FTX recovered $7.3B in Assets and is considering restarting! - page 6.

Lucius

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Quote from: stompix on April 17, 2023, 09:31:09 AM

~snip~
Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

It's obviously a secret and they keep it for a reason, but I have no doubt that you're probably right that the ratio is somewhere around 20 to 80 in favor of altoshitocoins. Realistically, that whole FTX was one big shitcoins factory that literally fell apart when the price of BTC went towards $20k, and the token around which everything revolved became almost worthless.

When you have a CEO like Bankman on top of all that, there is only one possible outcome, and that's exactly what happened. Now we watch the classic Saving Private Ryan.

BenCodie

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Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

Quote from: BenCodie on April 17, 2023, 09:25:37 AM

Quote from: Fundamentals Of on April 13, 2023, 10:49:30 PM

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

What do you expect? SBF and the shadows behind him had lined the pockets of a number of very wealthy and powerful people before FTX collapse. Not to mention that his parents are knowledgeable and extremely wealthy. It's shady and it's in your face. The people who are keeping him out of prison probably already have their funds back. The $7.3 billion is probably just the left over after all of the inner circle has been taken care of. That's all speculation...but it's probably true. I really hope not to see FTX operating other than letting people take their money out in Q2.

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.
Maybe, get the funds what they owed from you and use other reputable trading platforms.
We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.
What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.
They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.

I am more than within my right to criticize the monumental fraud that is FTX, whether I am a user or not.

Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

Maybe, get the funds what they owed from you and use other reputable trading platforms.

Yes, anyone who used FTX and who is able to get some of their funds out should be doing exactly that.

Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.

The truth is already out there. FTX was sponsored and purchased endorsements in the fields of sport, celebrities, even politics. This is not speculation, this is factual. They lined the pockets of the rich and powerful and that is how SBF is still free and how FTX is still being considered to be re-booted. Not to mention their manipulation of the market. Again, this is not conspiracy, this happened...and no one should forget it.

Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.

I can partially agree with you on this. There are plenty of decentralized services out there, they should be prioritized over third party/centralized services, if they absolutely need to be used to begin with.

Quote from: TimeTeller on April 17, 2023, 09:45:11 AM

They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

I hope everyone gets their funds out and never touches them again. There are much better alternatives out there, there is no need to use this fraud of a platform.

I also hope the shadows behind SBF and Do Kwon get what is coming to them for artificially manipulating the cryptocurrency market since June 2022.

tiCeR

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Quote from: stompix on April 17, 2023, 09:31:09 AM

Quote from: Lucius on April 17, 2023, 09:17:52 AM

Actually, I meant the total amount that was talked about, and it was specifically mentioned by the OP in this thread, where the link actually comes from. Generally speaking, at the beginning of the year there was talk of about $10 billion, now it is a little more than $7 billion, and I honestly doubt that this is the last amount that will be talked about.

Getting confusing, not that it matters anymore but my understating of this mess before was like this
- somewhere between 7-11 billion claimed to have been lost when FTX when insolvent
- 5 billion recovered by January
- 7.3 total recovered by now

But I guess all those numbers are irrelevant, since even the reimbursement (if one) will take more into account the value then and the value now, and how the trustee (again, if one appointed) will decide how this will be made, coins or fiat!

Quote from: Lucius on April 17, 2023, 09:17:52 AM

Quote from: stompix on April 17, 2023, 06:07:35 AM

~

Maybe they would do it if they were able to take such a step, but most people who invest in Bitcoin for one reason or another do not understand it more than a number that shows the current value.

Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

Those are all the questions that I would like to see answered as well, but even if a trustee decides to handle the situation to the customers' disadvantage, is that immediately set in stone? I can see a lot of customers defend themselves if that happens.

Also how is it even possible that magically another $2.3 billion are discovered? I mean it can't be the case that they found another hard drive that SBF didn't know about a caboom, there are another $2.3 billion. I think it is more of an accounting thing. It would make sense because the market grew quite a bit and they would simply update the numbers and say that by now the recovered amount is bigger than it was in January.

If it's a lot of shit coins the trustee would never be able to turn those into $7.3 billion in cash. He would crash every single shit coin market and as soon as it is publicly known which coins are mostly affected, other market participants will consider their next move as well if they know that lots of a coin they might be holding could soon be liquidated.

Semar Mesem

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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.

TimeTeller

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Quote from: BenCodie on April 17, 2023, 09:25:37 AM

Quote from: Fundamentals Of on April 13, 2023, 10:49:30 PM

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

What do you expect? SBF and the shadows behind him had lined the pockets of a number of very wealthy and powerful people before FTX collapse. Not to mention that his parents are knowledgeable and extremely wealthy. It's shady and it's in your face. The people who are keeping him out of prison probably already have their funds back. The $7.3 billion is probably just the left over after all of the inner circle has been taken care of. That's all speculation...but it's probably true. I really hope not to see FTX operating other than letting people take their money out in Q2.

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.
Maybe, get the funds what they owed from you and use other reputable trading platforms.
We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.
What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.
They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

stompix

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Quote from: Lucius on April 17, 2023, 09:17:52 AM

Actually, I meant the total amount that was talked about, and it was specifically mentioned by the OP in this thread, where the link actually comes from. Generally speaking, at the beginning of the year there was talk of about $10 billion, now it is a little more than $7 billion, and I honestly doubt that this is the last amount that will be talked about.

Getting confusing, not that it matters anymore but my understating of this mess before was like this
- somewhere between 7-11 billion claimed to have been lost when FTX when insolvent
- 5 billion recovered by January
- 7.3 total recovered by now

But I guess all those numbers are irrelevant, since even the reimbursement (if one) will take more into account the value then and the value now, and how the trustee (again, if one appointed) will decide how this will be made, coins or fiat!

Quote from: Lucius on April 17, 2023, 09:17:52 AM

Quote from: stompix on April 17, 2023, 06:07:35 AM

~

Maybe they would do it if they were able to take such a step, but most people who invest in Bitcoin for one reason or another do not understand it more than a number that shows the current value.

Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

BenCodie

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Quote from: Fundamentals Of on April 13, 2023, 10:49:30 PM

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

What do you expect? SBF and the shadows behind him had lined the pockets of a number of very wealthy and powerful people before FTX collapse. Not to mention that his parents are knowledgeable and extremely wealthy. It's shady and it's in your face. The people who are keeping him out of prison probably already have their funds back. The $7.3 billion is probably just the left over after all of the inner circle has been taken care of. That's all speculation...but it's probably true. I really hope not to see FTX operating other than letting people take their money out in Q2.

Lucius

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Quote from: stompix on April 17, 2023, 06:07:35 AM

Are you sure you linked the right article, that one says 5 bill

Quote

FTX Has Recovered 'Over $5B' in Assets, Bankruptcy Attorney Says

Total claims might be at around 10 billion by estimation, if people don't make the claims through the court then there are no assets lost in the books, but still recovered sum grew.

Actually, I meant the total amount that was talked about, and it was specifically mentioned by the OP in this thread, where the link actually comes from. Generally speaking, at the beginning of the year there was talk of about $10 billion, now it is a little more than $7 billion, and I honestly doubt that this is the last amount that will be talked about.

Quote from: stompix on April 17, 2023, 06:07:35 AM

Even if they recover 75% of their coins that's more than their initial value and let's be honest, the ones that had coins there only cared about their value in $ otherwise they would have held them in their own wallet.

Maybe they would do it if they were able to take such a step, but most people who invest in Bitcoin for one reason or another do not understand it more than a number that shows the current value.

stompix

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Quote from: Lucius on April 15, 2023, 11:07:14 AM

Is this just the usual news recycling or have I missed something in the meantime? The last time I read about "recovered assets" it was about $10 billion and it was the beginning of January of this year...

Are you sure you linked the right article, that one says 5 bill

Quote from: Odusko on April 16, 2023, 03:21:10 PM

I don't think any old investor will ever trust FTT to the point of putting their money down the second time after losing almost all their initial investment in the last crash in the exchange anditst sister token SOLO which crashed due to the exit scam pulled on investors by the company team.

https://www.coingecko.com/en/coins/terra
Market Cap $354,430,022
24 Hour Trading Vol $30,775,830
You were saying..... Grin

Lucius

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Quote from: Ultegra134 on April 15, 2023, 06:28:20 PM

~snip~
The only positive thing that may come out of this story is that their investors may at least recover a portion of their money, which was considered long gone.

