Topic: FTX will repay everybody 118% back (Read 406 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.
[/quote]

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.

if indeed FTX intends to do that then this is a very encouraging thing, especially one of my friends is a victim of this FTX (has several mbtc), he will definitely be very happy, I'm sure FTX will never want to replace them because before this incident, they are one of the world's largest exchanges with large liquidity

the exchange business and liquidity from FTT tokens is really tempting and it is difficult to make FTX investors leave it, I am sure customer trust will slowly recover (but it will take a long time)

Pretty much the catch lol.

Though I sincerely hoped this doesn't improve their image, I've already seen folks who were swayed by it. I believe, the media played a part on this as well with their headlines as if FTX is doing us a big favor lol or victims are gonna get all their money back when it's not exactly all when the value is converted to fiat. I do wonder if the media is doing it for the clicks alone or some of them were actually bought.

This is why I don’t follow their instruction to receive my crypto from FTX, and seriously 118% is too low for all the stress that you’ve encountered with this incident. If this is true, then we might wait a little longer because for sure, they are still gathering the data and some users are not providing any details because of trust issue and they don’t want to suffer any loss again.

If I am not wrong it's been months already they asked people to claim their funds and began their process but nothing actually happened cause no one ever got any penny yet so FTX is trying to keep their name in the trend as well as good and I guess they can able to refund the exchange user's funds cause I read they have enough reserves to cover the exchange refunds but how long they have to wait is the next question which won't be possible in anyway soon.

If you count the extremely low ball estimation of account values in dollars then yes, FTX is overpaying. This is part of the US bankruptcy fraud system and how it was never built to handle equity over dollars. Dollars are completely worthless compared to how much people would have had even if they were paid a fraction of their crypto today. In fact, everyone was holding expecting a price surge like the one experienced at the moment. However anyone who had deposited crypto into FTX got badly burned. This "over 100%" claim just adds insult to injury.

The other time they promised to payback affected customers but it's going to be in equivalent amount of usdt when the exchange went down and everyone disagree and now they are back with another conspiracy theory that will be rejected obviously. I'm not even sure if there is any serious team among who are handling the exchange debt. How can you pay back people and you still want to earn from customers money, the exchange has nothing and most of the funds belong to people as I believe SBF has donated exchange funds to politicians.

If Mt.gox that happen 10 years ago that is yet to pay back the affected customers has not done so, I will call this as an audio repayment that will never happen right now. There has been a lot of speculation surrounding the exchange, get back the exchange, fill this form and that form and no tangible result has come out ever since, no progress but news about what may never happened. If I'm the affected customer, it will be hard but I wokld have cut my loss and move on.

Its a good news for those people who had been affected with that FTX issue. If it turns out that they would really be getting that 118% then thats a good news. I dont know on whats the set up for those someone who would really be buying those claims for 99%. I dont know about the security of this deal considering that decisions might be revoked or something that might not really be continued. This is why it would really be hard
to have that kind of agreement specially if the amount transacted in between parties would really be that big. In related to the news then it is really that something good for those who had been affected.

Is there any projected dates or schedule for this one to be pushed through? Pretty sure that affected users are really excited on this one. 

For some reason I still doubt that, not saying that it will not happen, I am just saying that it will not be all that simple and we are going to end up with a bad result, that is just what I am feeling. I get that some other people may feel like things could change, but that is not going to be all that common, we are going to end up with a bad result one way or another.

I hope that things could get better eventually, it is not going to be easy, we should probably look for better ways in the end. Obviously this isn't really that simple, we are going to end up with issues here and there, but as long as we let it happen, then we are going to be doing something fine. This is simply just how things could work out in the end.

Look if you're claiming something that big then you should provide enough evidence and you should provide enough proofs to make people believe your stance.

Daily I hear about these projects and people are continuously posting threads like that but in order to be distinguished from lame and fake projects you have to proved each and every inch of the detail. So try to be me comprehensive.

It is not clear when it will be resolved that the funds handed over to customers will be returned this is like the promise they keep talking about, so that creditors remain a little calm listening to their statements.

