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Topic: FTX to refund customers at Bitcoin's prices below $18,000 - page 2. (Read 519 times)

legendary
Activity: 3178
Merit: 1054
It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.

this is likely what will happen to FTX victims. they will just keep hoping the coins will be refunded until 100 years later, the owners will have no chance of being able to verify their IDs.

i think the mt.gox victims were hoping for years and almost every cycle, they were promised to send to them.  FTX will not be very different from mt.gox, they have it figured after all the victims can do nothing if they won't return the funds.  no offense.
full member
Activity: 2520
Merit: 214
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I truly feel bad for FTX’s customers turned victims they were deceived and basically lied to I can not possibly imagine what they had to go through or what they felt during that moment when the news first broke out

While I do understand the sentiment or the logic behind using bitcoin’s previous price, i still believe that their customers are entitled to more than that they have put their trust and faith into them if FTX were still functioning today then their customers would still probably be holding bitcoin in their platform

It might a bit unfair however this is still better than nothing at all it might not be enough compensation but at least there is something to hold on to
member
Activity: 812
Merit: 53
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.

You are saying right brother. The FTX exchange team is not paying to their beloved users. When the FTX collapse the price of bitcoin is moving below $20,000. Peoples lost their millions of fund, but now the price of bitcoin is double from the previous price. So, the team have to pay 2 time to their users. That's why they are not paying to their users. But its not fair.
legendary
Activity: 1288
Merit: 1081
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It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.
I have said that it is a drama and more related drama will happen untill the refund will happen. The refund will definitely happen even if not in full. I am just confident that it will happen because the crypto world is watching wide at the scenario and there's much more conspiracy happening.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.
One1
It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.
Two2
That has been the order. When there's a hack or mismanagement of funds. The victims will be delayed for some years to ensure that their hopes and enthusiasm is drained. Then they will come up with something very much lower for compensation. Statements like the above two will surface. It is better than nothing...while the next criminal is watching to repeat same process and still get away with it.
hero member
Activity: 1344
Merit: 540
It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.

Yeah, better be something than nothing. But we can't blame them though, it's really a bad what SBF has done and he should suffer for that so that justice can be served. But if those who lost their investment here would have their own choice then they want it in full.

But we are not sure how the repayment will be done though. Not comparing them, but we have seen that the ghost of Mt. Gox still haunt us up to this day. Hopefully it will not be same for those FTX victims as it could drag in for years.
legendary
Activity: 3304
Merit: 1617
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It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.
sr. member
Activity: 588
Merit: 338

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.

A restoration of hope for people that have their Bitcoin stuck in FXT, although they're not getting the current market worth of their assets, it's still better than getting nothing, I hope that they speed up the process of payment so that the people concerned can move on. This should be a lesson to those that still leave their coins in exchanges.

I think that the $18k is not fair compared to what Bitcoin price is today, so I'm wondering what if reverse is the case and let's say Bitcoin was $40k then, and now it's $18k, will they still go ahead with their payment plan? They probably won't quote wherever it's said that they're mandated to pay at the rate when they were hacked.
hero member
Activity: 2814
Merit: 734
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FTX to refund customers at Bitcoin's prices below $18,000

Quote
Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

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.
Repayment in full should be what is fair as those people lost their coins due to the incompetence of the people managing the FTX exchange, but we knew this was never going to happen and they will fabricate all kind of excuses to not do so.

And according to your source they have decided to use a very weak excuse, since this could allow them to pay all their customers a very low amount of bitcoin, keep the rest and earn a fortune during the upcoming bull run.
sr. member
Activity: 2184
Merit: 251
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~snip~

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.

I guess we should be grateful that they still want to refund customer funds although it's not fair enough, I saw some platforms collapse and none of their customers got a refund. Make it as our experience to store our cryptocurrency not in a third party but in our own wallet to avoid something like this happening again. Don't ever trust something that is related to the government again.
hero member
Activity: 2954
Merit: 533
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It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.
it shows how they don't even have the effort to compensate people, when a customer lost their money in form of cryptocurrency they should be receiving in the same form, its just unfair that the exchange just want to reimburse only half of what they owed, such an underhanded method.
this will only further make people not believe in ftx even if they rebooted some how people just not gonna use the exchange ever again.
since it just means that the exchange itself in its reimbursement which caused by them in the first place, not sincere therefore its just better to get done with it and avoid ever again using ftx services.
hero member
Activity: 2702
Merit: 672
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Can't say much now since the price growth from back then was pretty big, but if it was below, I'd definitely believe they'd be willing to compensate those affected at that price instead of the price when FTX declared bankruptcy. And it definitely isn't fair since there's far more damage done to be paid than the compensation imo. Said compensation is actually the absolute minimum they should've done, and heck maybe even a bit low with the price being limited at the time of bankruptcy.

