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Bankman-Fried himself is waiting for the verdict, and his clients are gaining hope of recovering their money

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FTX clients have increasing hopes of getting their money back, foreign media write. The head of the cryptocurrency exchange, Sam Bankman-Fried, is waiting for the verdict, which is expected to be handed down in the next month. He faces up to life in prison.

Sam Bankman-Fried, who once headed one of the largest cryptocurrency exchanges in the world – FTX, was found guilty of fraud and money laundering in November. Now he faces several dozen years or even life in prison. The announcement of the penalty is scheduled for March 28, 2024.

Sam Bankman-FriedTing Shen/Bloomberg/Getty Images

Customers are waiting for money

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The former billionaire was convicted, among other things, of siphoning money from FTX. “Suddenly, $10 billion in FTX client funds disappeared. Some of this money paid for Bankman-Fried’s lavish lifestyle and was also used for other investments,” reports CNBC. However, these assets have recently begun to appreciate in value.

Lawyers dealing with the bankruptcy of FTX announced that it will most likely be possible to repay all customers of the cryptocurrency exchange. “The optimism is largely due to the rebound in the cryptocurrency market and the growing value of FTX venture investments,” explains CNBC.

Lawyers representing FTX’s bankruptcy estate told a judge in Delaware last week that they expect to repay customers and creditors in full. Bankruptcy attorney Andrew Dietderich, who is working with FTX’s new management, said there is “still a lot of work” to get all the money back for clients, but the team has “a plan to get it done.”

Once the second cryptocurrency exchange in the world

FTX was once the second largest cryptocurrency exchange in the world, valued at $32 billion. On November 11, 2022, it filed for bankruptcy protection, which caused a wave of shocks on the cryptocurrency market.

Main photo source: Shutterstocklev radin / Shutterstock.com

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