Judge Rejects FTX Defense Amid $11 Billion Loss Calculation
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Kaplan rejected the defense’s assertion that FTX investors and consumers had not suffered any losses since they would be reimbursed through bankruptcy. This startling shift in language follows the judge’s calculation that, in addition to the $1.3 billion lost by the failure of SBF’s hedge fund Alameda Research, investors in the company lost $1.7 billion, and users of the defunct cryptocurrency exchange lost $8 billion (£6.3 billion).
