FTX is bankrupt, but it seems to be doing the best that it can to instill a sense of confidence among the investors. This comes to light after several Vietnamese investors reported receiving an email from FTX asking them to confirm details for the refund.
Sounds like a fraudulent email, but it is not, and the same has been confirmed by the crypto community of Vietnam.Hoang Quan in Da Nang initially thought that the email was a scam, but Hoang felt safe after other FTX users spoke about the same email. Hoang then proceeded to confirm the details through a link.
The email sent by FTX to its Vietnamese investors reportedly mentions their account balance as on November 11, 2022, the day it filed for bankruptcy. The balance mentioned in the email has been confirmed to be accurate by the Vietnamese crypto community.
However, it also states that the email is merely a confirmation, and the refund schedule will be determined by the court. John Ray, the new Chief Executive Officer of FTX, has prioritized recovering the assets to repay its customers at the earliest. According to the latest reports, FTX has approximately $4.8 billion in assets. It owes nearly $11.6 billion to its 17 creditors, according to the lawsuit filed in Delaware.
Needless to say, the assets representation of FTX falls short of the commitment. Hence, the bankrupt crypto venture is on a spree to collect debts so that it can pay back its customers and investors. So far, FTX has been able to recover $404 million from Modulo Capital, where it had invested $475 million in the past year.
Data showing the exact figure of the amount that has been lost by the Vietnamese investors due to bankruptcy is unavailable.
Tu Quynh, the administrator of the community, has said that there is no clarity about how the refund will be processed but hopes that at least some portion will be refunded.
