Crypto traders and marketing executives who correctly predicted the collapse of FTX, said that FTX creditors’ repayments will come more than two years after the incident becomes “winning.”
“I thought you were working with so many different governments, different levels of enforcement, different levels of compliance, just because there are so many jurisdictions, Ishan Baidani told Cointelegraph’s Turner Wright in a February 28 interview in Esdenver, Denver, Colorado.
“You’re working with the Bahamas. FTX is multinational, and obviously a lot of money from US and US investors.
“I think two years is a kind of victory,” says Bhaidani, one of the founders of Crypto marketing company Scrib3.
The collapse of FTX is considered one of the biggest financial frauds in US history.
FTX illegally used its clients’ money to fund an investment in sister trading company Alameda Research. When market prices fell, it caused a liquidity crisis, preventing customers from withdrawing funds. The company then filed for Chapter 11 bankruptcy on November 11, 2022.
FTX began refunding the first round on February 18th, 2025, with the next round coming on May 30th. Eligible creditors in the second round must verify their claim by April 11th.
FTX’s recovery plan is expected to receive at least 118% of creditors in cash.
Ishan Baidani’s 20-part X post on October 5, 2022 correctly predicted that something “shady” was unfolding on FTX. Source: Ishan Bhaidani
However, Bhaidani pointed out that it would be interesting to see if the person who bought the claim from the FTX creditors ultimately came to the top.
“If you’re taking $0.25 in dollars and buying Bitcoin for $18,000, $20,000, $30,000, you’ve done pretty well, right?
“You bought ETH, you didn’t either. Did you buy Sol? You’re really, really crazy, right?
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Bhaidani is famous for finding flaws in FTX’s business and predicting it will collapse a month before it is unraveled.
In an interview with Cointelegraph, Bhaidani pointed to the collateral damages that FTX left before the $600 billion Terra Luna Ecosystem collapse and former FTX US President Brett Harrison was tied up by massive payments.
“He’s not even going to hit the best in a $32 billion company. We’re talking about hundreds of millions of dollars of potential fairness, why is he leaving without the best?”
“There’s something to be wrong in the kitchen over there,” Baidani said.
Asked if former FTX CEO Sam Bankman-Fried would be allowed from his 25-year prison sentence, Bhaidani estimated that there was a 2% to 5% chance, but even more unlikely under the current Trump administration.
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