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The collapse of the FTX crypto alternate has already grow to be a tv drama.
Manufacturing firm AGBO took to its Instagram account to disclose that it has “partnered with David Weil and Amazon Studios for an eight-episode restricted sequence on the FTX crypto scandal, anticipated to be in manufacturing this spring.”
Weil created the Amazon Prime present “Hunters” and the Apple TV+ presentation “Invasion,” whereas AGBO is the car for administrators Anthony and Joe Russo, who’ve labored collectively on quite a few Marvel Cinematic Universe initiatives.
The present will ostensibly think about the rise and fall of FTX, which just lately collapsed after a liquidity disaster sparked by what was described as “a whole failure of company controls and such a whole absence of dependable monetary data” by the chief. designated to wash up the mess.
What needs to be nice tv, particularly for these whose investments in FTX appear to have evaporated.
On the time of writing, FTX’s liabilities had been a minimum of $9 billion, whereas belongings had been simply $1.24 billion. Court docket shows like this slideshow [PDF] particulars about $450 million in money, however predicts about $400 million can be wanted to maintain FTX and its related entities working for the following a number of weeks.
Due to this fact, buyers’ prospects of getting their money again are slim. Even in Japan, one of many few jurisdictions that closely regulates cryptocurrency exchanges and requires them to put aside investor funds, FTX expects it to be a yr earlier than shoppers see any of their cash.
Most different nations don’t require such protections. The Financial Authority of Singapore (MAS), for instance, has washed its fingers of the state of affairs. He claimed he was keeping track of rival crypto alternate Binance as a result of it solicited shoppers from Singapore, however was ignoring FTX as a result of it was not in search of native shoppers.
“Crucial lesson from the FTX debacle is that buying and selling any cryptocurrency, on any platform, is harmful,” the MSA assertion mentioned. “There is no such thing as a safety for shoppers who commerce cryptocurrencies. They will lose all their cash.”
The MAS has been saying that for months, however all through the world many didn’t pay attention. Alternatively, they determined that tokens with no intrinsic worth, and which aren’t related to any productive firm, signify a smart funding.
Amazon Studios, in its personal approach, made an analogous gamble by commissioning a present in regards to the scandal. ®
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FTX mini-series already under way for streaming on Amazon • The Register