Is It Possible For FTX Users To Get Their Money Back After SBF Arrest?

Tadeh Tarverdian, an FTX client who had $10,000 in his account when the exchange went down last month, said the arrest of Sam Bankman-Fried made him even more concerned about getting his money back. He is concerned that the arrest may cause a delay in the process of recovering consumer monies. The money reflects a decade's worth of savings and would have helped him pay for medical school.

“If he goes to jail or prison, it won't impact mine or anybody else's life. Some individuals may have a feeling of closure, but they will still lose their cash” Tarverdian said.

Evan Luthra, an entrepreneur who claims he lost $2 million when the exchange crashed, is likewise unconvinced by Bankman-arrest. Fried He's already written off his investment and is skeptical that Bankman-Fried will be convicted or punished appropriately.

“I would only be satisfied if I saw a picture of him behind bars and knew he was sentenced harshly,” Luthra remarked.

The collapse of FTX roiled crypto markets and exposed multiple accounting issues inside the corporation, which was formerly one of the biggest and most recognized companies in the field. The exchange allegedly spent $100 million on expensive holiday houses for its workers and had no in-house accounting function.

Bankman-Fried, who had previously been seen as the industry's beneficent face, went on a month-long public apology tour before his arrest, offering lengthy, conflicting, and probably self-incriminating replies to reject claims of cheating investors. None of this was enough to persuade some FTX consumers or assuage their worries that they would not be paid whole, since experts warn that recovery may amount to cents on the dollar.

Tarverdian said that he wanted Bankman-Fried to accept responsibility for the collapse, whilst Luthra stated that Bankman-public Fried's apologies infuriated him.

“It really irritates me that he can go around receiving... respect from the New York Times to be placed on stage,” he added, referring to Bankman-appearance Fried's at the New York Times DealBook conference a few weeks after the exchange declared bankruptcy. “He illustrated the narrative. He understood what he was doing from the start, and he really grabbed us. I'm furious, and it makes me feel very, very duped.”

Bankman-Fried is likely to be convicted, according to E. Jay Abt, a criminal defense lawyer in Georgia. He predicted that the former crypto CEO will be found guilty owing to FTX's “clear” mismanagement, as well as Bankman-public Fried's comments. Bankman-comment Fried's to a Vox reporter last month, “Fuck regulators,” will not assist his case.

“His own media and press utterances are quite damning. He acknowledged severe mismanagement. In multiple interviews, he acknowledged criminal fraud. As a result, I believe he will very probably face criminal charges” Bankman-attorneys Fried's may even encourage him to accept a plea agreement rather than go to trial, according to Abt.

It's unclear why Bankman-Fried felt compelled to speak to the press, or why he consented to testify remotely at a congressional hearing on FTX this week since there was nothing he could have said to improve his case at that time, according to Abt.

According to Paul Delfabbro, a psychology professor who studies behavioral addictions, it might have been owing to the discredited crypto billionaire putting on a show of ignorance.

Bankman-Fried may have just assumed he could keep playing the game, according to Paul Delfabbro, a psychology professor who studies behavioral addiction.

“I believe he feels he can manipulate the media and the globe in the same way he manipulates markets. Get the word out that he was just inept. Just my opinion, but I believe this is the game he is playing.”

Stay tuned for more FTX News.

Use the link below to download and install the WikiFX App to stay updated on the latest news. Also, available for Windows PC!