The story around FTX just keeps blowing up. Now Schall Law Firm has announced that it wants to help duped investors in the FTX Token (FTT). It is estimated that more than 1 million people have lost all their savings in the fraud case of FTX and Sam Bankman-Fried.
Can this yield anything?
The law firm is now investigating FTX for misleading statements or knowingly withholding crucial information about the token. Schall Law Firm advises all FTT investors to participate and share information about their purchases. With this, the law firm hopes to get enough people together to start class action.
If the judge decides that this is indeed the right way to go about this, then Schall Law Firm is allowed to do so. If the judge does not do that, then this attempt will be in vain. In an official statement, Schall Law Firm says that the revelations of various news media ultimately proved fatal for the FTX empire.
Many assets are missing
It is striking that a large part of the assets of customers are currently missing. James Bromley, a partner at law firm Sullivan & Cromwell, representing FTX’s creditors, said: “A substantial amount of assets have been stolen or gone missing.”
At the moment, Chainalysis, among others, seems to be busy tracing the assets on the blockchain. Chainalysis is a blockchain analytics company. They specialize in following the traces on the blockchain and ultimately finding the perpetrators.
However, there is a good chance that the assets have largely been gambled away through Alameda Research and that there is zero point zero chance that they will come back. If Alameda Research did indeed lose them in the trade, it would be impossible to get the assets back. If they appear to have been stolen and are on a wallet somewhere, the situation is different.