The winners and losers from the FTX assassination (2024)

FAQs

Who lost money in FTX crash? ›

Billionaire oil baron Robert Belfer, who was once known as the heir to bankrupt gas company Enron, also reportedly lost millions with FTX's collapse.

Star NFL quarterback Tom Brady, who received a multimillion-dollar deal to be the leading FTX brand ambassador, was estimated to lose $30 million in the aftermath of the collapse. Companies and venture capital firms also saw their money vanish.

FTX customers will get their money back and more—but the biggest winners are bankruptcy traders. Sam Bankman-Fried, the former CEO of FTX, is serving a 25-year sentence. In a rare outcome for bankruptcy, customers of the failed cryptocurrency exchange FTX will recover all of their money—and then some.

Quarterback Tom Brady, his former wife Giselle Bündchen and his former boss, New England Patriots owner Robert Kraft, are listed among the losers in the FTX Group's bankruptcy court papers.

FTX now says that 98% of its creditors, including individual investors who had US$50,000 or less with FTX, will receive the funds they lost. Payments will be made in cash within 60 days of a reorganisation plan going into effect. However, this plan still needs to be approved by a US bankruptcy court and by creditors.

“He paid Tom Brady $55 million for 20 hours a year for three years,” Lewis told 60 Minutes. “He paid Steph Curry $35 million for same thing for three years.” Larry David, who starred in a popular 2022 Super Bowl ad for FTX, received $10 million, per Lewis.

Bankman-Fried was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisem*nt, testimony before Congress and celebrity endorsem*nts from stars like quarterback Tom Brady, basketball point guard Stephen Curry and comedian Larry David.

Larry David starred in an FTX Super Bowl ad that framed crypto as a world-historical innovation on par with the wheel or the lightbulb. Shaquille O'Neal asked would-be investors: “I'm all in. Are you?” Other household names — Steph Curry, David Ortiz, Shohei Ohtani, Naomi Osaka, Kevin “Mr.

It's like your boss doesn't pay you. You can't live, can you?" Rees is one of more than an estimated 1 million customers potentially facing losses after FTX, one of the largest crypto exchanges at the time, suddenly collapsed and filed for bankruptcy in November. It soon emerged that customer funds had gone missing.

FTX's shareholders — people like Tom Brady and private equity firms like Sequoia Capital — are almost certain to see their equity in the once high-flying crypto startup totally wiped out. Although FTX said it would have as much as $16 billion to disburse, customers and Uncle Sam get paid out first.

Who has returned FTX money? ›

FTX founder Sam Bankman-Fried, left, arrives at a federal courthouse in Manhattan on Feb. 16, 2023. Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.

This covers about 98% of FTX customers. FTX said that it was able to recover funds by monetizing a collection of assets that mostly consisted of proprietary investments held by the Alameda or FTX Ventures businesses, or litigation claims.

At Bankman-Fried's sentencing hearing, Kaplan agreed. He said FTX's customers had lost some $8bn and that its investors had lost $1.7bn.

FTX's venture backers included Patriots owner Robert Kraft and billionaire Paul Tudor Jones, new filings show. FTX's shareholders included entities connected to New England Patriots owner Robert Kraft and hedge fund titan Paul Tudor Jones.

FTX filed bankruptcy in November 2022 after Bankman-Fried shut down the company's crypto-trading platform and handed control to insolvency experts. Bankman-Fried was later convicted of fraud. The case is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.

Key findings. A higher percentage of cryptocurrency investors have lost money than made it. 38% of Americans who've held a form of the currency say they've sold it for less than when they bought it, versus 28% who say they made a profit. Only 13% say they broke even.

They tapped a wide range of sources, including digital currencies that FTX still owned when it filed for bankruptcy and company assets like shares in start-ups, which could be sold to bidders. The amount that FTX recovered is “in general pretty unheard of,” said Yesha Yadav, a law professor at Vanderbilt University.

Gemini Earn customers will finally get most of their funds back. People who participated in Gemini's lending program, which suspended withdrawals in the wake of the FTX collapse, will get “approximately 97 percent” of their money. Perhaps predictably, the Earn program also had some legal issues.