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FTX customers file a class action lawsuit to get their money back

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Clients of the FTX trading platform have filed a class action lawsuit to try to get their right to a refund of the money they have invested in the company before other creditors.

According to Reuters, a client lawsuit against the platform and its former managers, including Sam Bankman-Fried, was filed in court on Tuesday demanding a formal declaration that the crypto assets the company owns belong to the clients.

“A client class should not queue with secured creditors or unsecured creditors in insolvency proceedings to share the shrinking assets of the FTX and Alameda group,” the lawsuit, cited by Reuters, says.

FTX said it was separating client deposits, but instead used them for risky investments through Alameda. And that’s why they demand compensation in the first place.

FTX went bankrupt, and its founder, Sam Bankman-Freed, was arrested in the Bahamas and extradited to the US, where he was already accused of fraud.

Sam Bankman-Fried, founder of bankrupt FTX, to be released on $250 million bail

Source: Observador

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