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Planet Money
FTX and the Serengeti of bankruptcy
Apr 19, 2024
FTX's bankruptcy aftermath reveals vulture investors profiting from risky debt, customers navigating bankruptcy claims trading. Explore financial turmoil, FTX founder's alleged mismanagement, and customers facing potential loss. Dive into the world of bankruptcy with opportunistic investors, distressed asset brokers, and FTX customers turned unsecured creditors. Discuss FTX Estate recovery, creditor repayment prospects, and personal stories of claimants in the aftermath of FTX's Chapter 11 filing.
25:27
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- Customers faced distress due to FTX bankruptcy halting withdrawals.
- Vulture investors profited from buying bankruptcy claims in the FTX case.
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The Obscure Disaster of FTX
FTX, a cryptocurrency exchange, faced a significant crisis, leading to allegations of bankruptcy. Customers like Bagumshi Kanagundla found themselves in distress when withdrawals were halted, eventually resulting in bankruptcy filing. Despite initial confusion and chaos, the bankruptcy process unfolded, revealing hidden assets and potential repayments.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode