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Joined 1 year ago
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Cake day: September 17th, 2023

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  • There are a few ways that the court can get this money. Disclaimer I am not an expert in bankruptcy law.

    The most obvious one is what you said. The court can order the company’s assets to be liquidated and then the proceeds of the sales would be distributed proportionally among the creditors.

    Next they can go after the perpetrators like Sam Bankman-Fried and his crew. If they have any personal assets that they acquired as a result of their criminal activity at FTX, the court may be able to take some of that money to pay creditors.

    Lastly is “clawbacks”. Let’s say you invested $1,000,000 in FTX and you were one of the lucky ones and happened to withdraw $10,000,000 in proceeds during the height of the scam. The court could claw back up to $9,000,000 from you since all of those proceeds were the result of a scam, even if you had no idea that FTX was shady. This is typically how the courts recover money from ponzi schemes like Bernie Madhoff






  • The OMNY system in NY doesn’t require you to install an app on your phone. It’s tap to pay with any credit or debit card, even apple or Google pay. If you want you can still get a physical OMNY card and refill it, but it’s not required.

    Sounds like a skill issue on the author’s part tbh.

    Also fuck physical checks, online payments are 100x better. Writing all of your baking information on a slip of paper and handing it to someone is probably the least secure way to transfer money.