Crypto Master Falls Poor, His Company Debts IDR 48 Trillion!

(detik.com)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Wealthy Startup Founder Turns Out to be a Fraudster, Jailed for 11 Years", "Bernie Madoff, The Story of the Biggest Ponzi Scheme Scam in History", you may read also "Related To The Balikpapan Bay Oil Spill Case, Pertamina Won the Lawsuit" and on this occasion we will discuss about 'Crypto Master Falls Poor, His Company Debts IDR 48 Trillion!'.

Crypto exchange company FTX, which claimed to be bankrupt, turned out to be heavily in debt. According to court documents, this US-based company has loans totaling USD 3.1 billion or around IDR 48.7 trillion to its 50 biggest creditors. As reported, FTX has collapsed and its founder, Sam Bankman Fried, has fallen into poverty. From the beginning, Bankman's assets were in the range of USD 16 billion or Rp. 247 trillion, now there is nothing left at all.[1]

As quoted by detikINET from the BBC, in previous bankruptcy filing documents, it was revealed that FTX may have debts to more than 1 million individuals and businesses. It is not yet clear how many people who have invested in FTX will get their money back later. Some experts estimate that they will only get a small portion of the funds they have invested.[2]

FTX said it was reviewing its global assets and would reorganize part of the business. The court will soon decide whether FTX deserves to be declared bankrupt. Sam Bankman himself is currently still in his residence in the Bahamas. The FBI is reportedly exploring the possibility of Bankman's extradition to the United States. According to Bloomberg sources, the extradition effort involves the FBI and the talks have intensified in recent days. Authorities want to know the extent of Bankman's involvement in FTX's downfall. "At this time, Sam Bankman Fried, Gary and Nishah are under surveillance in the Bahamas, which means it will be difficult for them to leave," said an anonymous source.[3]

So how did the FTX collapse start? FTX has its own currency called FTT. It is indicated in a leaked document that an FTX investment company called Alameda Research, has been fully stocked with FTT tokens, of dubious value, to artificially inflate its assets. This prompted another crypto exchange company, Binance, to dump all of its FTT tokens on the market, triggering panic. Consumers directly withdraw their money from FTX billions of dollars.[4] And if you have any legal issue with this topic, contact us then, feel free in 24 hour, we will be happy to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

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Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

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References:

1. "Juragan Kripto Jatuh Miskin, Perusahaannya Ngutang Rp 48 Triliun!", detik.com., Diakses pada tanggal 22 November 2022, https://inet.detik.com/business/d-6417553/juragan-kripto-jatuh-miskin-perusahaannya-ngutang-rp-48-triliun

2. Ibid.

3. Ibid.

4. Ibid.