💥Sad Fact:

According to newly revised bankruptcy documents shared by FTX creditor Sunil Kavuri, FTX equity holders will only recover 10-25% of their cryptocurrencies.

🔸 The repayments will be calculated based on the value of cryptocurrencies at the time of the bankruptcy filing, when prices were significantly lower than today (e.g., Bitcoin was around $16,000).

🔸 Kavuri claims that Sam Bankman-Fried violated FTX's terms of service by using client funds to pay off Alameda’s debts and purchase Robinhood shares, which infringes on FTX customers' ownership rights.

🔸 FTX has reached an agreement with Emergent Technologies to secure $600 million in Robinhood shares to be used for creditor repayments.