Topic: Ftx who and when Will fund losses ? What's the further plan ? (Read 177 times)

I feel sorry to all who got hacked with FTX, I dont think they have plans to fund losses. Both Sam Bankman Fried (Founder of FTX) and Kwon Do-Hyung founder of Terra Luna are pests that ruins the reputation of cryptocurrency.

Well, don't question if users will still trust them because there's no way that they'll still trust FTX even it's back from the pit. They can't even return the damages to the users so it doesn't make sense to ask if they'll still have a trust on them. People have had enough with them and there's no way that they can even be trusted again. Maybe only a newbie that has never heard of them will still trust them but that's for sure that the entire world has already forsaken them and will never ever trust their hard earned money on them.

Two things that is not a possible resolution in the FTX situation:
1. Getting a bank or government bailout.
2.  Issuing of new tokens to cover up for the loses
FTX crash is one of the world's biggest attack on the cryptocurrency market even though the amount in total is not up to some scam amount front he industry, but FTX impact goes beyond the exchange itself and it has affected other smaller projects whose funds have been locked up by FTX resulting into the crash of those businesses and this has accumulated amounted into a huge amount of capital loss. Bank bailout or government bailout is out of the options available to customers to look for possible resolution since investors have always been warned to avoid cryptocurrency investment because of the risk associated with such investments and that is why countries don't list cryptocurrency among the securities and asset policies. So the bank is a centralized financial institution that will not get involved in this and considering the amount involved in the FTX scam only a few banks have such reserve to settle the balance if their ever attempt to.
2. Token issuance is not also good advice, and we have seen a fallout of such action with luna where the token luna classic was created by the developer to recover the crashed Luna but up till now version 2 has become a shitcoin also with no positive growth. So token issuance is also not a good idea.

we don't know where this is heading but the trust on this company, i would say has been ruined and tainted already. hard to say if investors will still have full trust on this platform. just like the luna crash, even if they tried to create another version of luna, it won't be a hit anymore from the crypto community. now, with FTT token, SBF should try harder on how to engage these potential investors to get involve with this token. he may be trying to recover but that's the hardest thing to do. create another project that can possibly redeem themselves. but people got burned so hard to ditch the possible repeat of scenario.

That person who suggest to release a new coins to make up for the lost of FTX is airheaded.  People lost valuable money not some kind of worthless shitcoins.  If the solution is that easy then LUNA had been out of its problem now.  I like the reply of the other person who replied after SBF on that tweet.

It is quite vague to have users reimbursed of their lost fund on FTX collapse.  Right now the company has nothing left except for some assets that is not enough to cover the fund needed for reimbursement.

It takes time, but I doubt they will just run away from all the debt they have. It will be jail time if they do.
About the endorsers, it won't affect them so I won't worry about that. People today don't really go deep at blaming the artists after they endorse one company, but if he owns what he endorses then that's where he should also answer some questions.
Imagine if Nike rug pulls, will Michael Jordan's reputation be tarnished? I don't think so.
Big companies like this can pay up, and that's what they are after. That's a fact and most people who watch commercial knows that.

You are right, because their is every tendency that those people might be a lawyer or not, but at least you have to research well to check or verify before been submissive to them again, because i understand that scammers are everywhere, so we have to be vigilant with them to know if actually those who claims to be lawyer are real or not.

Yeah, I think that SBF is just trolling around and just want to give false hope to those that still have some funds left on his exchange and the FTT token.
There's nothing he can do much with the ruckus that he's made, he better admit that he can no longer anything with the fall and instead stop giving people assumptions that he can still fix this mess that he's done. Because in reality, we've seen those solutions already and that's just a thing that will never be a good solution unless he's on it just to give at least a solution and then leave and tell he already did something and it's up to the market if it will keep up or not.

We already linked them with the late luna and it seems that they are proving us right because they follow the approach of luna which is by issuing a new token. Those who lose their money in FTT will have no choice but to agree with the idea. We don't know maybe this will work this time.

