One of the largest FTX creditors is trying to recoup millions for victims
CNN
Sam Bankman-Fried was sentenced to 25 years in federal prison last week for defrauding customers and investors in his failed crypto exchange FTX. He was also ordered to repay more than $11 billion, a sentence that will likely financially incapacitate him for the rest of his life.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Sam Bankman-Fried was sentenced to 25 years in prison last week for defrauding customers and investors in his failed crypto exchange FTX. He was also ordered to repay more than $11 billion, a sentence that will likely financially incapacitate him for the rest of his life. Securing compensation for victims of such white-collar crimes can drag out for years. Still, that’s what Zach Bruch is trying to do. Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Bruch, a veteran of the crypto world, also publicly debuted his startup crypto casino last week. MyPrize has a valuation of $140 million with investments from Dragonfly, Mechanism Capital, Arrington Capital, and a16z Scout.
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