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The Secret Story of FTX’s Rise and Ruin Part 2

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Manage episode 510634131 series 44456
Content provided by The Center for Investigative Reporting and PRX, The Center for Investigative Reporting, and PRX. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Center for Investigative Reporting and PRX, The Center for Investigative Reporting, and PRX or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

When the cryptocurrency exchange FTX imploded, customers around the world lost access to their money. Founder Sam Bankman-Fried was convicted of fraud and sent to prison. But the story didn’t stop there. For the past three years, FTX has been in bankruptcy, a legal process that determines who will be paid back and how much they’ll receive.

From the start, some customers and FTX insiders have criticized the bankruptcy. Legal experts and a bipartisan group of senators objected to the law firm tapped to run it, raising concerns about potential conflicts of interest. But the bankruptcy court and an independent examiner signed off on the firm’s appointment as lead counsel.

This year, customers are receiving compensation for their losses, but many say they’re being shortchanged. Instead of being paid in cryptocurrency, they’re receiving cash, with their claims pegged to the value of crypto when the market was at an all-time low.

“Under this plan, my contractual rights and my ownership rights have been trampled; my property rights have been disregarded,” says Lidia Favario, an Italian artist who argued in court that customers should be repaid in crypto, not cash.

This week on Reveal, in the second part of our series on FTX, we examine the decisions that shaped what’s become one of the most expensive bankruptcies in US history.

Read the FTX bankruptcy estate’s on-the-record statement to Reveal.

Learn about your ad choices: dovetail.prx.org/ad-choices
  continue reading

648 episodes

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The Secret Story of FTX’s Rise and Ruin Part 2

Reveal

92,301 subscribers

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Manage episode 510634131 series 44456
Content provided by The Center for Investigative Reporting and PRX, The Center for Investigative Reporting, and PRX. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Center for Investigative Reporting and PRX, The Center for Investigative Reporting, and PRX or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

When the cryptocurrency exchange FTX imploded, customers around the world lost access to their money. Founder Sam Bankman-Fried was convicted of fraud and sent to prison. But the story didn’t stop there. For the past three years, FTX has been in bankruptcy, a legal process that determines who will be paid back and how much they’ll receive.

From the start, some customers and FTX insiders have criticized the bankruptcy. Legal experts and a bipartisan group of senators objected to the law firm tapped to run it, raising concerns about potential conflicts of interest. But the bankruptcy court and an independent examiner signed off on the firm’s appointment as lead counsel.

This year, customers are receiving compensation for their losses, but many say they’re being shortchanged. Instead of being paid in cryptocurrency, they’re receiving cash, with their claims pegged to the value of crypto when the market was at an all-time low.

“Under this plan, my contractual rights and my ownership rights have been trampled; my property rights have been disregarded,” says Lidia Favario, an Italian artist who argued in court that customers should be repaid in crypto, not cash.

This week on Reveal, in the second part of our series on FTX, we examine the decisions that shaped what’s become one of the most expensive bankruptcies in US history.

Read the FTX bankruptcy estate’s on-the-record statement to Reveal.

Learn about your ad choices: dovetail.prx.org/ad-choices
  continue reading

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