đ„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.
đž 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).
đž Kavuri claims that Sam Bankman-Fried violated FTX's terms of service by using client funds to pay off Alamedaâs debts and purchase Robinhood shares, which infringes on FTX customers' ownership rights.
đž FTX has reached an agreement with Emergent Technologies to secure $600 million in Robinhood shares to be used for creditor repayments.