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FTX Cuts $5B Check to Creditors—Round Two of ’Make-Whole’ Theater Begins
FTX Cuts $5B Check to Creditors—Round Two of ’Make-Whole’ Theater Begins
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Bankrupt crypto exchange FTX dusts off its checkbook again—this time sending $5 billion to creditors who somehow still believe in ’fair’ distributions. The move comes 18 months after its spectacular collapse vaporized $32 billion in customer funds.
Who gets paid? Lawyers first, obviously. Then a tiered system favoring institutional claimants over the retail traders who actually fueled FTX’s rise. The clawback games continue as liquidators chase VC profits while mom-and-pop investors scrape for pennies.
One cynical take: These distributions aren’t restitution—they’re PR stunts. Every returned dollar lets Wall Street pretend crypto failures have orderly resolutions. Tell that to the 70% of users still waiting for >50% recoveries.
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