As the dust settles from one of the most shocking financial implosions in history, one of the key unknowns is how much customers who can’t access their money can expect to get back from crypto exchange FTX. The answer may be zero, legal experts say.
As the dust settles from one of the most shocking financial implosions in history, one of the key unknowns is how much customers who can’t access their money expect to get back from FTX, the crypto exchange that filed for bankruptcy last week. The answer, according to legal experts, may be zero. Before its unraveling, FTX.com marketed itself as a safe-for-beginners destination for buying and selling cryptocurrencies.
In bankruptcies, Snyder explains, there’s a fairly simple formula to figure out how much creditors — in this case, FTX depositors — will receive. “The numerator is the assets, the denominator’s liability. You divide one into the other, and the [result] is what everybody gets,” he said. “But if people are pulling out all the assets, then there’s not going to be much of a numerator.” He added: “It’s very conceivable that the return will be minimal at best.
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