FTX recovered $7.3B in Assets and is considering restarting! - page 5.

ivankoh

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their restart and even come back always mean they are commited in fixing their past mistake, of course that should already be taken into consideration and I doubt they could even restart without the reimbursement and what I mean is in proper way not using some underhanded method.

Yes, FTX plans to reopen as they get a lot of user interest and suggestions because above all their exchange technology is good and fully responsive. they have a plan to restart the exchange instead of a plan to liquidate assets for compensation. Even so, will they restart the operation of the exchange and return the money to the users? Who will be the next legally responsible person who will run the exchange??? there will still be no guarantees at least in my opinion.
Mistakes and remedial opportunities for business return are not uncommon but when their trust has been seriously damaged, and when nothing is certain happens. Its consequences will continue to be devastating.

JeffBrad12

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Quote from: theskillzdatklls on April 22, 2023, 12:50:59 PM

It really would be quite nice if they restarted, allowed partial withdrawals and then had a make-up token that they used to start paying their customers back with over time that could be traded at a discount on the open market.

Bitfinex effectively did similar during their hack and paid it off. Seems like a good enough method to me.

their restart and even come back always mean they are commited in fixing their past mistake, of course that should already be taken into consideration and I doubt they could even restart without the reimbursement and what I mean is in proper way not using some underhanded method.
I'd always welcome a company fixing their past mistake, if they didn't decide to make comeback and restart everything instead, I doubt many of the victims will get their reimbursement.
at the meantime it will also add competition in the market, and ftx as far as I know got many userbase that are quite supportive in the past.

bitgolden

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Quote from: STT on April 18, 2023, 08:28:45 AM

Does it make any difference to them in prospects if the BTC price has recovered since late last year. I was thinking of the Mt.Gox recovery where people lost some of their money but gained from the price over time, does that dollar accounting give them optimism perhaps.
My impression on alot of these banks and financial operations is they all can potentially fall apart if leverage and backers leave. Putting in a new safe pair of hands to manage things and maybe just wind it down and sell off the asset worth of customers is part of the game, they'd rather do this then burn it down in a firesale. Doesnt seem too irregular an occurrence to hear of a revival.

I think a bit? I mean thinking that when they crashed the price wasn't that much different from now, I would guess that it shouldn't really have too much impact, plus if they wanted to use it to distribute or pay debts, they would cause a drop as well so it would have no benefit left at all.

This is the important part here, it is not free money that they suddenly got, they still have insane amount of debt to pay the investors which means that this is not a profit for the market at all. What happened happened, and we calculated the FTX drop into the market and we are still recovering anyway today, so adding this new thing into a brand new calculation should not be that easy, it could help us grow or it could hurt us as well.

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Quote from: fullhdpixel on April 19, 2023, 06:22:40 AM

Quote from: tiCeR on April 16, 2023, 03:49:21 PM

It was quite interesting in the case of Mt. Gox as a lot of people got into profits that way. Most of them would have probably sold much earlier and now they there Bitcoin were stuck they couldn't take any action to their own benefit.

And this number $7.3B is kind of odd, don't you guys think so? I thought they were almost fully broke, but this quite an amount of money. Now the question really is what values they picked in order to calculate that amount. If there are a lot of illiquid assets the amount could go down tremendously.

Profits? I thought we are talking about collapses here, unless if you mean the refund made by Mt.gox. If that is then yeah people are surely be in profit because they invest in BTC long time ago when its value was still cheap but it have grown a lot through the years even though it experience a dip last time. You are right, FTX got bankrupt these new money they have accumulated did only came from other sources such as their crypto investment. We heard that they have massive SOL holdings. That is one already but they might have other sources of income. These calculations can go down but it can also rise more if they haven't liquidated it yet.

I do agree that it is going to be something profitable if there are more coins out there, I mean think about it FTX could find those assets and can sell them and give people their money and people could use that money to buy more. That would help everyone, and the market would go up like crazy. But I still think that it is not anytime soon and these are just rumors, it is not going to be of any help until something happens, this is just talking.

