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Planet Money
FTX and the Serengeti of bankruptcy
Apr 19, 2024
Dive into the chaotic aftermath of the FTX collapse, where customers navigate the treacherous terrain of bankruptcy claims. Explore the rise and fall of the notorious crypto exchange through personal stories of loss and resilience. Discover the intriguing world of vulture investors capitalizing on risky debt. Learn about the transformation of the U.S. bankruptcy system, likened to a Serengeti of creditors. This journey reveals the complex emotional landscape faced by investors in a precarious financial ecosystem.
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