Modify redline in FTX

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Aug 6th, 2022
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How to modify redline in FTX

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in Washington. Geoff: 2022 has been a brutal year for cryptocurrency after docHubing a peak of $3 trillion in value in 2021, cryptocurrencies have spent the better part of this year in a tailspin field by financial losses, a public perception crisis and a fraud scandal. The founder of the crypto firm ftx Sam bankman-fried was cited on a battery of fraud charges. He has denied knowingly defrauding investors. amp;gt;amp;gt; Look, I screwed up. I was CEO. I was the CEO of ftx. That means I had a responsibility. We didnamp;#39;t. We messed up big. Geoff: Matthew Homer joins us now. Heamp;#39;s a former crypto regulator and now active investor and advisor in the crypto industry. He has no direct relationship with any of the companies we are discussing today. Ask for being with us. amp;gt;amp;gt; Pleasure to be here. Geoff: You could argue that the fall of ftx has more to do with greed and fraud than it has to do with crypto. From where you sit, what do you see as the takeaways? amp;gt

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FTX collapsed over 10 days in November 2022 and soon after filed for Chapter 11 bankruptcy a statute used to reorganize a failing company in the public interest. FTXs exchange, its main product, was not so much reorganized as shut down.
Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.
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.
FTX, technically, remains a company but its future is unclear. In early 2023, Ray said that he had formed a task force to explore reviving FTX.com, the crypto exchange.
FTX now says that 98% of its creditors, including individual investors who had US$50,000 or less with FTX, will receive the funds they lost. Payments will be made in cash within 60 days of a reorganisation plan going into effect. However, this plan still needs to be approved by a US bankruptcy court and by creditors.
FTX filed bankruptcy in November 2022 after Bankman-Fried shut down the companys crypto-trading platform and handed control to insolvency experts. Bankman-Fried was later convicted of fraud.
The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy.

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