Burned FTX Customers Will Still Somehow Get Their Money Back
Despite bankruptcy filings and criminal fraud charges, SBF said he was still somehow confident struggling FTX customers could still be made “substantially whole.” In making that point, SBF linked to recent reporting claiming lawyers for FTX had found $5 billion worth of cash and other liquid assets that could potentially be used to pay back an estimated 9 million customers.
“Very substantial recovery remains potentially available,” SBF wrote.
That optimism wasn’t shared by current acting FTX CEO John J. Ray, who told lawmakers last month it would likely be difficult to return funds to every customer. That process, he said, was made even more difficult by FTX’s “virtually nonexistent,” record keeping.
