Will FTX traders get their money back? Bankruptcy experts weigh in
Creditors in FTX's multibillion dollar bankruptcy could number more than a million. Disgraced FTX founder Sam Bankman-Fried appeared in a Manhattan courtroom on Thursday to face federal charges, a major step as prosecutors seek answers for what they've described as "a fraud of epic proportions." More than one million possible victims, however, remain in the early stages of a likely yearslong bankruptcy proceeding that will probably return only a portion of the money they lost, some bankruptcy experts told ABC News. According to the indictment, Bankman-Fried -- who was ordered released on $250 million bond and did not enter a plea -- allegedly stole $8 billion from FTX investors and customers and used it to pay debts and expenses of Alameda Research, his privately held hedge fund. He also used the money to purchase lavish real estate and make political donations to mainly Democrats but also some Republicans as he sought influence in Washington, prosecutors said. Many...