The collapse of cryptocurrency change FTX has already been became a TV drama.
Manufacturing home AGBO took to its Instagram account to disclose that it has “collaborated with David Weil and Amazon Studios on an eight-episode restricted collection concerning the FTX cryptocurrency scandal, which is scheduled to enter manufacturing this spring.”
Weil created the Amazon Prime present “Hunters” and the Apple TV+ presentation “Invasion,” whereas AGBO is the car for administrators Anthony and Joe Russo, who’ve labored collectively on quite a few Marvel Cinematic Universe initiatives.
The present will apparently think about the rise and fall of FTX, which lately collapsed after a liquidity crunch brought on by what was described as “an entire failure of company controls and a complete absence of dependable monetary info” by the chief. answerable for cleansing up the mess
Which ought to make for nice tv, particularly for these whose investments in FTX seem to have evaporated.
On the time of writing, FTX’s liabilities totaled not less than $9 billion whereas belongings have been simply $1.24 billion. Courtroom filings like this slide deck [PDF] it particulars roughly $450 million in money, however anticipates that roughly $400 million will probably be wanted to maintain FTX and its related entities working for the subsequent few weeks.
Traders’ prospects of getting their a reimbursement are due to this fact slim. Even in Japan, one of many few jurisdictions to closely regulate cryptocurrency exchanges and require them to put aside investor funds, FTX reportedly expects it could possibly be a yr earlier than prospects see their cash.
Most different international locations don’t require such protections. Singapore’s Financial Authority (MAS), for instance, has washed its fingers of the state of affairs. He mentioned he stored an eye fixed on rival crypto change Binance for soliciting Singaporean purchasers, however ignored FTX as a result of it did not search native purchasers.
“A very powerful lesson from the FTX debacle is that buying and selling any cryptocurrency, on any platform, is harmful,” the MSA assertion learn. “There is no such thing as a safety for purchasers who commerce in cryptocurrencies. They’ll lose all their cash.”
MAS has been saying it for months, however many world wide weren’t listening. Alternatively, they’ve determined that tokens with no intrinsic worth – and which aren’t related to any productive enterprise – nonetheless symbolize a smart funding.
Amazon Studios has, in its personal approach, made an identical gamble by commissioning a present concerning the scandal. ®