For it to be effective, the FTX team may need to provide liquidity right after they distribute the new FTT tokens to those who deserve it and those people have the choice if they want to sell their tokens right away or if they will wait more for it to pump but for me I think I will sell it right away to cover some of my losses and will just invest in a more safer crypto.

If lawyers are calling you for the FTX exchange scam to institute a matter in court to get back what you lost, you still have to be careful not to be scammed again. The people calling may also not be lawyers but people aiming to scam with that way. When there is issues like this scammers also see it as an opportunity to scam you more. If they are asking for you to give your consent to go to court, be careful not to send money to them if they are requesting for it.

After everything settles people will get a few pennies on the dollar and that's in. There is no reason for anyone to make anyone else whole. You put your money someplace that had no regulation, no insurance, no pubic audits and you lost it. Sucks to be you.

If and that's a big if ftx.us legitimately has funds like has been said, then if and once again a big if it was properly setup as a 100% independent company then people there will have the ability to pull their funds. But, most likely it was just as much a scam as the rest and tangled up the the same corporate web so people will get pennies on the dollar there too.

Still better then 0 like what happens when just about every other exchange fails. But still a fraction of what they thought we existing.

-Dave

Yes, creating a new token is not a solution. we've already seen it happen in LUNA. everything is not going to work as planned. only one best option is to pay back all losses incurred. even if it takes months or even years. what is expected is not a new token that promises to provide better value. it will only happen in a matter of seconds. when the pump is finished then the new token will also be slammed to the bottom.
focus on recovering losses. not with a sickening new token scheme.

Recently many people ( lawyers) contacting people who lost their money in FTX ! and they claim they pay us the loses ( 70% of the loses ) in exchange to represent them in court like they sure they can win , does that happend to you "?

Didn't we see this type of solution with the LUNA/LUNC debacle? Did it work? No. And that's why when into this issuing of the new tokens, it's just a temporary thing and a band-aid solution that will be favorable to SBF and people will think that at least tried to do something.
But that's not the case, it's all about his honesty to his customers that this crap will never be fixed unless he solely returns all the people's fund because it is their actual money.

Sorry to burst your bubbles here. The scenario your father painted to you isn't the same as what transpired in the FTX case. Owing debt and incurring losses from business investments aren't the same thing as taking a loan from someone and not being able to repay it. That's a debt while the other is "investment gone wrong" You can't blame anyone if what you invested in goes awry. You only have yourself to blame. In this case, everyone who invested in the SBF exchange FTX should take responsibility for their actions. Crypto is unregulated.

But of course, that's an obvious fact; knowing how the government supports bad press against the crypto industry. Anyone thinking government would do otherwise is a newcomer to this game.

At this time the investors or people who have their funds with FTX exchange are in complete loss and would not able to get it back but even if the refund process starts it would take lot of time and people will be getting partial payments for what they were holding because it would be impossible to recover billion of dollars so it is an loss to the holders like a bad nightmare.

While a lot of regulators and government people are suspiciously siding with SBF, I totally doubt the government would bail out a cryptocurrency exchange — if anything, I'm pretty sure they'd want to see this industry burn to the ground.

There's a tweet replied by SBF to a tweet that suggesting to issue a new FTT token for creditors/depositors and it suggests also that the profits of the exchange will go to all affected users just like a normal customer in FTX Exchange.

So for me, it seems very difficult right now because it's now difficult to gain the trust of the people. So, for now, I am still waiting for some action that the FTX exchange will do.

Not all who commit crimes can go to jail like if he goes to a country where US government cannot extradite the person, most people does this to avoid trials, FTX founder still can do whatever he wants where the us government can easily capture or take him in custody, there are other issues same with this
like Axie, Luna, and lot more, but you just can't go to jail I'm pretty sure they prepared for this, and study the justice system very well.

I'm sure he can't able to process it fast to pay people who lose on their exchange it would take months or a year to pay such a big loss. And I believe it would end nothing, unlike Binance after being hacked they pay their customers losses in a few weeks.

Why not follow google news for FTX updates? Use the keyword FTX then sort them by date to get the latest update and news about FTX.