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What next for French victims of the FTX cryptocurrency exchange collapse?

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What next for French victims of the FTX cryptocurrency exchange collapse?

The collapse of the FTX cryptocurrency trade has had repercussions across the globe, with greater than 1,000,000 purchasers shedding cash in a single day. In France, some 50,000 to 60,000 individuals had been affected. As they search for authorized options to get their a reimbursement, will the victims proceed to spend money on cryptocurrency?

Like a whole bunch of hundreds of FTX prospects around the globe, Hassan, who lives in France, skilled a shock in early November.

“I’m crying,” he tweeted on 8 November, after FTX founder and CEO Sam Bankman-Fried tried to reassure everybody that the corporate primarily based in the US and the Bahamas was nice.

The following day, because the trade began shutting down, Hassan wrote: “In sooner or later I misplaced all the pieces I had invested in a single 12 months. It’s horrible.”

Life financial savings gone

FTX was one of many largest digital forex exchanges, which permit customers to commerce cryptocurrencies, like Bitcoin, for standard cash or different digital currencies.

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When FTX collapsed, at the very least a billion {dollars} of buyer funds had been frozen, and the corporate filed for chapter on 11 November.

In a single day, Hassan misplaced 26,000 euros – his total financial savings.

“It’s a really unhealthy reminiscence,” he informed RFI.

In December Bankman-Fried was arrested within the Bahamas and extradited to the US, the place he was charged with fraud.

“Being cheated will not be an excellent expertise,” stated Hassan. “I reside alone with my 15-year-old son, and it’s troublesome. We cancelled holidays, and we now should watch out about what we spend. I’m within the pink with my financial institution.”

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FTX founder Sam Bankman-Fried leaves the federal courthouse in New York on 3 January 2023, after pleading not responsible to costs that he cheated traders and looted buyer deposits on his cryptocurrency platform. © Craig Ruttle/AP

Certainly one of hundreds

Lawyer Ronan Journoud has been advising among the French victims who joined a help group on Telegram. He estimates there are about 55,000 French prospects who misplaced cash with FTX.

“There are all types of individuals,” he informed RFI. “There are individuals who misplaced 1,000 or 2,000 euros, and it’s not some huge cash for them. And even individuals who misplaced way more, and it’s nonetheless not rather a lot. After which there are victims who misplaced virtually all the pieces, as a result of FTX was a really revered firm.”

Hearken to an interview with lawyer Ronan Journoud within the Highlight on France podcast: 

 

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Spotlight on France, episode 87
Highlight on France, episode 87 © RFI

 

Some inexperienced traders, or these drawn in by the guarantees of simple funding, put most – if not all – of their financial savings in cryptocurrency.

Hassan stated he had some holdings in different platforms, however the bulk was in FTX.

“I’ve lots of anger and disappointment,” he stated. Indignant at himself, he’s ashamed of getting misplaced a lot cash, and he has not talked about it with many individuals.

Ethical help

For Journoud, who has a private {and professional} curiosity in cryptocurrency however was not a consumer of FTX (“I might by no means put one euro in an organization positioned in Bahamas,” he stated), victims like Hassan want help, above something.

“Folks first want to speak – to one another, to know they don’t seem to be alone,” he stated. “Some individuals have been in a really, very unhealthy method. And we talked to them, saying there are lots of people in your state of affairs. I feel that was crucial factor to start with.”

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However after the discuss come the practicalities. FTX was primarily based within the US and the Bahamas, and authorized proceedings in opposition to Bankman-Fried are occurring there.

Any consumer can file a declare with the claims agent within the US, which Journoud says he encourages all victims to do, as it’s a comparatively easy kind to fill out.

The method will take years, however prospects may get again some proportion of their losses, relying on how a lot cash the courtroom recovers from the corporate.

Discovering methods to get the cash again

Past that course of, French victims may additionally think about becoming a member of class motion lawsuits in opposition to corporations that promoted FTX providers, however Journoud says a neater option to proceed is to search for oblique traders in FTX and attempt to get cash from them in French or European courts.

