Strike endorsement in FTX

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Aug 6th, 2022
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How to strike endorsement in FTX

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joining us now is Emily Parker executive director of global content at coindesk Emily the story is it has a lot of sort of its own lingo its own players thereamp;#39;s a lot we donamp;#39;t know what does it mean for the industry writ large right now you guys just did a fantastic job of summing up a very complicated situation so yes um as you said this story came to light after my colleague Ian Allison at coindesk kind of had this incredible scoop looking at alamedaamp;#39;s balance sheet and showing that much of it was FTX own ftt so this raises a lot of questions about the crypto industry in particular two real weaknesses in the crypto industry one is a lack of transparency like why did this come to light via coindesk and not via more traditional means of disclosure I mean if Ian had not received that private document and not brought this to light would people just not know this is going on I mean thatamp;#39;s a real question about transparency and disclosures thatamp;#39;s one

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NEW YORK, March 28 (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkinds dramatic downfall.
The company faces 36,075 customer claims for a total of $16 billion. FTX has said customers would get as much as 90% of whatever is recovered during the bankruptcy. Roughly $9 billion of customer deposits remain unaccounted for. At least one settlement occurred in March before the parties faced off in a lawsuit. FTX Says It Is Owed Billions. It Has Filed About a Dozen Lawsuits to wsj.com articles ftx-says-it-is-owed-billio wsj.com articles ftx-says-it-is-owed-billio
As for the losers, the biggest ones are everyday crypto users and honest entrepreneurs who just watched another massive scandal befall the industry, and who will pay the price for SBFs behavior.
The collapse of FTX 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. FTX scam explained: Everything you need to know - TechTarget techtarget.com whatis feature FTX-sca techtarget.com whatis feature FTX-sca
Tom Brady, Naomi Osaka, and Larry David in one way or another all endorsed FTX. Why SBF is turning against A-list FTX boosters like Tom Brady and Larry fortune.com crypto 2024/04/29 sam-bankm fortune.com crypto 2024/04/29 sam-bankm
But most of the big name promoters of FTX like athletes Tom Brady, Steph Curry, Shaquille ONeill, Naomi Osaka and Shohei Otani and supermodel Gisele Bundchen are fighting the lawsuit, as are over a dozen domestic and international venture capital firms.
At Bankman-Frieds sentencing hearing, Kaplan agreed. He said FTXs customers had lost some $8bn and that its investors had lost $1.7bn.

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