TechFlow, October 31 — Former FTX CEO Sam Bankman-Fried (SBF) released a report titled "FTX: Where Did The Money Go?" The report states, "FTX was never bankrupt, even though its lawyers placed it into bankruptcy."
Over 7 million customers deposited approximately $20 billion into the cryptocurrency exchange FTX. In November 2022, when customers attempted to withdraw their funds, FTX filed for bankruptcy and still owed customers $8 billion. Customers did not recover any money for several years. Where did those billions go?
The answer is the money never left. After two years of delays, the bankruptcy estate revealed that all customers will receive payouts between 119% and 143%. About 98% of creditors have already received 120% repayment. After paying $8 billion in claims and $1 billion in legal fees, the bankruptcy estate still has $8 billion remaining."
