We have identified approximately 100,000 creditors to whom the new administration of FTX must reimburse billions of dollars. Among them is David Schwartz, CTO of Ripple. Fortunately, his losses did not reach the millions of dollars of some celebrities.
Could David Schwartz be linked to FTX?
David Schwartz is not Tom Brady nor any star enlisted by Sam Bankman-Fried in his perilous adventure. It’s about chief technology officer from blockchain payment company Ripple Labs Inc. whose outcome of the lawsuit against the SEC will be known soon.
” I thought I personally had nothing on FTX, but apparently I had around $2,500 worth of crypto there. »
In scrutinizing this message, David Schwartz would have thought that the collapse of FTX did him no harm. But after a little checking, he realized that his $2,500 went up in smoke.
A sum that would not worry the CTO of Ripple, but not retail investors for whom the monthly salary is close to the announced figure.
” Are you saying $2,500 isn’t worth it? »
” It’s one of those things that happens when you’ve been in crypto for a long time. One day I discovered 100 BTC that I had forgotten. (BTC was around $25,000 at the time.) »
Hopefully the 100 BTC he forgot got recovered. Because even at the time of the discovery, these assets represented 2.5 million dollars.
In any case, financial problems do not bother people like David Schwartz. Individual investors will have to turn to other more interesting profiles to succeed in their trading activities.
What about refunds from FTX customers?
For now, no plans has not been disclosed for repay FTX investors. Newspaper headlines focus on:
- stories of influencer lawsuits;
- attempts to recovery of funds in any SBF investmentas is the case with Modulo Capital;
- earnings disclosures from FTX’s legal team;
- or even the amount of payments and loans contracted by the leaders of FTX.
It should however be specified that the Japanese branch of FTX has already taken action : customer pushback. As for David Schwartz and the other SBF crypto exchange creditors, they will have to wait even longer.
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