In the world of cryptocurrency, bankruptcies and lost funds are not uncommon. The latest example of this is the bankrupt crypto trading platform, FTX Derivatives Exchange, which has left many of its users with their funds locked up. Among these users is David Schwartz, the Chief Technology Officer of blockchain payments firm Ripple Labs Inc.
In a recent tweet, Schwartz revealed that he also has funds locked up on FTX Derivatives Exchange. According to his tweet, he initially thought he had no liability with the trading firm, but after proper checking, he discovered he has $2,500 in crypto locked up with the exchange.
I thought I didn’t have anything personally on FTX, but apparently I had about $2,500 worth of cryptos there.
— David “JoelKatz” Schwartz (@JoelKatz) March 30, 2023
Schwartz, who is a well-known figure in the cryptocurrency industry, explained that this kind of thing can happen when you’ve been in crypto for a long time. He even recounted a similar experience where he discovered 100 BTC that he had forgotten about. However, this time, the lost funds were not as significant.
As reported by AZCoin News, FTX Europe, the European subsidiary of the bankrupt cryptocurrency exchange FTX, has opened a new website to enable its former customers to withdraw their remaining funds from the platform. The new domain name, https://ftxeurope.eu/, has been approved by the Cyprus Securities and Exchange Commission (CySE) and will offer no products or services apart from balance withdrawal.
This is good news for users who have funds locked up on FTX Exchange, including David Schwartz. They now have a chance to recover their funds and put the episode behind them. However, it is a stark reminder of the risks that come with investing in cryptocurrency and the importance of being vigilant with one’s investments.
Read more:
- FTX Europe Launches New Website For Customer Withdrawals Amid Parent Company’s Bankruptcy
- FTX Had A $6.8 Billion Shortfall In Its Balance Sheet When It Filed For Bankruptcy Last November
- Hedge Fund Modulo Capital Seeks Return Of $400 Million Investment From FTX And SBF