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Where’s the money? Community charges against FTX



Key facts:
  • As the stock exchange declared bankruptcy, Sam Bankman Fried resigned as chief executive officer.

  • FTX has currently suspended withdrawals, causing its customers to despair.

The reaction of users, after seeing their funds blocked for days due to FTX’s economic situation, and after the news of the exchange’s bankruptcy was confirmed, was one of despair and discouragement.

“Where is my money?” was the common denominator in the answers to the questions notice of bankruptcy posted on FTX’s official Twitter account.

Some users accused the exchange’s actions of being “criminal.”, count that they and their close friends had lost everything. According to the accounts of some of the exchange’s clients, their losses were due to what they describe as the “financial irresponsibility” of the platform manager, Sam Bankman-Fried (SBF).

Meanwhile, after the news of the bankruptcy was published, SBF made public his resignation as CEO of FTX and posted a thread on Twitter apologizing for the situation. However, However, some users, such as investor Dave Lee, criticized him. branded him a liar. He reminded him that yesterday promised that the funds were safe Take responsibility for the situation, as he did reports CryptoNews.

Other users, such as financial news portal editor Benzingan, identified by the pseudonym AJ, are questioned at what will happen to companies that have offered credit lines to FTX? before the news of the bankruptcy. Others have wondered. what were in response to this announcement from FTX.

With SBF’s resignation from FTX, John J. Ray III will be responsible for debt restructuring and asset liquidation. In his apology thread, SBF commented who is “optimistic” and confident that “Mr Ray” will help the best solution for the current foreign exchange situation.

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However, Ray’s hiring was not viewed positively.. Anthony Sassano, a leading figure in the Ethereum ecosystem, criticized the decision. He recalled that Ray was the lawyer in charge of cleaning up the image of Enron, one of the companies responsible for the company’s bankruptcy. financial crisis of 2001.

So investors and users of the stock exchange continue to express their rejection and outrage at what has happened. All of these doubts, complaints, and grievances have been made public on social media over the past three days since FTX’s serious crisis was made known.

According to the latest news, FTX and many of its subsidiaries have filed for bankruptcy in the United States to begin the liquidation process. For now, and until the company sets guidelines for debt repayment, Users will have to wait to be able to withdraw their money..

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