I hope that 7.3 billion could fix all their problems too, this way maybe they won't bankrupt and go back, surely they won't find any customers, but they do have investments and they could make money from them and they could do a lot better in the long run if they keep making more profits.

theskillzdatklls

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It really would be quite nice if they restarted, allowed partial withdrawals and then had a make-up token that they used to start paying their customers back with over time that could be traded at a discount on the open market.

Bitfinex effectively did similar during their hack and paid it off. Seems like a good enough method to me.

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Quote from: Ultegra134 on April 19, 2023, 04:00:43 PM

Quote from: Silberman on April 19, 2023, 12:31:50 PM

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

And I agree with you, now they may try to get the money of outside investors to try to gain even more liquidity, but if anyone was interested in this kind of business and they had he money to do so then they might as well start anew with their own exchange that at least did not had a negative reputation, as it is the case with the FTX exchange, so it does not matter how much I think about it I do not think there is any chance for this exchange to ever become successful again.

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Quote from: Franctoshi on April 19, 2023, 04:31:23 PM

The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

I don't really think that they will ever think of directly paying the users who've lost money in their crash but might come up with a plan of repayment for the losses of the people just like how Terra did with their community after the crash of LUNA and UST. They fooled the community into creating another chain and another token and airdropping a token to them with almost no value that too isn't given in full.

They might come up with a plan like that to repay their users and start operations again, but as you said, I'm pretty positive that they can never build the same reputation again no matter how hard they try.

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Quote from: taufik123 on April 20, 2023, 06:57:24 PM

Quote from: BenCodie on April 19, 2023, 11:30:33 PM

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

But in reality, most of those trapped in FTX are big investors. Whether they are first-time customers can't be sure.
But if they are fine with returns and make them very respectable.
That would be a strange thing. I myself am even fed up with FTX despite their efforts to refund users.

There is nothing to expect from FTX when the funds are already refunded. Leaving and closing the FTX account is the final decision.
Although there are many bonuses or promises to become a trusted CEX again, it's all nonsense.
Successful or unsuccessful in rebuilding FTX, is no longer important.
Criminals remain criminals, that's already a permanent marker for FTX.

If they can refund investors and restart their business, that is commendable for their efforts. But I agree with you, once they refund us, we should completely stay away from FTX and never use it again. Do not repeat mistakes because there is no guarantee that they will not crash again. But I am more interested in whether they return the money to the investor or not. Or will they be the 2nd Mt.gox that just promises and promises without returning even a bit to investors?

Fesatmas

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Quote from: adaseb on April 12, 2023, 12:46:46 PM

Good news today from the FTX lawyers. They said that over $7.3B has been recovered and they are considering actually rebooting the exchange somewhere in the Q2.

FTT is rallying over 40% on this news, almost topping $2.

The only issue with this is that if assets such as SOL drop back down to <$10 then obviously they won't have $7.3B anymore. Since their largest holding is SOL with owning over 10% of the supply. Either way its a good win since many will get some of their assets back at least. Hopefully this wont be another MtGox which took over a decade.

One thing that most FTX customers hope to get their money back and investors who buy FTT coins I hope that the increase can reduce the burden of loss, I also hope that this is not the next Mt Gox which may still collect a lot of funds.
But if they start activities like they used to before FTX was destroyed, I think it will not be effective and the most important thing is the trust in them I think almost 99% is lost from their main community, if you think the FTX foundation can turn things around in my opinion that is not Possible.

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Quote from: BenCodie on April 19, 2023, 11:30:33 PM

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

But in reality, most of those trapped in FTX are big investors. Whether they are first-time customers can't be sure.
But if they are fine with returns and make them very respectable.
That would be a strange thing. I myself am even fed up with FTX despite their efforts to refund users.

