FTX customers are NOT being "made whole" there has been a lot of discourse around FTX customers being made whole (including on this podcast!) *but this statement needs a MAJOR asterisk!* customers are being paid back in USD at prices pegged to november 11th, 2022 aka the day FTX filed for bankruptcy this date is crucial, because the initial CoinDesk report that led to the downfall of FTX was published on november 2nd in the week or so between those two dates, the broader crypto market plummeted due to contagion fears so, not only are FTX customers not getting paid back at more current prices (and missing the recent crypto run up)... they're getting paid back near the absolute bottom! the craziest part: SBF's lawyers argued that their client should receive a lighter sentence than the 40-50 years recommended by prosecutors, because, in their words, "there were never losses" SBF got 25 years... so maybe the strategy worked?! #business #fraud #ftx #startups #sbf #crypto #fyp #tiktok #economy