Customers of FTX are still fighting for reimbursement, despite their continued optimism about the future of cryptocurrencies.
Customers who lost large quantities of money in the scandal and the former CEO of the collapsed FTX exchange, Sam Bankman-Fried (SBF), are still enthusiastic on cryptocurrencies. They discuss their experiences and the reasons why, after losing everything, they are still hopeful about the business in a new CNBC documentary that will air later today.
Cryptocurrency Bullishness
App developer, business owner, and angel investor Evan Luthra is a shining example of the tenacious spirit of cryptocurrency fans. Luthra acknowledged that the collapse of the FTX exchange cost him a whopping $2 million. He admitted that he was aware that if FTX declared bankruptcy, he would not have access to his money for a number of years.
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Luthra emphasizes that the fundamental justifications for using and investing in Bitcoin have not altered, but she is still upbeat about cryptocurrencies. Even if the price of Bitcoin is currently only a small portion of its prior all-time high, he continues to be optimistic about its long-term potential.
Another Portland, Oregon-based FTX client, Jake Thacker, spoke of his large losses and how they prompted him to think about declaring bankruptcy. He nevertheless urges people to invest in cryptocurrency while cautioning them based on his own experience.
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With a background in conventional banking, Sunil Kavuri claims that due to institutional backing from companies like Sequoia and Paradigm, FTX first appealed to him as a safe shelter for his digital assets. He has abstained from buying bitcoin since the FTX crash, but he still firmly believes in the potential of the cryptocurrency market and has devoted a lot of his time to fighting for the rights of those FTX customers who were negatively impacted.
Customers of FTX, like Evan Luthra, continue to fight for reimbursement even if they are hopeful about the future of cryptocurrencies. An representative for FTX revealed that the exchange had been paid $7.3 billion in cash and liquid crypto assets during a bankruptcy court in April 2022. However, as of right now, none of the clients who were questioned have mentioned getting any of their lost money back.
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For fraud and irregularities related to campaign funding, Sam Bankman-Fried is now being prosecuted on seven felony counts. In Manhattan, jury selection is scheduled to start on Tuesday after he entered a not guilty plea to all charges. For the users of FTX and the larger crypto sector, the result of this court dispute could have huge ramifications.
Despite industry challenges, crypto believers persevere.
There are still significant individuals who firmly believe in the revolutionary potential of cryptocurrencies, despite the upheaval and uncertainty that engulfed the industry last year.
When his parent firm, FTX, failed, Brett Harrison, the former President of FTX’s US operation, was put in an even more perplexing predicament. Interestingly, he had ended his relationship with the exchange just two months before it collapsed.
Harrison is strengthening his belief in the cryptocurrency sector rather than leaving it behind. He disclosed that he has been actively soliciting money to launch Architect Financial Technologies, a new business in the cryptocurrency industry.
In a similar vein, Anthony Scaramucci, the CEO of SkyBridge Capital, admitted to losing $10 million in the FTX’s FTT token but insisted that there is still “a very strong bull case for Web 3,” which refers to the broader technologies that surround cryptocurrencies and the potential for a decentralized internet in the future.
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