FTX Fallout: Brady, Firms, and Families Face Losses; Founder Faces 50-Year Sentence
March 17, 2024The FTX cryptocurrency exchange platform collapsed in 2022, leading to large financial losses.
High-profile investors like Tom Brady and Sequoia Capital, as well as smaller investors and families, were impacted.
Prosecutors are pushing for a 40 to 50-year prison sentence for FTX founder Sam Bankman-Fried.
FTX's bankruptcy filings indicate approximately one million creditors could be owed money, with a $9.5 billion repayment deficit.
Lawyers representing FTX debtors in February announced that full restitution for customers and creditors is expected.
Affected individuals are encouraged to share their FTX collapse story with reporter Lloyd Lee.
Summary based on 1 source
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Insider • Mar 16, 2024
Victims share how their lives were upended by the FTX collapse