“For instance if you happen to invested in a French or European firm, and this firm invested all the pieces in FTX and misplaced all the pieces, it’s attainable to lodge a declare in opposition to them,” he defined.

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That is what some traders did within the Bernie Madoff case, which noticed tens of hundreds of individuals lose investments in what was revealed as a Ponzi scheme in 2008.

No matter victims resolve to do, many usually are not exiting the world of cryptocurrency altogether.

“After all there are some who’re rejecting it, saying: ‘I’ll by no means put cash in anymore’,” says Journoud. However they’re the minority.

Regulating the longer term

“Crypto is one thing that exists, and we must always keep away from conditions just like the FTX collapse, nevertheless it is not going to cease the event of the ecosystem,” Journoud believes.

France has develop into a hub for the cryptocurrency ecosystem, which implies tax legal guidelines and rules are following.

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For some, together with Journoud, the FTX debacle makes a robust case for the necessity for regulation.

“After all within the crypto ecosystem, there are people who find themselves in opposition to regulating,” stated Journoud. “However for me it is essential to control the gamers who’re too massive.”

He want to see these platforms positioned in Europe, and that they be required to have sufficient funds and insurance coverage so customers is not going to develop into victims.

The European Parliament is predicted to vote on laws on the finish of the 12 months –the Markets in Crypto Belongings (MiCA) invoice – that may put in place European-wide regulatory licenses by 2024.

France is preempting it, with a invoice launched within the Nationwide Meeting that may require cryptocurrency platforms to get a regulatory license as quickly as they begin working in France.

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“We have to preserve the spirit of the crypto, to ship worth and cash and paintings instantly, with out an middleman,” stated Journoud. “But when there may be an middleman, like crypto exchanges, we have to regulate them nicely.”


Hearken to an interview with lawyer Ronan Journoud concerning the French victims of the FTX collapse within the Highlight on France podcast right here.

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ZT Mining Introduces User-Friendly Cloud Mining Services for Global Cryptocurrency Investors | Bitcoinist.com

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ZT Mining Introduces User-Friendly Cloud Mining Services for Global Cryptocurrency Investors | Bitcoinist.com

ZT Mining is revolutionizing cryptocurrency investment by offering accessible and secure cloud mining solutions to a worldwide clientele.

Since its inception in 2020, ZT Mining has emerged as a reputable entity in the cryptocurrency sector, serving over 200,000 clients across more than 150 countries. The platform enables users to mine various cryptocurrencies without expensive hardware or specialized technical knowledge.

Simplified Mining Experience

ZT Mining’s platform is designed to be intuitive, allowing users to:

  • Register an Account: Quickly set up a profile to access the platform’s features.
  • Select a Mining Plan: Choose from various plans for different investment levels.
  • Receive Earnings: Profits are deposited directly into the user’s designated wallet, and each plan’s performance is transparently tracked.
  • Automatic Deposit and Withdraw: ZT Mining offers an automatic deposit and withdrawal feature, which is one of the most unique features. Users do not have to worry about deposits and withdrawals once they fix it.

Diverse Investment Plans

The platform offers several investment options to accommodate various investor profiles:

Mining Plan Contract Price Duration Daily Profit Total Net Profit Capital Back
Free Bitcoin Miner $35 1 Day $1.00 $36.00 Yes
Bitcoin S21+ $159 2 Days $3.18 $165.36 Yes
Bitcoin S21+ Hyd $500 5 Days $7.60 $538.00 Yes
Litecoin L7 (8.8Gh) $1,500 7 Days $24.00 $1,668.00 Yes
Dogecoin L7 (9.05Gh) $2,999 10 Days $50.38 $3,502.80 Yes
Dogecoin L7 (9.3Gh) $6,500 15 Days $113.10 $8,196.50 Yes
Bitcoin S21e XP Hyd $15,000 20 Days $270.00 $20,400.00 Yes

These plans are structured to provide daily profits and return on capital, catering to both novice and experienced investors.

