So, US Bankruptcy proceedings are going to neglect the fact that the customers who had Bitcoin on November 22 could have way more than just $18k per BTC by now if they had their Bitcoins safe with them? If I'm a trader in any market, I have some products that are valued at $100 at the moment. Suddenly one day, the entity that's holding my assets for me faces some problems and my assets are gone, they come back after some time and tell me they are ready to refund me for my loss.
The same asset that they were holding for me is now worth $200 or more, but they tell me they are going to give me $100 per asset. Will that be fair? I don't think so, because if you didn't have problems and I had my assets safe, I would have more than double of my assets by now, and it was you who deprived me of that, at least compensate me for that.
Topic: FTX to refund customers at Bitcoin's prices below $18,000 (Read 514 times)
At first glance, if we pay close attention, it is indeed unfair in terms of total user losses if we convert them in fiat currency. It seems like the losses are much greater than the value of Bitcoin that they offered at the time of the collapse and this is far below the historical value of the figures set and on the other hand, the claim process. Also, the process of completion may also be hampered by a strict verification process.
At this point anyone that had funds on that exchange should worry instead about the date in which those payments may come, since it was impossible from the beginning for the exchange to actually pay their customers in full, because if they could do it then they will not be bankrupt to begin with.Still I would not be very positive about those payments coming soon, since those kind of trials in which everyone is trying to get a piece of a bankrupted company are always very messy.
Yes this is unfair but it’s the way bankruptcy law works. It was the same with MtGox and all the other bankrupt crypto companies.
I guess if you held stablecoins then you don’t care but if you held any type of crypto, especially SOL then you obviously would be upset.
Anyone know when they will start to repay these customers? Pretty sure it won’t be anytime soon. Will take another year or two at least.
I guess if you held stablecoins then you don’t care but if you held any type of crypto, especially SOL then you obviously would be upset.
Anyone know when they will start to repay these customers? Pretty sure it won’t be anytime soon. Will take another year or two at least.
I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.
I think you are right, but it is possible that they are delaying like they have the funds but they use them to make a profit when they get it they give it away.or they may not pay at all.
I think people in crypto already understand this risk.
Even Bitcoin price below $18,000 is already good, as long the refund will be processed.
At first glance, if we pay close attention, it is indeed unfair in terms of total user losses if we convert them in fiat currency. It seems like the losses are much greater than the value of Bitcoin that they offered at the time of the collapse and this is far below the historical value of the figures set and on the other hand, the claim process. Also, the process of completion may also be hampered by a strict verification process.
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It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...
They should received the amount they've lost plus damages, but it looks like the court will still in favor to this big company will not obliged to pay that much. Well, its good to know that they will stay pay all the victims and hope that the court will closely monitor this one and if ever, better not to allow this exchange to operate again because they've already lost the trust of the public and it can create another panic if ever, FTX is not a trustworthy exchange anymore. 
It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...
Yes, the only decision they would take is the one that favours FTX and their creditors. That is first and foremost. Every other things like retail customers are secondary. The truth is that even if the prices of Bitcoin was lower than $18K (price of Bitcoin at FTX collapse time), they will use the current price (which will be lower). Either way, the game is rigged against retail.
FTX did the same with solana holdings and I'm sure they will do the same with other assets too. Whether we believe it or not, FTX will try to reboot the exchange again.
It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...
It will be unfair to distribute the value in terms of USD. Whoever had BTC in their account at that time will also get the refund in USD. That means FTX will make more than 2X return from their BTC holdings, and all this time they made profit from those bitcoins by keeping them in a lending protocol. This shows how important it is to keep your long-term portfolio in your non custodial wallet. It seems FTX drama won't end very soon as i have heard news that they are going to relaunch this year.
What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.
It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.
Honestly, not that I believe this would happen but if it does, then yeah it's still fine. Many will complain about it no doubt considering bitcoin price is over 40k right now, but the reality is that the alternative is not getting anything and I think that is still the reality.It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.
In a world where all FTX investors end up getting their money back, even if you consider bitcoin as 10k, you would still be getting something and we should remember that getting something is better than not getting anything. That may also have some good deeds on the bitcoin price as well, seeing a lot more people coming in and all that going into bitcoin, that may actually end up having some benefit for the price and help all of us make more money as well.
I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.
I think you are right, but it is possible that they are delaying like they have the funds but they use them to make a profit when they get it they give it away.
or they may not pay at all.
I think people in crypto already understand this risk.
I think if this is the case, you should replace it according to the estimated USD when the incident occurs, because if you replace coins, the value will be different, like when FTX crashed and someone had 2 BTC at 18k, now FTX has to replace 94K because currently the price of BTC is in numbers. 47k
So look at the customer's USD estimate and replace it with the same value too.
So look at the customer's USD estimate and replace it with the same value too.