Not to mention whatever distribution of said compensation would probably take a year, or maybe a few years.
legendary
Activity: 1064
Merit: 1228
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It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.
hero member
Activity: 700
Merit: 577
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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.
member
Activity: 1316
Merit: 10
Will FTX be FUD material in the future with the concept of returning large amounts of member assets. like MTGOX as usual walle stret wants to buy bitcoin cheaply by making FUD. Even though this FTX news is old and barely popular, it might be brought up again in the future, if the members' assets have not been returned. It looks like there will be a long wait to return members' assets, as long as Bitcoin is at a price of 18k, waiting
hero member
Activity: 1652
Merit: 569
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This just reminds me of the chaos it had created and the agony the investors had to go through and yes they needs to be compensated for the ordeal they had been through but FTX decided to pay them at Bitcoin price of $18k without any interest for the delay. As I see people are asking for compensations but do we really know that we will get this money back? I don't think we will get this money anytime sooner and I would be glad even if they pay what they have mentioned at Bitcoin value of $18k as this will help distressed investors who had invested a lot into this project and I don't think it's time to think of compensation as it would be a huge sigh of relief even if they pay as they have mentioned.
sr. member
Activity: 784
Merit: 256
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FTX to refund customers at Bitcoin's prices below $18,000

Quote
Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

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.

For me they should be compensated according to the stress they got from the incident and FTX management done wrong so its really good to give something more to those depositor so that they will be happy with refund plan to be executed by them.

But if there's nothing will be change since government and FTX have good settlement plan to pay all of those people compromised on their platform then I guess they should accept it since its still better than nothing since they can't do anything with it but to wait for the total refund that planned to happen.

Hopefully depositors will get what they deserve since its not their fault on why this thing happen and all blame should be pointed to FTX management so they must pay for it.

I think they're just laughing at the investors who kept their money on the stock exchange. $18,000 for bitcoin, when now it costs 43,000, it's just terrible. Perhaps by such actions they are just trying to mitigate the situation for themselves.
hero member
Activity: 3080
Merit: 603
Is this has been discussed already?
About FTX yes but with this update, I don't see anyone mentioning that on the thread for FTX[1]. Or there was in the last few pages but I don't see it.

[1] [Updated] FTX

What are your thoughts about this one?
Good, as long as there is progress on this case and we're seeing it moving then it's a big help to the ones that have been disturbed and traumatized by their doings.
legendary
Activity: 3178
Merit: 1054

it's like they doubling down their scam for refunding at such a low price.
but i wouldn't be complaining anymore if i was among those users who were scammed. the money will still be useful to them but FTX resuming its operation is probably not going to work anymore. they have caused the most stressful years of the victim's life and they are going to try scamming once again.

they are not even seeing a real verdict to the case. could this be part of the plea?
legendary
Activity: 2268
Merit: 1379
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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.
Thats should be the case but with the case of ftx being bankrupt probably they are trying to pay with all their might and making some excuses to lower down their debt. Indeed this is one of the hell of an event in crypto. I still remember ftx is so good and its one of the top projects and suddenly everything failed in a split of seconds due to bear season and some incidence on luna related case.
sr. member
Activity: 1932
Merit: 300
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Getting anything is better than nothing. FTX is in the state of liquidation and it's asset won't cover for everyones deposit. I know people would be losing money but they are not totally scammed from their funds. And at the time of bankruptcy the price of bitcoin was lesser that at current time.
There are reasons for people to doubt about CEX. The reason why FTX failed was the lack of transparency on how the exchange is using users money. Ideally, a centralized exchange should only levy exchange fees and match orders but some exchange do invest or provide liquidity without the consent for users. That's why it's important for authorities to look for any shady practice from centralized exchange.
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