Customers of Bankrupt FTX may never Get their Crypto Back

Created By Fintech Team

Reports say that it is hard to get their money back. It may take either years or may never get it back 

The company seeks to restructure as part of its Chapter 11 filing

First in line to receive any assets that a bankruptcy judge decides to distribute will be FTX's creditors 

Second in line will be the company's investors, who are based in the Bahamas. 

At the back of the line were FTX account holders who utilized the platform to trade BTC, Solana, and others.

The collapse of one of the biggest exchanges and the bankruptcy of FTX have rocked the cryptocurrency community.

At least $1 billion in consumer funds have disappeared, according to Reuters.

When Bankman-Fried requested support of $8 billion to back up its users' crypto holdings, issues with FTX became apparent.

Competitor Binance was ready to save FTX, but last week, CEO Changpeng Zhao backed out of a deal.