New management of FTX recovers $7 billion Dollars of funds, while the exchange owed customers $8.7 billion
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The new management team of FTX, which went bankrupt last year, said it made a lot of progress securing assets and recovered $7 billion in liquid assets so far. This is being reported by Bloomberg News today, based on a report shared by the management team of FTX that was released today.
This is very significant given that the FTX team has said that the exchange owed customers $8.7 Billion.
There have been rumors that the exchange will restart as FTX 2.0. I really wonder how a restart of FTX will be received. I cant imagine people will be very happy to use FTX given what happened the last time. Sam Bankman-Fried in that sense damaged the reputation of FTX forever.
I hope people will get their money back at least.. and that not all the money goes to lawyers and advisors. We already know that those advisors are very expensive.
submitted by /u/Beyonderr
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