets in the interest-bearing account (which is where my stablecoin was) technically still belong to the bankrupt companys estate, and were not necessarily available for withdrawal.
BlockFi has said it is unlikely to fully repay customers who had interest-bearing BlockFi accounts. The company previously estimated that those customers might receive between 39.4% and 100% of the value in their accounts. As part of the agreement, BlockFi agreed to drop its lawsuit over 56 million in Robinhood (HOOD.
Since filing for bankruptcy, FTX has recovered up to $16 billion to repay customers, including about $12 billion in cash, and it says it will repay all customer claims in full, with interest.
BlockFi and FTX sued each other in 2023, seeking to recover money they loaned to each other before both companies filed for bankruptcy in November 2022 as the crypto industry tanked and FTX founder Sam Bankman-Fried was later arrested for a $10 billion fraud.
Following the presentation of the petition, the Commercial Division of The Supreme Court of the Bahamas (the Court) appointed Mr Brian Simms KC of Lennox Paton as Provisional Liquidator and commenced a liquidation proceeding for FTX Digital on 10 November 2022.
On May 7, the company said it expects to have as much as $16.3 billion once its done selling assets, far more than the approximately $11 billion owed to customers and other private-sector creditors, leaving most of them in line to get 118% of what they had in their FTX accounts.

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