Connect with us

Breaking News

FTX Traders Waiting Anxiously for Their Money



Sam Bankman-Fried Former FTX CEO

When FTX collapsed in November 2022, there was an astonishing $16 billion worth of crypto stuck on the exchange. There are individual traders and investors like Evan Luthra who had millions of dollars worth of crypto on FTX, and at the moment, they haven’t seen any of the money as FTX goes through bankruptcy procedures. 

Unfortunately, FTX traders and investors are set to lose literally billions of dollars. According to investigators, only around $7.3 billion in cash and liquid crypto assets has been recovered. Which means there is over $8 billion missing. This money has been allegedly siphoned off by FTX employees who went on insane spending sprees, which included Bankman-Fried purchasing his parents’ $27 million worth of property.

With Bankman-Fried being convicted of seven counts of fraud and conspiracy on the 2nd of November, FTX’s users are hoping that this will speed up the bankruptcy proceedings and they will finally get their money back. However, it looks like it’ll be a long road ahead, and traders may end up with pennies on the dollar.

Bankman-Fried Is Facing Years in Prison

While traders are cursing Bankman-Fried for running off with their money and collapsing the crypto market, the 31-year-old is facing a very long prison sentence. It’s crazy to think that he decided to gamble and go to trial. It looked like a slam dunk case of fraud where he misappropriated customer funds to fuel trades at his hedge fund Alameda Research and even used customers’ cash to make personal purchases. 

Bankman-Fried was hardly a sympathetic character as he showed little remorse and seemed to think what he had done was an error rather than a criminal. He was getting destroyed on the stand, and the judge had to repeatedly ask him to answer questions. It would not be surprising to see the former billionaire and one-time crypto genius spending 20 years behind bars. We will have to wait until March 28, 2024, for sentencing, and currently, Bankman-Fried is sitting in a federal jail in Brooklyn.

How Do FTX Customers Get Their Money Back?

Bankman-Fried being guilty doesn’t directly impact the bankruptcy proceedings, and even though customers may feel a sense of justice, unfortunately, it won’t help get their crypto back. There are as many as one million trying to recover their money, and the bankruptcy fees have already topped a crazy $200 million as hundreds of lawyers and financial advisors start billing at up to $2,000 per hour.

While FTX’s administrators have managed to recover over $7 billion in assets, including over $3 billion in crypto, nobody knows how much users will receive back. Administrators are hoping to sell FTX and for the exchange to be rebooted. Same traders are betting on this outcome by purchasing FTT tokens, which were FTX’s own cryptocurrency. 

It remains to be seen if they can actually find a buyer and push the sale through, especially with the uncertainty around the crypto industry. Binance slashed its revenue estimates by 38%, which wiped off almost $12 billion from the net worth of the owner Changpeng Zhao, known as CZ.

In a best-case scenario, FTX users will be lucky to get 30% of their money back. If they manage to get any more than that back then, they should be ecstatic. However, we are a long way away before users receive any reimbursements, and if the crypto market tanks, FTX users could suffer even bigger losses. Let’s hope that FTX administrators can uncover some more luxury properties, there must be a few $50 million mansions that Bankman-Fried has squirreled away!

FTX’s Collapse May Have Long-Lasting Effects on Crypto Market

Cryptocurrency has had a tumultuous history with a number of frauds, scams, and criminal activity. The new generation of crypto enthusiasts were hoping that the days of the Silk Road and Mt. Gox were behind them, but the FTX collapse just reaffirmed that crypto is the Wild Wild West. 

For some investors, the level of the FTX collapse and the sight of Bitcoin’s price rocketing downwards was too much to bear. Mark Papadakis, a doctor from Philly, had over $30,000 on Voyager before it collapsed. He said after his experience, he’s done with buying any more crypto. It’ll be interesting to see how short a memory crypto traders have. With Bitcoin’s price recently surging through $30,000, maybe it’ll be business as usual, and everyone will forget Bankman-Fried ever existed!

