Customers of the FTX cryptocurrency exchange will get their tokens back no earlier than in 10 years

Insolvency lawyer and Co Cordis partner Stephen Erell has warned clients of the Binance-do-krahu-ftx/">failed FTX exchange that it could take decades to recover their lost funds. This is due to cross-border insolvency issues and competing jurisdictions.

According to Erell, defrauded FTX investors are in a long line, after large creditors, multimillion-dollar investors, and venture capital sponsors. As Simon Dixon, founder of the global investment platform BnkToTheFuture, explained, a special committee will be set up to help FTX clients to represent the interests of users.

Lawyers advise investors with significant losses to unite with «other affected parties» and act together. The number of customers to whom the FTX cryptocurrency exchange owes money may be more than a million, not 100,000 as previously reported. Also, according to a Reuters article published on November 20, the exchange owes its 50 largest creditors «nearly $ 3.1 billion.»

The day before FTX.com filed for bankruptcy, Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697″ data-wpel-link="internal">Sam Bankman-Fried 's exchange had only $ 900 million in liquid assets against $ 9 billion in liabilities. Most of these liquid assets, included in FTX’s international balance sheet from Thursday, consisted of $ 470 million worth of Robinhood shares.