I would say that FTX returning funds to clients at a Bitcoin price of $18,000 is unfair, especially considering the current changes in cryptocurrency prices. And what about people who opened positions on futures? My friend has his entire deposit on this exchange in futures positions... Well, although it's good news anyway, let them return at least something somehow.
sounds like they just want to return 1/3 of the funds that they hold and call it a day and expect people to not complain about it, its ridiculous though such a bad gesture coming from ftx we know that they always try hard to use such tricks.honestly their customers should just receive whatever asset in their wallet before the disaster, if its 1 bitcoin in their exchange wallet it should be 1 bitcoin getting returned, imagine having your money hold by certain exchange and then being returned only half of it, super ridiculous the people always become the victim in this case, the victim deserve better than this.
not to mention that current price of bitcoin has been rallying so much, if i were the customers i wouldn't just accept being reimbursed like that but i guess for some people it might be better than nothing.
I thought this FTX drama would be over already, but there is still some news to it.
From the perspective of the one who lost their money because of this shitty exchange, I guess that would be better than just losing all of it. I mean when the incident happened, the price of Bitcoin was at that price wasn't it?
It would be a relief for those who lost their money, but the million-dollar question is, "Will they do it?" or they will just be like Mt. Gox who are teasing the investors who lost their Bitcoins back then? Well, if they will really do it then good especially now that they're trying to resume the operation. That move from them can be a start to rebuilding the reputation of the exchange itself. Nevertheless, it's a good move by FTX "IF" they will do it.
From the perspective of the one who lost their money because of this shitty exchange, I guess that would be better than just losing all of it. I mean when the incident happened, the price of Bitcoin was at that price wasn't it?
It would be a relief for those who lost their money, but the million-dollar question is, "Will they do it?" or they will just be like Mt. Gox who are teasing the investors who lost their Bitcoins back then? Well, if they will really do it then good especially now that they're trying to resume the operation. That move from them can be a start to rebuilding the reputation of the exchange itself. Nevertheless, it's a good move by FTX "IF" they will do it.
I think a lot of drama will play by FTX exchange about issued will refund the costumer assets at bitcoin price below $18k, exchange have been collapse and scam impossible they will refund and waste your time hoping your money get back. I remember with MtGox have been rumored more than last several years for refunding costumer fund but until right now its not come true although they had much profitable when first time exchange got hack bitcoin have lower price.
There are not any trusted scammer want to refund for costumer, just bad promising to make you can't justice bad for them awhile although they don't have decision refund to costumer and we don't know where are their fund right now.
There are not any trusted scammer want to refund for costumer, just bad promising to make you can't justice bad for them awhile although they don't have decision refund to costumer and we don't know where are their fund right now.
What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.
It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.
Just like MT GOX but much better.It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.
It's hard to deal with CEX especially those who got hacked and bankrupt.
Ofcourse their fund will be limited to pay it's costumer. I think it's better get some than nothing
Hacking seems not brutal as bankruptcy. I already saw lots of exchanges who got hacked and still continue their operations later on but not those who got bankrupt because they don't have any funds left. FTX funds are limited right now but it's not an excuse to not make full payments. They can always prioritize those early investors and the rest can just wait for their turn until FTX had a money again.
Nothing is impossible because if B.C game was crashed and came back again and cleared all the accusations level against them, so FTX can also do the same to clear their own and becomes a repented cryptocurrency company to do well in the space again. Everything is possible. And all what we want is genuine repentance and not hypocritic repentance. The customers who lost their money in the time of the FTX bankruptcy should not complain because if the money which they lost at that time will be paid to them in the time when bitcoin was at $18,000, well it is better than none.
So they should accept it and continue their investment. Though I believed the time when FTX collapsed, the price of bitcoin was about $20k and below which was the beginning of the bear market of 2022.
So they should accept it and continue their investment. Though I believed the time when FTX collapsed, the price of bitcoin was about $20k and below which was the beginning of the bear market of 2022.
B.C. game the gambling platform? I'm sorry mate but they are not even comparable, FTX has lost the confidence, they have a ongoing court case and everything was revealed on how SBF ran his company from the background to even used his customers money for his own. So not sure if you really knows what's the real story and then comparing it to some gambling platform is beyond my comprehension.
But I do agree like the majority here, it could be worst for their customers if they didn't get anything.
So might be better to settle for a price that is below when they collapse. It might be unfair, but for legal purposes specially in the US, they might think that this is good for both parties, in my opinion.
I would say that FTX returning funds to clients at a Bitcoin price of $18,000 is unfair, especially considering the current changes in cryptocurrency prices. And what about people who opened positions on futures? My friend has his entire deposit on this exchange in futures positions... Well, although it's good news anyway, let them return at least something somehow.
It’s a case of bankruptcy and I think it’s better they pay something than nothing, if they look at the funds they have in their possession and going with BTC price below $18,000 is going to help them pay back all those debts then so be it, at least those who have lost their money will have something to go home with it’s better than nothing. The crash alone if they are to be charge base on the emotional damage and live which could have been lost base on the incident they might never be able to pay back all those debts.
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