Quote from: istiak2277 on Today at 03:52:05 PM

Quote from: AverageGlabella on Today at 02:39:58 PM

Quote from: adaseb on November 19, 2022, 09:47:40 PM

I have no idea how this bankruptcy is working exactly.

Both USA and Bahamian government are saying they are in charge of the bankruptcy. We are getting reports from both agencies they are working on recovering funds. However how can both of them do this exactly?

Very confused.

The Bahamian government has seized the funds and the company is in free fall. ftx are claiming that they can get back the funds but they prolly can not. They would need to petition to the government and have them accept that petition which is not going to happen. They are living in dream land and are probably trying to convince investors that they can recover to try and salvage anything they can from the company until it does die. ftx has died there is no way back for them from here.

First they convert all of their funds in to ETH and now they are converting it to BTC so that no one can freeze it. It looks like they wants to keep those for themself. Now its confirmed that FTX investors would never get their funds back. I rally feel sorry for those who lose everything in FTX and People should understand that centralized exchange is not trusted no matter how big it is.

Not sure what they are doing and I do not want to make allegations but it does look weird that they are converting it to ETH 1st. It will be interesting when they release their full public statement and the reasons why they are doing what they are doing. There has not been a lot of PR from the Bahamian government