- March 21, 2024
- Posted by: [email protected]
- Category:
FTX users globally have indicated their preference regarding the return of their respective crypto assets rather than being compensated with USD. This was discovered in letters sent to the federal judge, who is the overseer of the criminal proceedings against Sam Bankman-Fried, the founder of FTX. FTX users whose investments in what were considered to be several reputable projects were lost due to Sam Bankman Fried’s misappropriations showed a mutual need to reclaim their digital assets.
The psychological, physical, and financial consequences suffered by FTX users who fell victim to Sam Bankman’s actions are clear from their statements. An Australian stressed that the investment made could have brought substantial returns if it did not fall through because of the FTX founder’s alleged misappropriation. This was also echoed by a user from Turkey who stated that these assets had more than just a fiscal value but were tied to their properties.
Meanwhile, other investors have voiced regret over their participation in crypto-related investments, despite the mouth-watering profits that were guaranteed. A FTX user from Venezuela also spoke out about the loss encountered, which led to the depletion of their life savings, putting the provision of basic needs in jeopardy. This was echoed by a Canadian who lost CAD$100,000 in an FTX investment, whereby the prominence of the FTX brand was a significant motivating factor.
Furthermore, all FTX users globally agree that returning their initial crypto assets as compensation is preferable to receiving US dollars. This is also accompanied by the desire for justice, accountability, and a prolonged sentence for Bankman-Fried; some victims are advocating for the alleged CEO to receive a maximum sentence of 50 years. The CEO and current restructuring officer of FTX, John Ray III, has spoken against attempts by the defendant’s legal team to attain a reduced sentence, pointing to the ensuing suffering of the FTX user victims. This is evident in a victim impact statement submitted by Ray on behalf of FTX and its several creditor victims, revealing the gravity of the situation.
