Well the FTX assets were frozen. So most likely this swap won't even work since the website will be shutdown very soon. Our only hope right now is that these frozen assets become like MtGox frozen assets which go 5-10x in the next few years and FTX will become solvent again and we can be repaid in full.... in 2032.
They apparently hold like 10% of all the SOL supply. If SOL becomes the next ETH in 2-3 years then I can see it becoming solvent again.
Topic: FTX allowing Justin Sun coins swap... with 80% hair cut (Read 88 times)
If Justin Sun is involved then you can bet that the only person who is going to benefit is Justin Sun. He’s using this as a way for him to profit from the losses and frustrations of others. I doubt it’s really going to help FTX at all and more likely will just be another layer of fleecing that customers have to endure if they want to recover anything from this mess.
Maybe its a trick, so if everybody buys this token at a 80% loss, then FTX liabilities reduce by 80% and they solvent again?
That would only work if the majority of their holdings were in Tron-based coins (they're not), but they have large bags of BTC, ETH, and FTT instead and none of these can be "haircutted" to reduce their liabilities.
But people will sell their BTC, ETH, Stables for TRX at an 80% rate cut.
Looking at TRXUSD and TRXUSDT there was $200M that traded.
There is probably another $50M that traded in the other tokens and their BTC pairs counterparts.
So far $250M traded, so SBF liabiabilites of $250M went down to $50M.
Do this for a month or two and he will be solvent again.
SBF won't go to jail.
Justin Sun will be rich and his token will become popular.
Retail gets screwed
I was around in 2015 when Bitfinex got hacked. As soon as that exchange went online, people sold their IOU token at a loss and were happy just to lose 30%. Then 6-12 months later, Bitfinex paid back in full all those loses in USD terms.
Maybe its a trick, so if everybody buys this token at a 80% loss, then FTX liabilities reduce by 80% and they solvent again?
That would only work if the majority of their holdings were in Tron-based coins (they're not), but they have large bags of BTC, ETH, and FTT instead and none of these can be "haircutted" to reduce their liabilities.
Justin Sun said he will burn the tokens from holders on FTX and swap them into his Huobi exchange 1:1.
Then later FTX confirmed this with this tweet
https://twitter.com/FTX_Official/status/1590763245488713729
Now there is a crazy premium on the exchange. Basically you are losing 80-85% of your assets.Price before this premium was like $0.05 and now its $0.30 on FTX.
I remember Bitfinex at least had a 30% haircut when they got hacked back in 2015, but 80% haircut is just crazy.
Maybe its a trick, so if everybody buys this token at a 80% loss, then FTX liabilities reduce by 80% and they solvent again?
Very very shady stuff....
Then later FTX confirmed this with this tweet
https://twitter.com/FTX_Official/status/1590763245488713729
Now there is a crazy premium on the exchange. Basically you are losing 80-85% of your assets.Price before this premium was like $0.05 and now its $0.30 on FTX.
I remember Bitfinex at least had a 30% haircut when they got hacked back in 2015, but 80% haircut is just crazy.
Maybe its a trick, so if everybody buys this token at a 80% loss, then FTX liabilities reduce by 80% and they solvent again?
Very very shady stuff....
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