FTX to refund customers at Bitcoin's prices below $18,000 - page 3.

o48o

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Quote from: Dave1 on February 05, 2024, 05:39:57 AM

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.

I am unfamiliar with, bankruptcy code that article is referring to, but seems really weird that they picked the lowest point for it, or that they are changing btc to monetary equivalent value in the first place. Weren't mt gox victims getting their btc back in btc? Also at the start of the November 2022 ftt was still priced at $26.11, are people getting their ftt value back from some date, because few days after bitcoin dumped and ftt crashed with it. And what about people who fomoed in all the ftt the cex when it was dirt cheap? What do they get?

$crypto$

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Quote from: Dave1 on February 05, 2024, 05:39:57 AM

Is this has been discussed already?

This was discussed a long time ago and the thread is still active today. [Updated] FTX

If FTX wants to refund its customers then when will it do so? I see since last year they have said they will refund customers even asking for a complicated KYC process but until now there is still no news.
This will be like the Mt.gox case that waited for years but kept getting delayed. Lol

redwine49

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Quote from: Dave1 on February 05, 2024, 05:39:57 AM

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'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

Yogee

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Quote from: Dave1 on February 05, 2024, 05:39:57 AM

[....]
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's a legal way to exit without putting much burden on the bankrupt company or corporation. You can put the blame of this "unfairness" on the legislators who sponsored the bankruptcy law.

It is what it is.

The case would be different if this was a simple dispute over customer fund seizure.

husencoe

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I think everything that happened to FTX was their management's fault. Of course this is not fair to their customers. They should be given compensation for their customer assets to be returned. I think this will cause chaos because many people will feel at a loss. I think they have to compromise and find a better alternative so that no one is harmed. I think this should be done immediately and prove that they are serious about it. The longer this goes on, the more their customers will be out of control. Especially if the process of investigation is so complicated, this will of course produce new tensions. I hope this will end with good conditions and all part will win.

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Quote from: criptoevangelista on February 05, 2024, 06:36:50 AM

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 the only one who has seen it differently and rightly. The people involved should not just sit excitedly waiting for FTX to pay. They will continue to make excuses upon excuses and it the end they might pay but it will be overly delayed. It will be fine if the victims don't expect anything from FTX, rather than expecting and in the end get disappointed or heart broken for the second time.

Quote from: Dave1 on February 05, 2024, 05:39:57 AM

FTX to refund customers at Bitcoin's prices below $18,000

The bitcoin in our private wallet is the real bitcoin. Exchanges might not be holding all your funds in bitcoin but they will display it to your understanding that you own Bitcoin. When issues like this happen it will be revealed. Assuming bitcoin price is somewhere below $10k, they would want to pay with the current price. They just want heads off, I don't blame them though.

Husires

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Cryptobriefing is trying to get more views by raising controversy over the FTX issue, but we will not see the distribution of funds soon if we have not heard anything about what happened with Mt. Gox even though it's been about 10 years.

Bankruptcy and asset liquidation cases take years, and arranging those affected takes a long time, so it is best to assume that nothing will happen soon.

criptoevangelista

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In ₿ we trust

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.

Hispo

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Certainly, it does not sound fair to me either. I was expecting this exchange to hopefully resume its operations in the future so they could use the volume and the exchange fees as a source of income for them to repay those who got affected by the closure.
To me paying those affected with such a low rate does not make sense, and it should be calculated keeling in mind whatever assets the exchange has left to sell, using a better rate for the price of Bitcoin or resume operations.
Sadly, my theory is there is someone within the company who may try to keep the Bitcoin remaining from the calculation done on the payments below 18k$. Or (to fair) it could also be the whole company or what is left of it is not worth enough for people to get paid what they deserve or are rightfully owed by FTX.

This kind of news only makes people to stay even further away from exchanges and centralized custodial companies. Still a disaster for those clients...

passwordnow

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Everyone who has been affected badly by this debacle deserve every single benefit that they are eligible to that will be set by FTX or the government that will monitor the refund process. So if the price of Bitcoin will be below $18k at the rate of this process, it's a good decision for the sake of the victims. People might say that the users eligible of it are winners, heck no. They've been the victims of this scam that FTX did.
And they have all the rights and deserve every penny that will be returned to them at any rate that the US government decides to.

This is still a developing story and I hope that all of the victims will find themselves the justice for the ruckus that this debacle has caused them. It's a lot of money to process for FTX but it's good to hear them that they'll halt their operation and choose to go with the refund process which is like restoring the faith in humanity. And this is the new management while the fraudsters Sam Bankman-Friend and his cohorts are on jail time.

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Quote from: Dave1 on February 05, 2024, 05:39:57 AM

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.

Dave1

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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.

Topic: FTX to refund customers at Bitcoin's prices below $18,000 - page 3. (Read 450 times)