FTX’s multibillion-dollar cryptocurrency blowup may have shaken the industry, but in a new documentary set to premiere on Monday, FTX customers, insiders, and investors express their continued optimism and willingness to invest. Despite losing $2 million in the collapse of FTX, app developer, entrepreneur, and angel investor Evan Luthra remains confident in the industry and continues to speak at crypto conferences.
Luthra emphasizes that the mistake was not bitcoin or crypto itself, but rather the specific circumstances surrounding FTX. He maintains his bullish outlook on bitcoin, believing it will eventually surpass $100,000, making it a great investment. Currently trading at around $26,900, bitcoin has seen a decline from its previous high of $69,000 in December 2021.
FTX, once a leading cryptocurrency exchange, faced bankruptcy after its rapid downfall last year. Investigations revealed that $8.9 billion in customer assets were missing from the exchange. Founder and former CEO Sam Bankman-Fried now faces multiple criminal charges, including fraud and violating campaign finance laws. Bankman-Fried has pleaded not guilty, and jury selection for his trial is set to begin in Manhattan on Tuesday.
During a bankruptcy hearing in April 2022, an FTX attorney stated that $7.3 billion in cash and liquid crypto assets had been recovered. However, none of the interviewed customers have received any of their money back yet. Jake Thacker, an FTX customer who lost hundreds of thousands of dollars, shares that he may have to file for bankruptcy due to his financial situation.
Notwithstanding their losses, FTX customers like Bhagamshi Kannegundla still encourage others to invest in crypto while sharing their own cautionary advice. Kannegundla opted to sell his bankruptcy claim at a fraction of its original value to obtain some cash quickly. He plans to reinvest in crypto, confident that he can make money in the next five to ten years. Kannegundla acknowledges that others may find this decision unconventional but compares it to buying stocks in companies like Amazon during their early days.
Sunil Kavuri, another FTX customer, initially believed FTX to be a safe haven for his investments due to its institutional backing. However, he has taken a break from purchasing crypto since FTX’s collapse and has focused on advocating for the rights of FTX users who lost money in the bankruptcy. Despite the setback, Kavuri remains steadfast in his belief that cryptocurrencies, in general, are here to stay.
Although the events of 2022 have created chaos in the crypto industry, there are still believers. Brett Harrison, former President of FTX’s U.S. business, expresses his surprise and disappointment at the collapse of his parent company but remains committed to cryptocurrencies. He plans to start a new company called Architect Financial Technologies, aiming to create a tech-forward brokerage for seamless digital asset trading.
Anthony Scaramucci, founder of Skybridge Capital, confesses that he joined the bitcoin investment game relatively late, but he remains optimistic about the future of crypto and decentralized technologies. Despite feeling betrayed and disappointed by the FTX collapse, Scaramucci still sees a strong bull case for Web 3 and encourages patience to overcome the challenges and frauds in the industry.
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