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The former White House cop protects his anonymity

Former US Secret Service agent Jeremy A. Sheridan said the identities of FTX creditors must be protected to help them avoid being scammed again.

The former elite cop who represents the FTX Commission of Unsecured Creditors said anonymity is critical to preventing identity theft and victimization online.

FTX creditors should not be fodder for fraud, Sheridan argues

Sheridan filed papers pursuant to the creditors’ anonymity on 20 April. The filing came after a US judge agreed to protect the names of FTX’s 50 largest creditors amid the company’s Chapter 11 bankruptcy proceedings requiring public listing of creditors’ names.

However, Sheridan argues that exposing large cryptocurrency holders will make them a target for scammers. Large institutional investors are also facing scrutiny for not doing enough due diligence on the crashing Bahamian Stock Exchange.

FTX declared bankruptcy in November 2022 after negative press around its FTT token caused a wave of withdrawals and accelerated its bankruptcy. The company intends to file a plan detailing a path out of bankruptcy by July 2023. Press reports about the exchange’s restart surfaced earlier this month.

Big investors put losses behind them

Ontario Teachers’ Pension Plan, which eliminated $95 million in FTX, says it will shun more Crypto investments. The $190 billion fund invested in FTX in 2021 and 2022.

“We took our time and did a lot of due diligence in the work. OTTP President Joe Taylor told financial times. He added that despite the comprehensive due diligence, withholding some data hurt the fund’s ability to make a more objective decision.

Coral Web3 said it had to take drastic measures to survive after losing $14.5 million when FTX collapsed. Despite the lack of funds, the company launched xNFT, a new protocol for tokenization. The new protocol enabled a curated app store inside Coral’s new Backpack Wallet.

FTX’s bankruptcy property recovered $7.3 billion to creditors on April 12.

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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