Topic: FTX will repay everybody 118% back (Read 387 times)

While it might seem like FTX is giving their users a good deal, it actually isn't because users will get refunded their crypto at their worth during the FTX crash in 2022. Bitcoin was around $16K IIRC and other cryptos were near all time lows. Ftx will now refund at those prices plus a mere 18% interest when Bitcoin itself is currently sitting at a 400-500% price growth in that time. FTX will actually pocket whatever is left after distributing those claims. Well, at least users will get something back — that's the only positive to the FTX saga.

Were they holding reserves of Bitcoin and altcoins during this time? If they were holding, then the value of their reserves would be very high because cryptocurrencies are significantly pumped up but I don't understand why are they repaying money to their customers with 18% interest rate. Do they plan to revive the exchange? Wouldn't that be a very stupid action? They were the number 2 crypto exchange before the scam but I think they'll never be able to gain back what they lost. I don't know if they plan rebranding but if people really trust them with their funds after all that happened, then I have no words to say.

Indeed seeing is believing and I'm agreeing with your thoughts because this is not the first time that I'm hearing about refunds from FTX to their customers who have been waiting endlessly for action instead of words. If they however fulfills their promise of repaying back 118% to the claimants, I think that will be a very good start for them, perhaps it'll restore some level of trust to their dented reputation, even if it's in small way. Although I wish that they had put a date to the promise of payments, that would've given people more assurance that they have a concrete plan to start, we'll just wait and see how it plays out.
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I saw a lot of articles saying that FTX would have a refund to their costumers but nothing. Search about ftx refund keyword then a lot of it will show up. That's why its not good to believe easily on their claims if you are the affected person of past incident happen to them since its like they are just giving you a false hope and believe on something unsure. For them not to get stress I guess they should not hope anything about it and just get an update regarding this case. Remember Mt.gox didn't happen and the claims of victims already exist for many years, so maybe the same with FTX it will take a lot of years before costumer could find justice regarding on what they experience on that scam exchange.

Indeed seeing is believing and I'm agreeing with your thoughts because this is not the first time that I'm hearing about refunds from FTX to their customers who have been waiting endlessly for action instead of words. If they however fulfills their promise of repaying back 118% to the claimants, I think that will be a very good start for them, perhaps it'll restore some level of trust to their dented reputation, even if it's in small way. Although I wish that they had put a date to the promise of payments, that would've given people more assurance that they have a concrete plan to start, we'll just wait and see how it plays out.

damn you're talking as if the ftx collapse happened decades ago its funny, though actually I think its fair point some people might do some harmful things to themselves after knowing that their money gone the day ftx collapse, this should be a concern as well, probably if the money credited to their account again the family can reclaim ownership by proof so I think its no problem other than that they can always try contact ftx themselves i guess.
but overall with refund that used old rate its just not really a good thing people lost their capital gain, which is bad, but then again they previously lost their money with no clear info whatsoever so its an improvement on the other hand.
i don't know how the victims will react to this will they be happy or will they be concerned about something idk, it always sucks being the victim of these cases where things are just so unclear.

yeah that should be fair, even just returning the previous balance and not in money is probably the fairest solution to all but it should also give a relief regardless that their money is there and its not going anywhere.

Yes SOL has alot to do to make this possible. SBF has held large amounts of SOL. I think when SOL went above $70 or so, it made FTX solvent again. Many of their coins were actually locked and can't be accessed at the moment  but the bankrupcy has managed to sell them for a huge discount (50% or so). Seems like a bad deal but who knows how many years until those tokens are actually unlocked, who knows what the price of SOL will be then.

Depending how much money there is left over, maybe they will compensate those who had actual crypto stored on the exchange instead of using Nov 2022 prices. Because unless you had stablecoins only on FTX, you are most likely taking a huge loss even if they actually pay the 118%. For bitcoin you would need to get paid back 400% just to break-even with todays prices.

You have a valid point here. But what if there isn't any refund? What if FTX couldn't return anything and that's the end? Although, I learned a new thing about the US bankruptcy fraud policy from your comment. But at least, they will be able to get more than the value of their assets in dollars.

This is good. I don't know some people's situations right now. And I'm not sure if all of those people who lost their funds due to the FTX bankruptcy are still alive. But this is good, and if everyone could get their funds back with 18% interest, I think FTX will regain their trust.

This refund will only be fair if they will refund the original crypto amount plus 18% interest instead of basing the user balance in fit by the time FTX close which Bitcoin is around 30K+ if I remember correctly.

