November 2022 failure shook the cryptocurrency industry and led to the conviction of founder Sam Bankman-Fried
Nearly all account holders of the bankrupt cryptocurrency exchange FTX are in line to receive cash worth more than 100 per cent of their official claims, according to a plan of reorganisation filed in court.
Ray publicly described the FTX enterprise he took over as a “dumpster fire” and “crime scene” amid allegations that Bankman-Fried had plundered customer accounts for lavish personal spending and trading, a scheme that collapsed as digital asset prices lost steam during the 2022 “crypto winter”. Among FTX’s most attractive assets was a stake in AI start-up Anthropic, whose shares it sold for nearly $900 million this year. FTX said assets converted into cash will total between $14.5 billion and $15.8 billion.
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