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FTX’s multibillion-dollar cryptocurrency blowup hasn’t destroyed all faith in the industry. 

In a new documentary premiering Monday, FTX customers, insiders and investors tell CNBC that despite not receiving a single dollar worth of cryptocurrency back, they’re optimistic on the industry and plan to keep investing. 

Evan Luthra, an app developer, entrepreneur and angel investor, told CNBC he lost $2 million dollars in the collapse of FTX. Luthra said he knew when FTX filed for bankruptcy in late 2022 that he wouldn’t have “access to any of this money for the next few years.” He continues to speak at crypto conferences

FTX Customer, Evan Luthra, spoke to CNBC in Miami before speaking at a crypto conference.

CNBC

“I do want everybody to understand that the mistake here was not bitcoin, the mistake was not crypto,” Luthra said. “The fundamental reason why we buy bitcoin, why we use bitcoin has not changed.” 

Luthra said his hefty loss on FTX hasn’t shaken his bitcoin bullishness.

“I know it’s going to end up at over $100,000 sooner or later anyways, so for me it’s a great buy,” he said. Bitcoin is currently trading at about $26,900, down from a high of about $69,000 in December 2021.

“All the success is made in the trenches, not when everybody’s already celebrating,” he said. 

FTX, once one of the largest cryptocurrency exchanges in the world, spiraled into bankruptcy after its swift collapse last year. Shortly after, FTX investigators said they discovered $8.9 billion dollars in customer assets were missing from the exchange.

FTX founder and ex-CEO Sam Bankman-Fried faces seven criminal charges for fraud and violating campaign finance violations. He’s pleaded not guilty to all charges. Jury selection begins in Manhattan on Tuesday.

FTX Founder Sam Bankman-Fried leaves from Manhattan Federal Court after court appearance in New York, United States on June 15, 2023.

Fatih Aktas | Anadolu Agency | Getty Images

At a bankruptcy hearing in April 2022, an attorney for FTX said $7.3 billion dollars in cash and liquid crypto assets had been recovered from the exchange. So far, none of the customers interviewed by CNBC have received any of their money back. 

Jake Thacker, an FTX customer in Portland, Oregon, told CNBC he lost hundreds of thousands of dollars shortly after losing his job in the tech industry.

“I’m in quite a big hole right now,” Thacker said. “I’m probably going to have to file for bankruptcy.”

FTX customer, Jake Thacker spoke with CNBC after losing hundreds of thousands of dollars on the exchange.

CNBC

Thacker told CNBC he “would encourage people to still invest in crypto.” 

“I probably would give them some different advice at this point,” he said. That advice would come with the warning, “Here’s what I learned, don’t make the same mistakes I did.” 

Bhagamshi Kannegundla said he first heard about FTX in an advertisement featuring comedian Larry David that aired during the Super Bowl. 

“I was like, oh my goodness, there’s all these big name people utilizing FTX,” Kannegundla said. “So I was like, OK, hey, I think I’ll be safe using this.”

Less than a year later, Kannegundla was out $174,000, representing around 60% of his crypto portfolio, from FTX’s collapsed.

Bhagamshi Kannegundla, an FTX customer, told CNBC he sold his bankruptcy claim to reinvest in crypto.

CNBC

“Based on all the other bankruptcies and everything that happened in the crypto market, I was really, really worried about getting anything back, and then how long I would have to wait,” Kannegundla said.

Instead of waiting for the recoveries to eventually be distributed to FTX customers,  Kannegundla went online and found a company that would help him sell his bankruptcy claim for pennies on the dollar to get a little bit of cash more quickly.

Kannegundla said his bankruptcy claim was for $174,000. He received around $19,000 in the sale. 

“The buyer was, after all the due diligence and everything, it went down to like 11% of the $174,000,” he said.

Years later, if the FTX bankruptcy process recovers more than the 11 cents on the dollar for his claim, the buyer pockets the difference. Kannegundla said he will have “zero regrets” if that money gets recovered because he has a different strategy.

“I wanted to get the cash from the bankruptcy claim, primarily to invest in crypto again,” he said. “I felt as if there was a good chance for me to make money in the next five to 10 years.” 

Kannegundla understands that it may be an odd choice.

“People might think I’m crazy for this,” he said. “After going through the FTX and all these other bankruptcies, why would you want to buy any more crypto?” 

He rationalized his decision. 

“When you believe in something as far as technology, you will go through it, you know, it’s kind of like the same person who bought like, let’s say Amazon stock,” he said. 

