Sam Bankman-Fried was handed a 25-year prison sentence for leading a huge case of fraud related to FTX, as victims look for compensation.
FTX Victims Look For Compensation
Bankman-Fried faced charges for defrauding investors and customers, leading to a 25-year sentence and will have to pay back $11Billion to those impacted.
A recognised member within the crypto world, Zach Bruch, is now taking charge of the situation and is looking to find compensation for those impacted by FTX’s end.
Bruch is one of the biggest singular creditors for FTX and was hired by the US Department of Justice to work on the FTX Creditors’ Committee – looking to find money lost by users.
The crypto creditor has took his own step in the realm of digital currency, creating his own casino venture MyPrize which is now worth a reported $140m.
In a recent interview, Bruch lambasted Bankman-Fried’s actions and believes that a 25-year sentence will not reverse the damage experienced by the millions of victims.
Bruch looked into the collapse of FTX and specified the moment he understood the magnitude of what had been done and being unable to withdraw money out of no where.
Even with the severity of this situation, Bruch believes he can help to find the ideal outcome for each creditor and doing his due diligence for each victim.
Bankman-Fried led his defense by claiming each FTX suffered zero losses, but Bruch has been adamant that each victim will be compensated for the ‘irreplaceable losses’ handed to each user.
This situation has put a stain on the crypto market but Bruch feels the growth and community within the digital world can still thrive.
Bitcoin passed $70,000 benchmark earlier this year and Bruch highlighted this as a sign for crypto’s assets and its overall appeal.