This 18% interest is not really an interest if they will based on the fiat amount of the original balance since FTX probably converted all the crypto assets to fiat by the time they file bankruptcy.

Agreed, things will never be okay until their victims receive compensation because look what Mt.gox promised. Every time I see news about FTX, I think of Mt.gox, they always update about compensation but more than 10 years have passed and no one has received compensation. These news only make people more hopeful but people will never know exactly when they will get their money back.

Although Mt.gox and FTX are two separate exchanges and have nothing to do with each other, I think that as long as Mt.gox has not paid investors, victims of FTX will not have much hope.

In addition, the number 118% is meaningless and is a huge disadvantage for the victims because the value of the compensation amount will be calculated at the time of FTX's collapse, not the current value.

I can't speak in behalf of the real affected customers of this debacle. While it's easy to say something out of our opinions but this gives hope to the affected ones and the ones that are eligible for the return.

Well, I hope that the claimants won't be asked for that bunch of document papers where they can easily verify it through each of their accounts through their own database.

OP shouldn't say that everything worked out if this is currently just a plan. It was only the announcement who is confirmed but that don't mean much, especially to these guys, as there are lots of times they fail to make their promise a reality. Yeah you're right, 18% is not small and this can be another reason for their burden. For me, I don't mind getting only the original amount but as long as it is sure ball.

It's fine if the payments takes a long time again but again as long as it's not going to fail this time. It's crazy to think on why the FTX collapse happened but I think if we are on their shoes, then this is going to be clear for us. It is still not right of course and should have been avoided.

Meanwhile Celsius Network gets fucked with paltry returns + delays + data hacks

if its true then its good, though if they are using the old rates which means the people don't get their money back in current rate this 18% is nothing compared to the gain that they supposedly gained right now but well its better than just losing the money.
hopefully they can repay everyone before the parabolic movement of bitcoin happen otherwise its gonna be such regretful scene missing out on the parabolic movement just because waiting for the money to be repaid back which honestly is rather silly.
but at least money back is already good enough.

wonder if they really trying to reboot their exchange again or is it finished after they repaid their customers back of their lost money, the reputation dent won't be easily cleaned off of its brand name, probably people won't be as trusting as before.
but if they did take this path of adding extra 18% interest for the money initially was lost, I guess most of the people just gonna see them in a better light.

     It's like I've read something before about this kind of news, but I hope that the money that belongs to the people who trusted to put money into FTX before will be returned. I have not heard of any such thing that SBF has returned to its victims.

     I really hope that people will get their funds in Ftx in full, even if they don't add more interest. As long as the amount of their funds is returned to the true owners, that's fine, in my opinion.
But I wondered why there is exceeded 18% in 100%? just asking

Currently, most of the things are happening just in media with nothing practically happening, and this all has never been easy as well because we are having history of scams and bank corrupt companies which announces things like these, and we are having no positive response in long run so right now having any hope of quick recovery is not ideal because this all has never been easy as many are expecting.
I am also having one claim which is working for years and I have many time emails and other stuff while they ask for many things related to this account with I send documents as well, but it's going on for the years and I never have any penny from them with now I am losing my hopes or having maybe they will be ever sent this all to my kids.

Are they paying 118% of the cryptocurrency value that was in users' accounts, or 118% of the USD value at the time of the bankruptcy filing? The ideal solution would be to return the same cryptocurrency that users originally held.

Good, that means that they're really sorry for what the bigwigs of their company has done. How are they gonna pay this reparations to the victims though? Because I assume that the extra 18% isn't going to be coming out of their own pockets but the money of the company. Would they be able to cover it all because there's billions right?

Other than those questions, it's a good thing that there's some good news for the victims, and this is a much faster one unlike with Mt. Gox that took years for the finalization and reparations to those that got their bitcoins stolen.

Well it's nice for the victims actually recovering their money but even with a move from like this from FTX will recover their reputation. I wonder how did FTX gained their money to pay the victims of FTX? I don't think that their business is doing good after their problem of scamming people, or somehow the funds that they scammed stay still and bloomed in value that's why they will pay on form of fiat. Though I strongly believe that this will never recover their reputation because it seems to me that they are trying to fix their mistake.

I'm interested to hear from someone who has been affected by FTX and has taken their money by the cons of the former management. Let's wait if there will be testimonies about the actual claim and if they're able to take back theirs flawlessly and without having any problem at all. While the hope is in there for taking their money, it's true that this should have been done long time ago but then, there's a process of everything and let's just wait and see how the new management handles the former management's ruckus.