The collapse of the FTX cryptocurrency trade has had repercussions across the globe, with greater than 1,000,000 purchasers dropping cash in a single day. In France, some 50,000 to 60,000 folks had been affected. As they search for authorized options to get their a reimbursement, will the victims proceed to spend money on cryptocurrency?
Like tons of of hundreds of FTX clients world wide, Hassan, who lives in France, skilled a shock in early November.
“I’m crying,” he tweeted on 8 November, after FTX founder and CEO Sam Bankman-Fried tried to reassure everybody that the corporate based mostly in america and the Bahamas was fantastic.
The following day, because the trade began shutting down, Hassan wrote: “In someday I misplaced the whole lot I had invested in a single yr. It’s horrible.”
Life financial savings gone
FTX was one of many largest digital foreign money exchanges, which permit customers to commerce cryptocurrencies, like Bitcoin, for standard cash or different digital currencies.
When FTX collapsed, a minimum of a billion {dollars} of buyer funds had been frozen, and the corporate filed for chapter on 11 November.
In a single day, Hassan misplaced 26,000 euros – his whole financial savings.
“It’s a really unhealthy reminiscence,” he advised RFI.
In December Bankman-Fried was arrested within the Bahamas and extradited to the US, the place he was charged with fraud.
Lawyer Ronan Journoud has been advising a number of the French victims who joined a help group on Telegram. He estimates there are about 55,000 French clients who misplaced cash with FTX.
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