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While FTX is preparing to start repayment of their creditors almost three years after the dramatic collapse, the leaders of the industry are considering significant lessons learned. FTX, after the top presence in the cryptocurrency market, should start its first wave of compensation on February 18, 2025, focusing on the requirements below $ 50,000. This turning point offers a little relief to those affected by collapse, but also serves as a reminder of the devastation caused by one of the most notorious cryptocurrencies.
During a recent press conference, David Sacks, “Crypto Czar”, addressed the future of digital assets and the importance of encouraging innovation in the US, emphasized the need to return top-notch technology on land, especially after FTX disasters.
According to bags, the cryptocurrency industry has experienced a significant shift, moving at sea and far from American surveillance. “Innovation should happen on land, in the United States,” Sacks explained, drawing attention to the fact that FTX collapse – a huge fraud that was rocking the cryptocurrent world – was based in Bahamas. “When it is on the coast, regulators can be more easily monitored by activities, and this will be better to protect the consumer.”
FTX’s sudden decline in grace remains one of the most significant events in the history of the Crypto currency. It has been revealed that customers’ funds have been embedded, with billions of dollars aimed at accounts controlled by Alameda Research, FTX sister companies. On December 12, 2022, Bankman-Fied himself was arrested for multiple charges of fraud associated with FTX. He was later sentenced to 25 years in prison on March 28, 2024.
