Undo look in FTX

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Aug 6th, 2022
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How to undo look in FTX

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well now David Hollerith has also been following this story and its impact on the broader crypto market so David what were your biggest takeaways from the hearing today yeah um just to sort of drill down into what Alexis pointed out um uh the fact that the customers and or creditors uh the list is being redacted is sort of uh different from what was seen in the Celsius case so um you know that was something that was not very clear um I I think the other elephant in the room that was not real it was brought up but it was not addressed in any more detail than what we have in court documents is what to make of the stolen funds from FTX that happened uh directly after the bankruptcies filing a few weeks ago and thatamp;#39;s somewhere between 400 and 470 million dollars of cryptocurrencies um that is have been stolen by hackers um also confusing that has it been addressed either and will continue to be a hot topic for the Bahamas I mean for uh this hearing is the Bahamas jurisdict

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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.
FTX founder Sam Bankman-Fried, left, arrives at a federal courthouse in Manhattan on Feb. 16, 2023. Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.
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.
A surge of customer withdrawals due to concerns over this questionable financial valuation practice and unusually close relationship with Alameda pushed FTX and Alameda into bankruptcy and shook the volatile crypto market.
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.
Tom Brady is the most famous face to promote and invest in FTX and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, ing to Bloomberg.
Almost all customers of collapsed cryptocurrency exchange FTX will get their money back and more, ing to a court filing. FTX estimates that it owes creditors around $11.2 billion.
Nov. 8: Binance founder and CEO Changpeng Zhao said his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a docHub liquidity crunch. That deal would be contingent, however, on a look at the books at FTX. The price for bitcoin tumbles 13%.

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