Revise point in FTX

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Aug 6th, 2022
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How to revise point in FTX

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letamp;#39;s get straight to our first guest David Friedberg VC on this uh David thanks for being with us I mean wild 24 hours it turns out that the White Knight the so-called JP Morgan the Warren Buffett of crypto has turned out to be just another over leveraged crypto bro what does that mean for the industry walk us through how this all plays out yeah I mean thatamp;#39;s thatamp;#39;s the current party line and I think folks are really um anxious to dig in to what really got us to this point how much of this was a failure of diligence on the part of the investors how much of it was a bad actor making um kind of malicious decisions and misrepresenting what he thought was going to happen and misrepresenting to his clients how he behaved and how they operated so thereamp;#39;s still a lot to uncover the folks Iamp;#39;ve spoken to believe that this is really more of a kind of isolated bad actor incident but there is obviously a broader question that everyoneamp;#39;s asking now w

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FTX says most customers of the bankrupt crypto exchange will get all their money back. Almost all customers of collapsed cryptocurrency exchange FTX will get their money back and more, ing to a court filing.
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 was the third-largest cryptocurrency exchange in the world when it filed for bankruptcy protection in November 2022 after it experienced the crypto equivalent of a bank run. CEO and founder Sam Bankman-Fried resigned when the exchange collapsed.
Nearly all of FTXs former customers will get back almost 100% of the money they lost at the time of the cryptocurrency exchanges collapse if not more.
The FTX has constantly failed to regain momentum, resulting in the altcoin recording a YTD of -56.11% in valuation. Furthermore, the Simple Moving Average (SMA) displays a bearish convergence in the chart, suggesting the price will continue losing value in the coming time.
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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