What Makes ZT Mining Stand Out in the Market

ZT Mining has the best crypto mining software in the cryptocurrency mining industry. It offers unique features that cater to a broad audience. 

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Here are the key factors that make it a preferred choice:

Innovative and Accessible Technology

ZT Mining uses cutting-edge cloud-based technology to simplify cryptocurrency mining. Users can participate without investing in expensive hardware or acquiring technical expertise. It makes mining accessible to investors, breaking down traditional barriers and making cryptocurrency mining available to a global audience.

Affiliate Program for Additional Earnings

ZT Mining also offers an affiliate program, allowing users to earn commissions by referring new clients. Affiliates receive a 3.2% commission on each referred client’s investment, with additional bonuses ranging from 1.8% to 3.2% for subsequent referrals made by those clients. 

The affiliate program allows you to generate passive income by sharing a unique referral link on various social media platforms.

Transparency and Trustworthiness

Transparency is at the core of ZT Mining’s operations. The platform provides clear tracking of earnings, with users able to monitor their mining outputs in real time. 

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Coupled with reliable daily payouts and a proven history of secure transactions, ZT Mining has earned the trust of over 200,000 clients worldwide.

Diverse Plans for Varied Investors

The mining platform offers a variety of investment plans, catering to different budgets and risk appetites. From low-cost entry-level options to high-value, short-term contracts with significant returns, the platform ensures flexibility for every investor type. Adding features like guaranteed capital return enhances its appeal to those seeking secure, high-reward opportunities in the cryptocurrency space.

These differentiators solidify ZT Mining’s position as a go-to platform for cryptocurrency enthusiasts, combining accessibility, reliability, and profitability in one comprehensive solution.

Advanced Security Measures

The platform employs robust security protocols to protect user investments and personal information. Utilizing EV SSL encryption ensures that all data transmitted between users and the platform is securely encrypted, safeguarding against potential cyber threats. Dedicated servers are fortified against DDoS attacks, providing uninterrupted service access.

Summary

ZT Mining is a trusted and user-friendly platform that simplifies cryptocurrency mining for all types of investors. With advanced technology, diverse investment plans, and a focus on security and transparency, it has gained the confidence of over 200,000 users worldwide.

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FAQs

  1. How does ZT Mining ensure the safety of user investments?

ZT Mining employs advanced security measures, including EV SSL encryption and DDoS protection, to safeguard user data and transactions. The platform also provides transparent earnings tracking, ensuring users fully see their investments.

  1. Do I need technical knowledge or mining equipment to start with ZT Mining?

No, ZT Mining’s cloud-based system eliminates the need for expensive hardware or specialized technical skills. It offers a simple setup and a user-friendly interface.

  1. How can I earn additional income with ZT Mining?

ZT Mining’s affiliate program allows users to earn commissions by referring new clients. Affiliates receive a 3.2% commission on referred investments and bonus rates for indirect referrals. Sharing your unique referral link on social media platforms can help you generate passive income.

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Crypto miners must register with state and reveal power usage under new Texas rule

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Crypto miners must register with state and reveal power usage under new Texas rule

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Bitcoin, Ether, XRP, and others: Cryptocurrencies to watch this week

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Bitcoin, Ether, XRP, and others: Cryptocurrencies to watch this week

Illustration: Burak Can Oztas (Getty Images)

Bitcoin, the flagship cryptocurrency, is on the cusp of a historic milestone: $100,000. Last week, it came close, reaching an all-time high of $99,645 before retreating slightly. As of now, Bitcoin is trading around $98,000, maintaining a strong position despite the minor pullback.

Crypto enthusiasts worldwide are eagerly watching, hopeful that Bitcoin will soon shatter the $100,000 barrier—a market milestone that would further cement its status in financial history.

The cryptocurrency has shown impressive momentum, gaining over 8% in the past week and continuing its upward trajectory.

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