That would really be a positive thing, although it seems to me that the big ones will get their money first, as is usually the case. If nothing else, those small investors got at least some hope that everything is not over, and that certainly has, if nothing else, a positive psychological effect on them.

Quote from: Odusko on April 16, 2023, 03:21:10 PM

~snip~

That would be logical, but I think that there are still a large number of those clients who would be ready to trust the same company again in the event that the management structure changes, and if in addition they would receive some extra compensation in the form of a new token. But whatever they plan, they have to do it as soon as possible in order to have any chance of regaining their position on the market. Currently, there is no new competition, and the old players are not doing very well.

jackg

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

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.

I wonder if the bulk of this money is actually SOL and FTT as I could imagine it being.

Also I think the amount of sol they're holding is causing a large problem for that ecosystem and keeping the price low, there's a good chance they'll end up dumping or manipulating the market in some way because of how much they own (and how badly others have done in the space in not manipulating coins - binance and FTT for example).

tiCeR

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Quote from: RealMalatesta on April 15, 2023, 12:25:50 PM

Quote from: Zaguru12 on April 13, 2023, 08:40:03 AM

Quote from: yudi09 on April 13, 2023, 02:52:15 AM

I also found out that this news has caused some other tokens to drop in price such as REN tokens.

It’s because FTX holds a chunk of Ren tokens and has directed them to transfer all cryptocurrencies to the debtors cold storage heavily controlled by the FTX team. Since this news broke out the Ren token has since be falling and causing panic among the investors, although on their discord the Ren team are considering lunching a REN 2.0 with another funding completely independent from FTX and could possibly airdrop it for the current REN 1.0 holders.

My question is will this also affect the Sol token since FTX also owns lots of it

I can't believe that the past doesn't stop ruining today. It happens with mt.gox trustee, it happens with dead pirate roberts coins, it happens with ftx, and some other stuff. Those were old things and even today we still go down because of that and that makes no sense to me at all.

I believe that we should be doing a lot better and we should be making some decent profit when the time comes. It is not going to be too simple, but we should ignore these old news and old stuff, and we should try to care about the future. They may end up selling or not, but do not react before it happens, if you keep doing that then they will have a chance to keep threatening to sell constantly and make it go down whenever they want to.

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.

Odusko

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Quote from: Gladitorcomeback on April 15, 2023, 05:58:56 PM

What do you think Its worth to invest now on FTT token after this news? can we see price back to value where ut crashes after Ftx Bankruptcy If answer is Yes how much time it will take? if i am not wrong the price was above 25$ .

I don't think any old investor will ever trust FTT to the point of putting their money down the second time after losing almost all their initial investment in the last crash in the exchange anditst sister token SOLO which crashed due to the exit scam pulled on investors by the company team.
So even though the is a 100% recovery, none will trust them with a penny and if i were in their shoes I will withdraw all my investment and move on never looking back because the team have hurt a lot of investors' feelings during this time.

Ultegra134

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Quote from: Lucius on April 15, 2023, 11:07:14 AM

Is this just the usual news recycling or have I missed something in the meantime? The last time I read about "recovered assets" it was about $10 billion and it was the beginning of January of this year...

Quote from: Fundamentals Of on April 13, 2023, 10:49:30 PM

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

Considering who Bankman is, and how many companies are connected to FTX, it is in the interest of many to save what can be saved, without the main actors ending up in prison. All these stories about lost/found billions of $ seem really unbelievable, because it seems like it's about children's toys or something similar, and not about serious money and everyone who is harmed because of the dirty games of Bankman and his greedy company.

I remember the incident you're referring to but it looks like it's a different one this time.

https://protos.com/no-ftx-hasnt-recovered-all-funds-and-isnt-restarting-soon/

While this sounds like good news, FTX is yet to recover all of the funds and has a long way ahead if it's planning to restart, and even if that happens, shattered glass can't be glued back together. I personally wouldn't even trust them with my registration. The only positive thing that may come out of this story is that their investors may at least recover a portion of their money, which was considered long gone.

Gladitorcomeback

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Quote

What do you think Its worth to invest now on FTT token after this news? can we see price back to value where ut crashes after Ftx Bankruptcy If answer is Yes how much time it will take? if i am not wrong the price was above 25$ .

I think reinvesting in FTT can be a very difficult decision for any trader. Because FTT has cost a lot of people a lot of capital at once. Relying on ftt now can be a very damaging decision.Following this news, the price of FTT token has seen an increase, but it is very difficult for FTT to touch the $25 level again.Because the example of FTT token is like a losing horse and no one re-invests in a losing horse.Now, no matter how much news or good news comes from FTT token, it is very difficult to regain its first position.And there is no guarantee that this token will crash again.There are alternative tokens on other exchanges and there are other good projects in the market where the investment may prove to be better.No one will be willing to waste their money again.

bettercrypto

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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.

That's good news for all those who trusted FTX before that they couldn't withdraw or get back their money they invested there. I hope they all recover their investments in ftx.

The only question is, is there a plan to refund the capital that FTX defrauded their customers worth millions of dollars? I hope so, so that the victims can breathe easy, because FTX caused so much pain to them.

Johnyz

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Do they have plans to return that funds to its rightful owner and let them decide with their own money? Many are still hoping to get their funds back and personally, I’ve been receiving an email from FTX as per them with regards to my funds with them, I think if they have plans to do this they should do it on the right away and inform the public on how they can get their money back, they should focus on this first before returning in the market.

Captain Corporate

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This could only be considered a good thing if it happens, you may argue that it doesnt look like a good thing if they depend on so much, and SOL might be a scare and all, but at the end of the day we are talking about a great amount returned even if they cant restart. I couldnt find any news regarding this and there is a chance that its just a fomo news, but if it is true than having even a few billion dollars is a big deal and should be helpful. I think in a situation where it goes well and they restart and some people can get some of their money back, then we can discuss a bigger bull run not just for FTT or SOL but also talking about BTC and the whole market getting better too. It could restart a whole new bull run that sees maybe over 40k in bitcoin. Of course all depends on many things, and not cetain.

pixie85

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Quote from: OgNasty on April 15, 2023, 12:29:51 PM

^ It goes both ways though. Having those coins off the market likely stopped a further drop at the time of the events. Except with FTX it was a little different because it was outright fraud and they were using customer funds meant for BTC and directing them to shitcoins.

I still don’t understand how they could shitcoin pump their way out of this mess, but I’m certain the fraudsters behind FTX will try.

Gox coins did not prevent a decline, it doesn't work like that. In fact, Gox caused many long time holders to dump because the news was so grim which really made the price tank. The biggest exchange collapsed - that was much bigger news than FTX - an exchange that was rated third or fourth but really did not have as much money and volume to be even at that spot.
Also Gox was providing liquidity and its collapse made every sold bitcoin count more when people begun to sell following the news. No other exchange was able to process their transactions without a large impact on the spot price that was at the time mostly made by data provided by Gox.

FTX event also wasn't a dump-stopper in any way. It caused the dumping. I kept saying that without it we wouldn't fall below 18000 in this bear market because the mood was really positive and the price was stable above 18k for 5 months and starting to recover above 20000.

Ojima-ojo

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Quote from: OgNasty on April 15, 2023, 12:29:51 PM

^ It goes both ways though. Having those coins off the market likely stopped a further drop at the time of the events. Except with FTX, it was a little different because it was outright fraud and they were using customer funds meant for BTC and directing them to shitcoins.

I still don’t understand how they could shitcoin pump their way out of this mess, but I’m certain the fraudsters behind FTX will try.

I agree that FTX-SOL was a fraud since investors' money that was in BTC was diverted into that shitcoin and the rest of the other shady investments and personal usage of the CEO and his other team members and recovering such an amount may go a long way to settle those investors who are money got trapped in the FTX sega.

So even though the exchange recovers most people will not have confidence in them to put down their money on such a platform that is fraudulent and u ethically operated.

Topic: FTX recovered $7.3B in Assets and is considering restarting! - page 6. (Read 1150 times)