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Aug 9, 2024 • 5 min read

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Donald Trump & Kamala Harris Debate
FTX Ordered To Pay $12.7B To Customers

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Donald Trump & Kamala Harris Debate:

Donald Trump and Kamala Harris have officially agreed to participate in a debate on September 10, which will be hosted by ABC News. This announcement came on Thursday, with both the former Republican president and the current Democratic vice president confirming their involvement. The debate is expected to be a significant event as it will bring the two presidential candidates face-to-face to discuss critical issues in the lead-up to the election.
In addition to the ABC News debate, Trump disclosed during a news conference at his Mar-a-Lago residence that he has committed to two additional debates in September. These include a debate hosted by Fox on September 4 and another planned for September 25, with NBC News potentially serving as the host. Harris, speaking at a campaign event in Michigan with the United Auto Workers union, expressed her eagerness to debate Trump, saying she was looking forward to it now that he has confirmed his participation.
However, she did not respond when asked if she would also join the other two debates that Trump mentioned. Trump further announced that CBS News will host a vice-presidential debate between Republican Senator JD Vance of Ohio and Democratic Governor Tim Walz of Minnesota. While Fox has confirmed its role in hosting the September 4th debate, there is still some uncertainty about NBC’s involvement in the proposed September 25 debate. The upcoming debates will play a crucial role in shaping the election narrative as both parties aim for additional voter support.

FTX Ordered To Pay $12.7B To Customers:

A court has ruled that FTX, the bankrupt cryptocurrency exchange, must pay $12.7 billion in compensation to its customers, as announced by the Commodity Futures Trading Commission (CFTC) on Thursday. Specifically, the settlement requires FTX to provide $8.7 billion in restitution to customers who lost their funds during the company’s 2022 collapse and an additional $4 billion in disgorgement, which is intended to strip FTX of any profits gained through its misconduct.
FTX had attracted users by presenting itself as a reliable and secure platform for trading cryptocurrencies. However, according to CFTC Chairman Rostin Behnam, FTX betrayed this trust by diverting customer deposits into its own high-risk investments, leading to its downfall. As part of the settlement, the Bankruptcy Court for the District of Delaware approved an agreement where the CFTC will not pursue further civil penalties against FTX, as noted by the Wall Street Journal.
This resolution follows the sentencing of FTX’s founder, Sam Bankman-Fried, who was convicted in March and sentenced to 25 years in prison for embezzling $8 billion from customers. In addition to the legal settlements, FTX's new management has made considerable progress in recovering funds to compensate customers. They have secured between $14.5 billion and $16.3 billion, which will be used to repay those affected by the exchange's collapse. The recovery process has been complex, involving the tracing and securing of assets spread across different jurisdictions, blockchains, and cryptocurrencies.

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