FTX’s multibillion-dollar cryptocurrency blowup hasn’t shaken some of its customers’ faith in the industry
Some who have lost millions of dollars tell CNBC they haven’t lost faith in the industry and are cashing out through other means in order to reinvest in crypto.
Evan Luthra, an app developer, entrepreneur and angel investor, told CNBC he lost $2 million dollars in the collapse of FTX. Luthra said he knew when FTX filed for bankruptcy in late 2022 that he wouldn't have"access to any of this money for the next few years." He continues to speak at crypto conferences, the mistake was not crypto," Luthra said."The fundamental reason why we buy bitcoin, why we use bitcoin has not changed.
Jake Thacker, an FTX customer in Portland, Oregon, told CNBC he lost hundreds of thousands of dollars shortly after losing his job in the tech industry.FTX customer, Jake Thacker spoke with CNBC after losing hundreds of thousands of dollars on the exchange."I probably would give them some different advice at this point," he said. That advice would come with the warning,"Here's what I learned, don't make the same mistakes I did.
Years later, if the FTX bankruptcy process recovers more than the 11 cents on the dollar for his claim, the buyer pockets the difference. Kannegundla said he will have"zero regrets" if that money gets recovered because he has a different strategy. In an email to CNBC, Kavuri said he hasn't purchased any crypto since the collapse of FTX because he"wanted to take a break from suffering a massive loss." Over the last 10 months, he said the majority of his time has been spent fighting"for the rights of all FTX users that lost money due to the FTX bankruptcy."
"I'd really like to build a technology and a tech-forward brokerage that allows people to trade seamlessly and easily in digital assets and any kind of other tokenized products in addition to other asset classes," Harrison said.
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