Wipe out label in FTX

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Aug 6th, 2022
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How to wipe out label in FTX

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it appears at this point that back during the last shakeup in the crypto industry where you know Terra Luna and Voyager and Celsius and three arrows went under uh Alameda took a big loss at that time as well they may have even been underwater and instead of just saying hey you know this hedge fundamp;#39;s going to blow up too which would have been unfortunate people you know Sam would have lost money itamp;#39;s embarrassing but itamp;#39;s not illegal for a hedge fund to blow up it happens with some regularity instead of just letting it blow up it seems like at this point he took customer funds but you have to explain he all he owns both thatamp;#39;s for the people that may not understand that right so itamp;#39;s a related part he owns his own exchange called FDX and he owns his own hedge fund called Alameda which operates inside of FTX as well as in other places right yeah so it seems they had this solvency issue and instead of just letting it blow up Sam basically said hey w

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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.
People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds.
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.
Since its bankruptcy filing in 2022, FTXs new management has been able to recover $16 billion to pay back customers, and has said it plans to repay them in full. At a hearing Tuesday, the company will ask U.S. Bankruptcy Judge John Dorsey to sign off on open voting on the companys wind-down plan.
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 says it will return money to most of its customers : NPR. FTX says it will return money to most of its customers 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.
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.
FTX said in recent court filings that 98% of its customers will be able to receive full repayment within 60 days of a bankruptcy court approval of its wind-down plan. The faster payment option will cover all customers who are owed up to $50,000.

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