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FTX Collapse Hits Asian Retail Trader Pockets the Hardest
Nov, 22 2022
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On November 10, FTX US, a different firm from Sam Bankman-FTX.com, Fried's announced that it was still running and processing withdrawals as usual despite the rest of the business collapsing.
However, after Bankman-empire Fried's filed for Chapter 11 on Friday, customers of FTX US were caught up in a quick financial collapse that has shaken the larger sector, surprised investors, and left ordinary traders facing a difficult road to recover any of their money.
More than 5 million investors had cryptocurrency on the FTX platform at its height, and they will be keenly following the bankruptcy proceedings in the event that there is any chance of receiving a refund. However, many people are accepting the possibility that their possessions may be lost permanently.
“The company and Sam Bankman-Fried seemed trustworthy,” said Justin Zhang, a 34-year-old engineer in Los Angeles. “I thought FTX US was different because of all the regulations put in place, but it’s not.”
Zhang claimed his bank informed him they had not received the notification or the monies, despite the FTX app indicating that his withdrawal had been handled. He worries that all of his holdings in FTX US, which include $11,000 worth of Golden Warrior NFTs, Ether, and Bitcoin, may be permanently lost.
Following the bankruptcy filing on Friday, FTX US reportedly halted processing withdrawals, according to CoinDesk. Requests for comment from an FTX spokesman were not immediately entertained.
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Joyashree Dey
CBW - External Analyst
INDIA
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