The implosion of FTX was certainly the story of 2022, leaving hundreds of thousands of crypto investors around the world with significant losses.
While there is a parallel universe where the “crypto wonderkind of 2021” would have gotten away with it (some of their crypto and startup investments such as Solana or Anthropic AI have since seen huge increases in valuation), in our current reality, the excessive risk-taking by Sam Bankman-Fried resulted in the most significant blow-up since Mt. Gox back in 2014.
Even in our more seasoned circles, we are aware of dozens of people who had some or even significant exposure to FTX at the time the lights went out.
If you are one of them, you might ask yourself:
How do I get any of my money back from FTX? As fast and hassle-free as possible?
Enter the new venture of former BitcoinVN Co-Founder and Vietnamese Bitcoin OG Phil Trinh.
ClaimRecov’s main objective is to save investors time and make them liquid again, with ease.
Instead of waiting for lengthy bankruptcy proceedings to play out, ClaimRecov aims to get you back your cash within 2-3 weeks.
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BitcoinVN News: Hi Phil, it’s great to have you with us again! What inspired you to launch ClaimRecov, a service aimed at assisting victims of the FTX fraud in reclaiming part of their lost money?
Phil Trinh: Back then, I put aside some fiat on FTX waiting to buy the dip. Having been a victim of the FTX bankruptcy myself, I felt a deep sense of responsibility to help others in similar situations. The collapse not only highlighted the risks inherent in the unregulated space like crypto, but also the lack of swift remedial solutions for affected investors. ClaimRecov was born out of a need to fill this gap, providing a faster, structured, and less cumbersome way for individuals to recover their assets, without having to navigate through prolonged legal processes.
BitcoinVN News: What can clients who choose to work with ClaimRecov expect, and what benefits do they receive from working with you?
Phil Trinh: Clients working with ClaimRecov can expect a highly focused, efficient, and transparent process tailored to expedite the recovery of their assets. The main benefits include leveraging our extensive network to find claim buyers quickly, a streamlined recovery process that avoids traditional legal hurdles, and personal support throughout. Our approach minimizes costs and maximizes recovery potential, with most cases resolved within 2-3 weeks.
BitcoinVN News: You’ve been involved in the space longer than almost anyone else in Vietnam and the wider South-East Asian region, having been part of the founding team of BitcoinVN (formerly “Bitcoin Vietnam”) back in 2014, right amidst the infamous Mt. Gox collapse. After all those years, what about the whole FTX fiasco surprised you the most?
Phil Trinh: What surprised me the most was not just the scale of oversight and the magnitude of risks taken by FTX, but also that such a debacle could happen despite the endorsement from high-profile firms like Singapore’s Temasek and numerous other celebrities. The visibility of the business and its entanglement with reputable entities made the prolonged and extensive fraud even more shocking. This situation highlighted a critical gap in due diligence and the need for a more skeptical approach to celebrity endorsements in finance.
BitcoinVN News: What can the crypto industry learn, in general, from the FTX situation, and what lessons do you think have been drawn?
Phil Trinh: The FTX collapse serves as a critical reminder of the need for transparency, robust regulatory frameworks, and the importance of risk management. It underscores the necessity for investors to perform due diligence and for platforms to maintain rigorous internal controls. The industry must prioritize building trust with users by implementing higher standards of accountability and conducting constant audits of balance sheets to ensure financial stability and transparency.
BitcoinVN News: What single most important piece of advice would you give to someone who is interested in the space but relatively clueless and feels scared to get involved after all the negative headlines and fallout from FTX?
Phil Trinh: My advice would be to start small, educate yourself continuously, and engage with trusted community resources. A fundamental part of your education should be learning how to keep and guard your own money. I strongly recommend keeping your assets in a hardware wallet rather than on trading platforms. Hardware wallets provide you with control over your crypto, reducing the risk of platform failures and hacks. Use reputable platforms and maintain a healthy skepticism to safeguard your investments. The crypto space, despite its complexities, offers significant opportunities for innovation and investment, but it’s crucial to approach it with informed caution and personal responsibility.
