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oncerning the recoveries made in November, the FTX bankruptcy creditors led by FTX Americas Corp received approximately $14.5 million through some of the bankruptcy team’s beneficial settlements. Some of the donors include House Majority PAC $6M; Senate Majority PAC $3M, Forward Action Fund as well as and others.
Political background That Adds on the Influence
Sam Bankman-Fried, the former head of FTX, had indulged himself heavily in political influence. Evidence points to 30% of congress benefiting from FTX CEO’s’s political contributions these being at least $40 million.
Ongoing Legal Efforts
The bankruptcy estate remains actively seeking an accounting of wasted resources moving forward. Recent legal actions are the legal applications filed against leading companies such as Binance and Crypto.com to recover billions of dollars.
Political Distancing
In the wake of FTX’s failure, numerous politicians have jumped off the bandwagon attempting to disassociate themselves from the failure and redirect the funds to charitable efforts.
FTX Fund Recovery Mission
These recovery efforts are in line with FTX’s efforts aimed at recovering embezzled funds as well as planning for creditor repayments set for the first quarter of 2025.
