Getting money out of FTX could take years, if not decades
Join Our Telegram channel to stay up to date on breaking news coverage While investors are eager to learn when they will be able to recover their funds from the now-defunct crypto exchange FTX, insolvency lawyers warn that it could take “ decades .” On November 11, the crypto exchange and 130 affiliates filed for Chapter 11 bankruptcy protection in the United States. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia, stated that “realizing” the crypto assets and determining how to distribute the funds will be a “enormous exercise” in the liquidation process, which could take years , if not “ decades .” He attributes this to the complexities associated with cross-border insolvency issues and competing jurisdictions. Earel stated that FTX users are in the same line as everyone else, including creditors, investors, and venture capital funders, and that those who have made “crypto to crypto trades” may n...