Another FTX customer, Sunil Kavuri, who has a background in traditional finance, said he moved his digital assets from rival exchange Binance to FTX because he believed it was a safe place for his money. He pointed to the fact that the company raised money from top venture capital firms Sequoia and Paradigm.  

“I thought OK, this is a very safe, institutionally backed exchange,” he said.

Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users.

Nurphoto | Nurphoto | Getty Images

In an email to CNBC, Kavuri said he hasn’t purchased any crypto since the collapse of FTX because he “wanted to take a break from suffering a massive loss.” Over the last 10 months, he said the majority of his time has been spent fighting “for the rights of all FTX users that lost money due to the FTX bankruptcy.” 

“It hasn’t shaken my faith in the underlying asset itself,” Kavuri said. “I think cryptocurrencies generally, it should be here to stay.”

FTX Customer, Sunil Kavuri spoke with CNBC about his multi-million dollar loss after the exchange filed for bankruptcy.

CNBC

Across the industry, crypto still has its believers despite the madness of 2022.

Brett Harrison, the former President of FTX’s U.S. business, said he was blindsided by his parent company’s collapse. But he’s doubling down on cryptocurrencies.

Harrison, who left FTX less than two months before its demise, told CNBC he “had no reason to suspect that FTX wasn’t anything other than extremely profitable and in great shape” prior to his departure.

Brett Harrison, the Former President of FTX US left the company less than two months before it’s collapse.

CNBC

Speaking about his plan to move forward, Harrison said he’s been raising money to start a new company in the space called Architect Financial Technologies. 

“I’d really like to build a technology and a tech-forward brokerage that allows people to trade seamlessly and easily in digital assets and any kind of other tokenized products in addition to other asset classes,” Harrison said. 

Anthony Scaramucci, founder of Skybridge Capital, said he felt like he was late to the game. He didn’t make his first bitcoin investment until October 2020. He later started Skybridge to focus on digital assets. 

Anthony Scaramucci, the founder of Skybridge Capital, spoke with CNBC at his office in New York.

CNBC

Scaramucci told CNBC he “was building a close relationship with Bankman-Fried” and felt “betrayed and disappointed” when FTX collapsed after making a $10 million dollar investment in the exchange’s FTT token.

He said he still sees “a very strong bull case for Web 3,” referring to broad technologies surrounding crypto and the prospective future of a distributed internet.

“You got to be patient” he said. “If you’re going to go through a period of fraud, and fraudsters and over leverage, you have to see it to the other side.”

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Beta stock jumps 9% on $1 billion motor deal with air taxi maker Eve Air Mobility

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December 2, 2025

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Beta stock jumps 9% on billion motor deal with air taxi maker Eve Air Mobility

Beta Technologies strikes $1B electric motor manufacturing deal with Eve Air Mobility

Beta Technologies shares surged more than 9% after air taxi maker Eve Air Mobility announced an up to $1 billion deal to buy motors from the Vermont-based company.

Eve, which was started by Brazilian airplane maker Embraer and is now under Eve Holding, said the manufacturing deal could equal as much as $1 billion over 10 years. The Florida-based company said it has a backlog of 2,800 vehicles.

Shares of Eve Holding gained 14%.

Eve CEO Johann Bordais called the deal a “pivotal milestone” in the advancement of the company’s electric vertical takeoff and landing, or eVTOL, technology.

“Their electric motor technology will play a critical role in powering our aircraft during cruise, supporting the maturity of our propulsion architecture as we progress toward entry into service,” he said in a release.

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Amazon launches cloud AI tool to help engineers recover from outages faster

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December 2, 2025

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Amazon launches cloud AI tool to help engineers recover from outages faster

Mateusz Slodkowski | SOPA Images | Lightrocket | Getty Images

Amazon’s cloud unit on Tuesday announced AI-enabled software designed to help clients better understand and recover from outages.

DevOps Agent, as the artificial intelligence tool from Amazon Web Services is called, predicts the cause of technical hiccups using input from third-party tools such as Datadog and Dynatrace. AWS said customers can sign up to use the tool Tuesday in a preview, before Amazon starts charging for the service.

The AI outage tool from AWS is intended to help companies more quickly figure out what caused an outage and implement fixes, Swami Sivasubramanian, vice president of agentic AI at AWS, told CNBC. It’s what site reliability engineers, or SREs, do at many companies that provide online services.

SREs try to prevent downtime and jump into action during live incidents. Startups such as Resolve and Traversal have started marketing AI assistants for these experts. Microsoft’s Azure cloud group introduced an SRE Agent in May.

