One of the customers of the FTX crypto exchange, Lee Rees, revealed that he was still affected by the bankruptcy of FTX. When FTX collapsed last year, Rees lost USD 100,000 or the equivalent of IDR 1.5 billion (assuming an exchange rate of IDR 15,661 per US dollar), this is half his annual income.
Prosecutors called several FTX customers to testify in the trial of FTX founder and former CEO Sam Bankman-Fried. They were told their assets were safe, and to tell how FTX’s collapse impacted them.
“It affects my life. I have a life to pay. It’s like your boss doesn’t pay you. You can’t live, can you?” said Rees in his testimony in court quoted from Yahoo Finance, Monday (9/10/2023).
Sam Bankman-Fried is accused of embezzling USD 10 billion or the equivalent of IDR 156.6 trillion from unsuspecting customers to prop up the Alameda Research hedge fund.
Bankman-Fried also revealed at her trial in New York this week that she bought luxury properties and funded political donations using user funds.
Impact On Crypto Markets
The crypto industry grew rapidly during 2020 and 2021, but in 2022 token prices plummeted as interest rates rose and investors moved their money elsewhere, triggering a series of crashes.
Currently, crypto worth around USD 30 billion or the equivalent of IDR 469.8 trillion to USD 35 billion or the equivalent of IDR 548.1 trillion is locked in cryptocurrency bankruptcy, with around 15 million people affected, according to Xclaim. There was around USD 16 billion or the equivalent of IDR 250.5 trillion in crypto trapped in FTX when it collapsed, according to Xclaim.
Previously it was reported, according to a report, former National Football League athlete Tom Brady was paid USD 55 million or the equivalent of IDR 858.5 billion (assuming an exchange rate of IDR 15,610 per US dollar) to appear in an advertisement for the collapsed FTX cryptocurrency exchange.
Reporting from Bitcoin.com, Saturday (7/10/2023), details of Brady and Curry’s large payments from the Sam Bankman-Fried (SBF) crypto exchange were published by writer Micheal Lewis.
In comments during the interview, Lewis, who said he had seen classified documents supporting his story, said as part of the deal Brady would devote only 20 hours of his time each year for three years.
Despite receiving millions of dollars worth of FTX shares as payment right before the crypto exchange collapsed, Brady suffered an estimated loss of USD 30 million or the equivalent of IDR 468.3 billion.
As previously reported, Brady’s wife at the time, Gisele Bündchen, also experienced a decrease in her net worth of USD 18 million or equivalent to IDR 280.9 billion after her FTX shares rose.
However, according to Lewis, after FTX’s sudden collapse in late 2022, an angry Brady argued Bankman-Fried had tricked him into supporting the crypto exchange.
