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FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains

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FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains
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- An FTX customer has sued hedge fund Olympus Peak, alleging that the fund underpaid him for his claim in the bankrupt cryptocurrency exchange. - The customer, Nikolas Gierczyk, sold his $1.59 million claim to Olympus Peak at a 42% discount. - Gierczyk claims that he negotiated an explicit right to additional recovery in his agreement with Olympus Peak, but the fund refused to honor it. - FTX, the bankrupt cryptocurrency exchange, has amassed billions of dollars more than it needed to cover customer losses due to a bullish crypto market. - Hedge funds often buy distressed assets at a discount, offering claimants a quick payout while holding out for a better recovery in the bankruptcy process.

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