SBF wasn't lying for once, and FTX customers in the US may actually get their money back - Episode 342 - by cryptohunt.it

SBF wasn't lying for once, and FTX customers in the US may actually get their money back

Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto and other game-changing ideas. As always: In plain English.

Remember how Sam Bankman-Fried has taken it upon himself to put his version of the FTX story out there... by blogging long posts, full of financial data he suddenly found somewhere?

Well, now he says that FTX isn't actually bankrupt. The US part of it to be precise - and according to his numbers, they even have enough money to pay everyone out and then some.

And then shortly after SBF hit the publish button, FTX’s new boss, John Ray, who oversees the exchange's bankruptcy says he’s indeed looking into resuming the US business.

If this all sounds confusing: It'll make more sense when you understand that FTX operated two, in theory at least, fully separate exchanges - one registered in the US, serving US customers, and one registered in the Bahamas, serving the rest of the world. This was set up to meet - or as some would argue exploit - regulations.

If you were in the US, you could only use the US exchange, which was like a smaller sibling to the international one. So this could be good news for US customers… and SBF.

Because if true, this plays right into his hands: His defense will argue that he didn’t harm any US customers.

We may never know, but doesn't the timing of that blog post look just a little bit too perfect?

As always, you'll be the judge. And we'll see you next time, right here on the podcast.

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Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.