An estimated 1 million customers are potentially facing losses after FTX, one of the largest crypto exchanges at the time, suddenly collapsed and filed for bankruptcy in November, Reuters reported. It soon emerged that customer funds had gone missing. FTX founder and former-CEO Sam Bankman-Fried is accused of embezzling $10 billion from unsuspecting customers to prop up his hedge fund Alameda Research, buy luxury properties and fund political donations. His trial began in New York this week. On Wednesday, Bankman-Fried's attorney told the court that his client had overlooked risk management but did not steal customer money. Bankman-Fried has pleaded not guilty to the charges. Prosecutors are calling some FTX customers to testify that they were told their assets were safe, and to share how FTX's collapse affected them. Customers Reuters spoke with said they have created support groups to help each another navigate the complex bankruptcy claims process, while others said they have been targeted by scammers promising to retrieve their cash.
