California-based user got $120,000 stuck in FTX: Hasn’t Lost Faith, Still.

• California-based software engineer had his $120,000 stuck in FTX, 25% of his resources. 
• Nauman had 5 BTC, some Avalanche adding to said amount as per November prices. 
• He now plans to invest in real estate and luxury collectibles. 

Now that Sam Bankman-Fried is on US soil, hopes for a swift trial and a way that could release the stuck fund are rising. And many victims are coming or brought forward to share their stories to give weight to the case from the authorities. 48-year-old California-based Nauman, a father of three, lost access to almost $120,000 funds in FTX. 

The software developer was saving for the college education of his children. Per the Insider review receipts of his FTX investments, he bought roughly 5 BTC on his account and some Avalanche, and when added up by November 2022, prices added to almost $120,000. About 25% of his family’s fortune is trapped indefinitely. 

The 25-year veteran in the field of investment, Nauman, never really bothered about the risks presenting themselves in the crypto industry in 2022. But the FTX saga made him question his experience. 

“If funds just evaporate one day, it’s crookery, then you realize you’re part of a Ponzi scheme. That’s what makes me really upset. A good chunk of my savings are gone because someone tried to defraud me.” 

US authorities have accused Sam of massive deceit for moving billions of dollars of users’ funds for personal gains and benefiting Alameda Research. This incident rattled the whole crypto industry but not Nauman; even after this, he believed in cryptocurrencies, especially Bitcoin, as a strong long-term investment. 

Learning from the past, he plans to assort his investments into hard assets, like luxury collectibles and real estate, rather than speculative assets. He appreciates the investments he can touch and feel in real life. 

The future of his $120,000 stuck-in FTX is in the dark. As per media reports, some bigger players in the industry active in distressed debt investing are looking for customers having their funds stuck on the bankrupt exchange. Some are also offering 13 cents to a dollar. 

When Nauman was asked about his intentions in accepting this offer, he would rather hold on to the chance of getting more in the near future, although his expectations are low. 

New FTX CEO John Ray III had already commented on suspicious financial records; a dubious system of bookkeeping and present records could make it impossible to repay all the customers’ losses. 

The possibility that the retail investors would be made whole again is Nauman’s primary hope. He explained his feeling by saying, that normally small investors are considered last when it comes to refunds or recoup. Their must be a system in place for the unsecured individuals. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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