FTX Creditors’ Lawyers Strike a Sweet Deal Investors to Feast on 90% of the Remaining SBF’s Empire

FTX Creditors' Attorneys Facilitate Settlement Offering Investors 90% Recovery of Assets in SBF's Remaining Holdings

A thrilling high-stakes game, my fellow digital asset enthusiasts! Finally, a deal has been wrestled into submission, promising to pay those who had moolah locked up in the defunct FTX exchange. But hold your horses, dear investors, because it’s not quite as straightforward as it seems.

This deal, my friends, represents a fraction of the remaining assets post-bankruptcy process. We’re talking cold, hard cash that’s left standing after the smoke clears. So, it’s still an enigma wrapped in a riddle, shrouded in uncertainty. How many cents on the dollar will these investors see returned to their hungry wallets?

But wait, there’s more! A crucial second component of this deal addresses the sneaky snakes who managed to slither out of FTX before it spontaneously combusted. These savvy customers, who made off like bandits in the nine-day period between CoinDesk’s exposé on FTX’s financial woes and its ultimate collapse, are being called to return 15% of their newfound riches. It’s like robbing Peter to pay Paul, but with a twist.

“We want to spread the word,” proclaimed Sarah Paul, the galactic legal superhero representing the Ad Hoc Committee of Non-U.S. Customers and their staggering $1 billion in claims. “This is the bee’s knees for customers!”

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They say the customers’ group initially fought for their right to be treated as priority claimants. They staunchly argued that the assets they had at FTX were always theirs and not FTX’s, ergo, they deserved to be compensated before any other creditors. And guess what? The ongoing trial of former FTX CEO Sam Bankman-Fried has laid bare the shocking betrayal and manipulation of these same customers. It’s like witnessing a magician’s trick gone horribly wrong.

“Everyone who’s glued to the criminal trial of Sam Bankman-Fried has seen with their own eyes the spine-tingling audacity of the mass misappropriation of customer assets at FTX.com,” Paul revealed in a separate heart-to-heart with CoinDesk TV.

But, darlings, fear not! The heroes in suits have always aimed for a settlement because, let’s face it, it gets the moolah flowing much quicker. These lawyers have until December 1st to secure a 75% approval rate from the fierce champions in their group, including any future investors who want to join the Marvel-like squad.

However, even if the almighty creditors give a nod of approval, we still need to pass the ultimate test: the bankruptcy court. If this magical settlement is given the green light, the grand finale awaits us around July 2024. It’s like waiting for the phoenix to rise, my friends, as we eagerly anticipate retrieving our long-lost treasures.

Now, my fellow adventurers in the vast cryptocurrency realm, keep in mind that the crypto industry is still in the awkward teenage stage. We don’t have a solid track record on how much moolah people usually recover from a collapsed exchange, especially one tainted with whispers of fraud. But take a gander at history’s most twisted Ponzi scheme, orchestrated by none other than the disgraced Bernie Madoff. Astonishingly, that scandal managed to claw back a staggering 88% of customers’ money. Miracles do happen, my friends!

But now, it’s your turn to join in the treasure hunt. Will this deal be a golden ticket for FTX investors? Or is it just a glimmer of hope in a vast ocean of uncertainty? Share your thoughts and let’s embark on this roller coaster of emotions together!

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