Take out look in FTX

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Aug 6th, 2022
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How to take out look in FTX

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I think this is like potentially at least in the short run pretty existential for for crypto you know the reports that have emerged to paint this just incredibly interwoven tangled web of finances um that now is going to be the job of the bankruptcy court to to figure out I do think um you know thereamp;#39;s been a lot of questions is this a Lehman moment for the broader Financial system and I I do not think so I think sort of by Design the disdain that crypto had for the traditional Financial system just means theyamp;#39;re not that plugged into it so I think this will be pretty self-contained within that that market uh but you know weamp;#39;ve heard a lot of talk about a crypto winter I would expect this to be something in the nice age

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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 said in a court filing late Tuesday that it owes about $11.2 billion to its creditors.
FTX and FTX.US crashed due to a lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from rattled investors. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which docHubed a two-year low on Nov. 9, 2022.
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 crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.
At Bankman-Frieds sentencing hearing, Kaplan agreed. He said FTXs customers had lost some $8bn and that its investors had lost $1.7bn.
On Nov. 8, FTX blocked customers from taking money out of the platform by removing that option online, which meant hundreds of thousands of customers did not have access to their money. When FTX could not pay the $8 billion gap, the company filed for bankruptcy.
While some could recover as much as 142% of what they held, the vast majority are likely to receive 118%. The specific pay day is estimated to be months away. While the gains are unusual and impressive, the biggest winners in the FTX affair are those who trade bankruptcy claims.
The revelations prompted concern across the cryptocurrency industry that FTX was overly leveraged with Alameda Research, relied on precarious financial accounting metrics, and faced associated financial management risks.

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