There is nothing to expect from FTX when the funds are already refunded. Leaving and closing the FTX account is the final decision.
Although there are many bonuses or promises to become a trusted CEX again, it's all nonsense.
Successful or unsuccessful in rebuilding FTX, is no longer important.
Criminals remain criminals, that's already a permanent marker for FTX.

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Quote from: Franctoshi on April 19, 2023, 04:31:23 PM

The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

According to the Twitter account @RadarHits, FTX plans to reactivate the exchange at a cost of up to $100m.
Let's assume they managed to raise $100m in fees and get the exchange running again, but how much trust do people have in them after the crash?

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Quote from: Ultegra134 on April 19, 2023, 04:00:43 PM

Quote from: Silberman on April 19, 2023, 12:31:50 PM

Quote from: Hamphser on April 18, 2023, 06:59:41 PM

Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

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Quote from: Ultegra134 on April 19, 2023, 04:00:43 PM

Quote from: Silberman on April 19, 2023, 12:31:50 PM

Quote from: Hamphser on April 18, 2023, 06:59:41 PM

Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

Yes, this is what im been pointing out.They could restart all they want but they should not expect that those previous users or investors of their platform would be coming back in 100% trust after all on what happened. This isnt something that they could be seeing it back.This is why im not really be in shocked if ever they would really be that closing back due to lack of revenue or being bankrupt. It is really just
that a normal approach that trust couldnt be backed up 100% on the time that people do know that they do have that bad history specially in speaking about funding.
It is really that mind boggling and huge question on how they do able to get it back in one go?

Franctoshi

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The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

Ultegra134

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Quote from: Silberman on April 19, 2023, 12:31:50 PM

Quote from: Hamphser on April 18, 2023, 06:59:41 PM

Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

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Quote from: Silberman on April 19, 2023, 12:31:50 PM

Quote from: Hamphser on April 18, 2023, 06:59:41 PM

Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

It's been the case for the crypto community even for the casinos that have been proven to be a scam, there can never be a clear slate for them even if they try resolving the scam accusations.

For FTX to consider restarting the platform, it will not be welcomed by the regulators. I don't think they'd be happy now that Gensler is about to be kicked. The users of the platform want their funds back, that should be thier priority after all it's not theirs.

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Quote from: Hamphser on April 18, 2023, 06:59:41 PM

Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

fullhdpixel

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Quote from: tiCeR on April 16, 2023, 03:49:21 PM

It was quite interesting in the case of Mt. Gox as a lot of people got into profits that way. Most of them would have probably sold much earlier and now they there Bitcoin were stuck they couldn't take any action to their own benefit.

And this number $7.3B is kind of odd, don't you guys think so? I thought they were almost fully broke, but this quite an amount of money. Now the question really is what values they picked in order to calculate that amount. If there are a lot of illiquid assets the amount could go down tremendously.

Profits? I thought we are talking about collapses here, unless if you mean the refund made by Mt.gox. If that is then yeah people are surely be in profit because they invest in BTC long time ago when its value was still cheap but it have grown a lot through the years even though it experience a dip last time. You are right, FTX got bankrupt these new money they have accumulated did only came from other sources such as their crypto investment. We heard that they have massive SOL holdings. That is one already but they might have other sources of income. These calculations can go down but it can also rise more if they haven't liquidated it yet.

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Quote from: Semar Mesem on April 17, 2023, 10:27:36 AM

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

STT

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Does it make any difference to them in prospects if the BTC price has recovered since late last year. I was thinking of the Mt.Gox recovery where people lost some of their money but gained from the price over time, does that dollar accounting give them optimism perhaps.
My impression on alot of these banks and financial operations is they all can potentially fall apart if leverage and backers leave. Putting in a new safe pair of hands to manage things and maybe just wind it down and sell off the asset worth of customers is part of the game, they'd rather do this then burn it down in a firesale. Doesnt seem too irregular an occurrence to hear of a revival.

Topic: FTX recovered $7.3B in Assets and is considering restarting! - page 5. (Read 1150 times)