Rather than waiting for on-call staff members to figure out what happened, the AWS DevOps Agent automatically assigns work to agents that look into different hypotheses, Sivasubramanian said.

“By the time the on-call ops team member dials in, they have an incident report with preliminary investigation of what could be the likely outcome, and then suggest what could be the remediation as well,” Sivasubramanian told CNBC ahead of AWS’ Reinvent conference in Las Vegas this week.

Commonwealth Bank of Australia has tested the AWS DevOps Agent. In under 15 minutes, the software found the root cause of an issue that would have taken a veteran engineer hours, AWS said in a statement.

The tool relies on Amazon’s in-house AI models and those from other providers, a spokesperson said.

AWS has been selling software in addition to raw infrastructure for many years. Amazon was early to start renting out server space and storage to developers since the mid-2000s, and technology companies such as Google, Microsoft and Oracle have followed.

Since the launch of ChatGPT in 2022, these cloud infrastructure providers have been trying to demonstrate how generative AI models, which are often training in large cloud computing data centers, can speed up work for software developers.

Over the summer, Amazon announced Kiro, a so-called vibe coding tool that produces and modifies source code based on user text prompts. In November, Google debuted similar software for individual software developers called Antigravity, and Microsoft sells subscriptions to GitHub Copilot.

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Amazon to let cloud clients customize AI models midway through training for $100,000 a year

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December 2, 2025

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Amazon to let cloud clients customize AI models midway through training for 0,000 a year

Attendees pass an Amazon Web Services logo during AWS re:Invent 2024, a conference hosted by Amazon Web Services, at The Venetian hotel in Las Vegas on Dec. 3, 2024.

Noah Berger | Getty Images

Amazon has found a way to let cloud clients extensively customize generative AI models. The catch is that the system costs $100,000 per year.

The Nova Forge offering from Amazon Web Services gives organizations access to Amazon’s AI models in various stages of training so they can incorporate their own data earlier in the process.

Already, companies can fine-tune large language models after they’ve been trained. The results with Nova Forge will lean more heavily on the data that customers supply. Nova Forge customers will also have the option to refine open-weight models, but training data and computing infrastructure are not included.

Organizations that assemble their own models might end up spending hundreds of millions or billions of dollars, which means using Nova Forge is more affordable, Amazon said.

AWS released its own models under the Nova brand in 2024, but they aren’t the first choice for most software developers. A July survey from Menlo Ventures said that by the middle of this year, Amazon-backed Anthropic controlled 32% of the market for enterprise LLMs, followed by OpenAI with 25%, Google with 20% and Meta with 9% — Amazon Nova had a less than 5% share, a Menlo spokesperson said.

The Nova models are available through AWS’ Bedrock service for running models on Amazon cloud infrastructure, as are Anthropic’s Claude 4.5 models.

“We are a frontier lab that has focused on customers,” Rohit Prasad, Amazon head scientist for artificial general intelligence, told CNBC in an interview. “Our customers wanted it. We have invented on their behalf to make this happen.”

Nova Forge is also in use by internal Amazon customers, including teams that work on the company’s stores and the Alexa AI assistant, Prasad said.

Reddit needed an AI model for moderating content that would be sophisticated about the many subjects people discuss on the social network. Engineers found that a Nova model enhanced with Reddit data through Forge performed better than commercially available large-scale models, Prasad said. Booking.com, Nimbus Therapeutics, the Nomura Research Institute and Sony are also building models with Forge, Amazon said.

Organizations can request that Amazon engineers help them build their Forge models, but that assistance is not included in the new service’s $100,000 annual fee.

AWS is also introducing new models for developers at its Reinvent conference in Las Vegas this week.

Nova 2 Pro is a reasoning model whose tests show it performs at least as well as Anthropic’s Claude Sonnet 4.5, OpenAI’s GPT-5 and GPT-5.1, and Google’s Gemini 3.0 Pro Preview, Amazon said. Reasoning involves running a series of computations that might take extra time in response to requests to produce better answers. Nova 2 Pro will be available in early access to AWS customers with Forge subscriptions, Prasad said. That means Forge customers and Amazon engineers will be able to try Nova 2 Pro at the same time.

Nova 2 Omni is another reasoning model that can process incoming images, speech, text and videos, and it generates images and text. It’s the first reasoning model with that range of capability, Amazon said. Amazon hopes that, by delivering a multifaceted model, it can lower the cost and complexity of incorporating AI models into applications.

Tens of thousands of organizations are using Nova models each week, Prasad said. AWS has said it has millions of customers. Nova is the second-most popular family of models in Bedrock, Prasad said. The top group of models are from Anthropic.

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