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Following the November 2022 collapse, cryptocurrency enthusiasts eagerly anticipated today’s developments. Numerous discussions emerged, predominantly regarding the fate of SBF, the founder of FTX, with many believing he would face trial and imprisonment. Skepticism stemmed from his family’s influence within the Democratic Party, but the expected outcomes did not materialize.
FTX Refunds Begin
FTX had caused billions in losses by using customer funds without permission under SBF’s leadership. After facing significant losses during the 2022 market crash, the platform lacked healthy reserves, leading to its downfall following a public dispute with CZ. SBF received a lengthy prison sentence while his accomplices turned state’s witnesses.
For the victims, the FTX Bankruptcy Committee announced that refunds would be issued based on the 2022 crash prices with an annual interest rate of 9%. Today, users on social media confirmed that FTX refunds had commenced through the Kraken exchange. Investors receiving refunds of under $50,000 might have significantly larger balances if altcoins were returned at current prices.
Following the initiation of billions in cash refunds, there is hope for a resurgence in demand for altcoins, especially among individual investors. Those with balances under $50,000 may consider taking advantage of low prices for SOL Coin or may focus on ETH and other alternatives due to the recent surge in fraud cases on the network.
