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While FTX customers remain optimistic about the future of the cryptocurrency, their fight for compensation continues.
As Sam Bankman-Fried (SBF), former CEO of Late ftx While the exchange is facing criminal charges, customers who lost significant sums in the debacle remain bullish on crypto. In a new CNBC documentary premiering later today, they share His experiences further explain why he remains optimistic about the industry despite losing everything.
Ivan Luthra, an app developer, entrepreneur and angel investor, stands as a testament to the unwavering spirit of crypto enthusiasts. Luthra admitted that he suffered a huge loss of $2 million in the collapse of the FTX exchange. He admitted that he knew he would not get access to his money for years after FTX filed for bankruptcy.
However, Luthra remains optimistic about cryptocurrencies, emphasizing that the main reasons for using and investing in Bitcoin have not changed. He believes in the long-term potential of Bitcoin and remains bullish on its price, even when it is trading at a fraction of its previous all-time high.
Jake Thacker, another FTX client in Portland, Oregon, talked about his significant losses, which forced him to consider filing for bankruptcy. However, he still encourages people to invest in crypto while offering a word of caution based on his experience.
Sunil Kavuri, who has a background in traditional finance, said he initially saw FTX as a safe haven for his digital assets because of the institutional backing from companies like Sequoia and Paradigm. Although he has avoided buying crypto since the collapse of FTX, he still remains a firm believer in the potential of the cryptocurrency market and has spent much of his time advocating for the rights of affected FTX users.
While FTX customers, including Ivan Luthra, remain optimistic about the future of the cryptocurrency, their fight for compensation continues. At a bankruptcy hearing in April 2022, an attorney for FTX announced that $7.3 billion in cash and liquid crypto assets had been recovered from the exchange. However, none of the customers interviewed have yet reported getting their lost funds back.
Sam Bankman-Fried is currently facing seven criminal charges for fraud campaign finance violations, He has pleaded not guilty to all charges and jury selection is scheduled to begin Tuesday in Manhattan. The outcome of this legal battle could have a significant impact on FTX’s customers and the broader crypto industry.
Crypto believers push ahead amid industry challenges
Despite the chaos and uncertainty that has engulfed the sector over the past year, there remain notable individuals who strongly believe in the transformative potential of cryptocurrencies.
Brett Harrison, former president of FTX’s US business, found himself in a surprising situation when his parent company, FTX, collapsed. Remarkably, he severed ties with the exchange just two months before its collapse.
Rather than retreat from the crypto sector, Harrison is doubling down on his confidence in the industry. He revealed That he is actively raising funds to set up a new company in the crypto sector, which he has named Architect Financial Technologies.
Similarly, SkyBridge Capital founder Anthony Scaramucci, who admitted to losing $10 million in FTX’s FTT tokens, said he strongly believes in “a very strong bull case for Web 3,” a term coined by the cryptocurrency. and covers the broader technologies surrounding the capability. The future of the decentralized internet.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves writing about real-life applications of blockchain technology and innovations to promote general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain media and sites.
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