Snapshot 2:Tue, Oct 8, 2024 8:23:37 PM GMT last edited by Brian

FTC Bankruptcy Approved, Customers to Receive Refunds

Published OCT 8 2024

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Above: In this photo illustration a FTX logo is displayed on a smartphone with stock market percentages in the background. Image credit: Omar Marques/Contributor/SOPA Images/LightRocket via Getty Images

The Spin

In a perfect world, customers would receive compensation with full interest, but this settlement will at least be better than nothing. By putting a good chunk of the stolen money into valuable assets, Sam Bankman-Fried can make some amends by helping FTX sell those holdings and pay back most of its victims at 9% interest.

The Gentleman's Journal

While it's true that something is better than nothing, and that bankruptcies usually result in zero compensation, it's inaccurate to claim customers are being 100% compensated. If FTX didn't outright steal people's property and use it to fund Sam Bankman-Fried's lavish lifestyle, many of these victims would be enjoying incredible profits right now.

BanklessTimes