Customers of failed crypto ventures like FTX, Celsius Network or Genesis may one day see some of their money again — but they had better be prepared to wait.
Experts say that recovering money lost to fraud or the financial collapse of a company is a complex and hard-to-predict process. While often some money can be returned, it can take years to be returned to victims, and it is unlikely anyone will be made whole.
Each situation is unique and depends on whether the recovery effort is being run through a bankruptcy process, by a court-appointed receiver or through restitution agreements hammered out by prosecutors.
“It is fair to say that a fraud victim probably has a better than zero shot at some recovery, but the average recovery is likely in the pennies to dimes on the dollar,” said Jordan Maglich, a Florida-based attorney who runs the blog Ponzitracker.
FTX and Celsius imploded amid…