As an avid enthusiast of technological innovation and the thrilling intersection of machinery and athleticism, I proudly consider myself a steadfast supporter of Machina Sports, advocating for its growth, celebrating its pioneers, and contributing to the vibrant community that shares a passion for the future of sports.

Breaking News Co-Founder Splurges on $47 Million NYC Mansion



NYC Mansion

Forget about spending 100 hours + a week running an investment bank like the former owner of the Manhattan mansion, who’s John D. Rockefeller’s grandson. Nowadays, fortunes are made in bedrooms with nothing more than a laptop. Crypto lords are the new business tycoons, and the speed with which they’re building wealth is astonishing! co-founder Bijan Tehrani, at just 30 years old, has made a big splash in the NYC property market by purchasing David Rockefeller’s exquisite townhouse for $47 million. The legendary banker owned the property for over 70 years, but in a changing of the guard, it’s now owned by the crypto-rich Tehrani.

Who Is Bijan Tehrani?

Bijan Tehrani is the co-founder of the world’s largest crypto online casino, Tehrani, alongside his friend Ed Craven, founded in 2017. Prior to launching, he ran the crypto dice gambling site Primedice. operated internationally with a Curacao license and was famous for not doing KYC checks, which allowed players from around the world to bet using their crypto. 

The company exploded in popularity thanks to their sleek website design, instant cashouts, and their smart marketing campaign, which saw them pay the world’s most popular streamers to play at their site. It also helped that they perfectly caught the crypto boom that saw millions of new people start using crypto from 2018 onwards. has been so successful that they posted $US2.5 billion in gross gaming revenue in 2022 and are allegedly paying Drake over $100 million to promote the site. For years, Bijan Tehrani stayed away from the spotlight, but in recent years, he’s become more public-facing as legitimizes and acquires iGaming licenses in a number of jurisdictions. This latest public purchase shows that the young crypto baron means business!

Unique Manhattan Townhouse

Tehrani doesn’t just know how to ride the crypto wave, he also has great taste when it comes to property. The Manhattan townhouse is incredible and features five stories, eight bedrooms and 12 bathrooms. This property was built in 1924 and has that beautiful old-world New York charm.

This stunning NYC mansion truly has everything, including sitting rooms that look straight out of the Gilded Age. You could imagine yourself sitting in there sipping on whiskey, plotting your next business takeover. The property has a giant formal dining room with views over the property’s lovely garden and a breathtaking spiral staircase that’s a work of art and runs up the entire property. However, if you’re looking for a faster route, there’s an elevator.

The Manhattan townhouse is loaded with two kitchens, including a fully decked-out professional kitchen where a private chef can whip up Michelin-star quality meals. In a modern twist, the property also has an NBA-sized basketball court. The average-sized NYC apartment is just 80 square meters, so it’s pretty crazy to have a 420 square meter basketball court in the middle of Manhattan! The total property spans over 1,100 square meters and comes with over 300 square meters of outdoor space.

This property is ultra-secure and has fully bulletproof windows just in case Tehrani has some disgruntled players showing up at his new crib. It’s loaded with safe rooms and has cameras monitoring every nook and cranny of the property.

David Rockefeller, long-time leader of Chase Manhattan Corporation lived in the property for 70 years. It was then sold in 2018 for $20 million to Doug and Lily Band. The couple performed a massive renovation of the townhouse, which took over four years. They initially listed the house for $57.5 million, but as luxury property sales have slowed in NYC due to high interest rates and the threat of recession, they had to settle for $47 million, but that’s still $20 million more than they paid for it so don’t feel too bad for them!

By dropping $47 million on the property, Tehrani has made the biggest Manhattan townhouse purchase of the year. However, as he lives in Melbourne, it’s not clear how much time the crypto tycoon will spend in the property. We can imagine some of the celebs that will grace the invite list when Tehrani throws the housewarming party, don’t be surprised if Drake is in the middle of the townhouse’s basketball court rapping away!

Continue Reading