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FTX to pay $12.7B to victims of Sam Bankman-Fried’s massive scheme | US commodities trading agency claimed its largest recovery ever for FTX victims.
US commodities trading agency claimed its largest recovery ever for FTX victims.
CFTC chairman Rostin Behnam chastised FTX for using "age-old tactics to create an illusion that it was a safe and secure place to access crypto markets," while taking advantage of the fact that "the basic regulatory tools, like governance, customer protections, and surveillance that exist to identify misconduct and ultimately prevent collapse, were simply not there." In his order, Castel wrote that Ray would be responsible for sending annual progress reports "detailing the disbursement of funds or assets," suggesting repayment may stretch on for years. If FTX unduly delays payments once a plan is established, it may be required to repay whatever is owed at that time to customers to the CFTC immediately, the order said.
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