For Lee Rees, 43, FTX was one of a handful of exchanges on which the London-based cryptocurrency trader earned a good living, profiting off fleeting price differences across the crypto market. When FTX collapsed last year, it took $100,000 of Rees' money, around half his annual income, with it. Rees is one of more than an estimated 1 million customers potentially facing losses after FTX, one of the largest crypto exchanges at the time, suddenly collapsed and filed for bankruptcy in November.
LONDON - For Lee Rees, 43, FTX was one of a handful of exchanges on which the London-based cryptocurrency trader earned a good living, profiting off fleeting price differences across the crypto market.
FTX founder and former-CEO Sam Bankman-Fried is accused of embezzling $10 billion from unsuspecting customers to prop up his hedge fund Alameda Research, buy luxury properties and fund political donations. His trial began in New York this week. John Ray, a specialist hired to handle the bankruptcy, has described failures of financial record-keeping within FTX, and customer funds being used to buy homes and other personal items for FTX staff. This makes the bankruptcy process complicated.
"I think there is a risk that there will be many victims who will find themselves victims again because of this procedure,” said Maxime, a 32-year-old Belgian, who has also found the bankruptcy claims process difficult. Sunil Kavuri, a financier who said he lost “seven-figures” on FTX, decided to start posting information about the bankruptcy on social media platform X, formerly known as Twitter, to combat misinformation.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The crypto market bears the scars of FTX's collapseMarket News
Lire la suite »
Sam Bankman-Fried and the spectacular collapse of FTX: Here’s a rundownSam Bankman-Fried faces multiple charges for his alleged involvement in the collapse and subsequent bankruptcy of crypto exchange FTX.
Lire la suite »
Sam Bankman-Fried trial: What charges does he face over FTX’s collapse?Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led.
Lire la suite »
Sam Bankman-Fried faces crypto-crash fatigue with potential jurors in FTX trialAt least five potential jurors told a judge that they or relatives lost money on crypto, highlighting a public-perception challenge for the FTX founder in his criminal trial.
Lire la suite »
FTX founder Sam Bankman-Fried’s trial to resume with jury selection, opening statementsSam Bankman-Fried has pleaded not guilty and is likely to argue that while he failed to adequately manage risk, he did not steal money
Lire la suite »
AI Startup Anthropic's Burgeoning Value Has FTX Creditors Speculating About Being Made Whole - BNN BloombergVenture funding talks for artificial intelligence startup Anthropic have ignited hope for creditors of bankrupt crypto exchange FTX while Sam Bankman-Fried’s criminal trial kicks off.
Lire la suite »