FTX customers are still grappling with crypto platform's collapse
© Reuters. FILE PHOTO: Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. REUTE
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. It soon emerged that customer funds had gone missing. Customers Reuters spoke with said they have created support groups to help each another navigate the complex bankruptcy claims process, while others said they have been targeted by scammers promising to retrieve their cash."As the crypto market has recovered, many FTX customers are concluding that they can sell their claim, buy crypto again, and do much better than letting their claim depreciate," said Matthew Sedigh, CEO of Xclaim, a bankruptcy claims exchange.
"All these terms were so complicated. You need a lawyer to understand it.... We don't know if we're getting our money back or not." Some creditors Reuters interviewed declined to share evidence of their FTX claims because they contained personal information. Reuters was not able to verify the size of their claims.
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