Zach Bruch, one of the largest individual FTX creditors, has been working to recover funds lost by customers of the failed crypto exchange FTX. He has been appointed by the US Department of Justice to serve on the FTX Creditors’ Committee and is actively involved in securing compensation for the victims of white-collar crimes. Bruch is a veteran of the crypto world and recently launched his startup crypto casino, MyPrize, which has a valuation of $140 million and investments from prominent firms.
The collapse of FTX had a significant impact on Bruch, as he was unable to withdraw his funds from the exchange despite being aware of the risks involved in trading. He immediately took action to try and recover the lost funds, which led him to join the FTX Creditors’ Committee to work towards the best possible recovery for all creditors. Bruch believes that justice needs to be served for the victims of such crimes, and that it goes beyond just financial compensation.
Despite claims by Sam Bankman-Fried’s defense that FTX customer losses were “zero” because the estate believed it could make customers whole, Bruch remains focused on ensuring that every customer is reimbursed for their losses. He acknowledges that the emotional and psychological impact of the fraud cannot be compensated for, but remains committed to helping victims recover financially. In the broader crypto market, Bitcoin recently crossed the $70,000 mark, leading to speculation about the end of the crypto winter and what comes next.
The latest US inflation report showed rising prices that are impacting American consumers, with the Fed’s preferred inflation gauge up 2.5% for the 12 months ending in February. Despite the increase in energy prices driving inflation, Fed Chair Jerome Powell remains optimistic and aligned with the central bank’s forecasts. The Fed is not expected to change its plans for cutting interest rates, although there are projections for three rate cuts this year, with the first anticipated in June.
In Russia, six journalists working for independent media outlets were arrested in a span of a few hours, on the eve of the anniversary of American journalist Evan Gershkovich’s detention. Gershkovich has spent a year in Russian detention after being charged with espionage, a claim that has been denied by him, his employer and the US government. The Russian government has yet to provide evidence to support the charges, and the arrests are seen as part of a broader crackdown on freedom of the press in the country.