The point is, don't get your hopes up that when an exchange goes bankrupt you'll have a balance there, it's all an illusion to me, maybe their money has already been taken out and is funding the SBF trial or something?

Still haven't seen where the exchanges that were hacked and closed returned their customer assets, the owners were only arrested and the victims were the customers.

Hopefully they would be able to pay this all back, 18% interest is something and I don't think that it's not a small and given how much they've owed to the people that have, it's probably going to take them a long time before they can finish paying all of the people that have been wronged by FTX, the people behind FTX that have nothing to do with the scams and are big investors of the company is probably so mad at SBF with all of this, they all got a good thing going already, how they got so greedy that they have to cheat people is still really puzzling to me.

Pay 118% in Cash, yes in cash, that will be calculated with prices of cryptocurrency at the time of FTX bankruptcy. It's too good to be true and like FTX is generous to pay their users and victims. In fact, their customers and victims will feel painful with this because in the last two years, cryptocurrency market turns from bear market, around bottom to recovery phase in 2023, warm up and is ready for a parabolic bullish market in 2024 and 2025.

The extra 18% in cash does not mean anything if we see that many cryptocurrency already x many times from their bottom prices.

This is indeed good but what they must do is when they will gonna do start refunding their customers.
There are already a lot of exchanges that got hacked after how many years but still they still didn't get any of their money back event cents.

Some affected customer just want to get their money back even without any increase or interest.

Maybe this could be what the news says but I doubt it if the team are quite ready to pay such a money with percentage. This is going to be hard and the question is that when are they(the team) going to get such a fund. This is going to be a long search for money for the team to be capable of paying such a huge amounts of fund. Maybe this is going to be in quarter and not immediately for even victims to get their funds back. This promises could be filled soon but I am still doubting how it is going to be accomplished since the team has already filed for bankruptcy which is one of the reasons many people are doubting the information.

Until the under fire company, FTX,  does fulfill its promise to pay back what was lost or scammed from its customers, there will remain an iota of lie and conspiracy behind such rumors.
It would be a good thing though as it would help to renew the faith that those who were affected have lost since the crash happened and I don't know if 118% is up to the fair market value of what the coins was worth then versus now, but am sure it will be worth much to who ever receives theirs as it would come as at a time when it is mostly needed.
Although, it would surely bolster the number of new customers on the blockchain network, willing to trade Bitcoin and other altcoins as well as invest in both long and short term basis.

118% sounds good but they are offering fiat for the coins of the users.

i remember there is a thread about this. they may offer that 118% but at the rate of when the company collapses which means it could be that when BTC's price was $16000 + 18%. now that ain't for those creditors actually. what about just sending back 1BTC = 1BTC and not the fiat amount because that's exactly what they own to those users?

hmm, that's a piece of good news, but I have a couple of questions on it are they going to set criteria to pay users like some levels to pay users in particular levels and no refund to others, such as min cap and max cap per user, because there were some of my community users who lost their funds due to FTX, and its really great if everyone user is getting repaid obviously I won't support the interest value in it due to some reasons but maybe there can be some exception for hcih I'm not sure.

Hmm, honestly I don't think it is going to be an easy setup plan but if they are giving hope, that's appreciatable action, because many people lost their life savings in that crisis. hoping for good. 

_Thabks OP as well.

I agree with you, the news will make the victims of FTX fraud happy and they will have some hope that they may get their funds back and surely that 18% extra would make them even more happy.

But, I also think that such news is just news and nothing like this could be done easily. I believe in order to pay the victims they will have to do a lot of things and they need funds to do that.

I agree that they will keep delaying the refunding promise and will continue to make the victims hope that they will get their funds back but as long as we won't see the victims getting refunds then it's not wise to believe such promises.

I know of two threads about FTX that are still active.
Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash   
Re: [Updated] FTX

---

Paying back customers with 118% is too good to be true, so this is a fairly short return as we know Mtgox took a long time and until now it has not been realized, when there is a transfer of assets it becomes hot news.

FTX customers who were victimized may be happy with this news, but when will FTX pay for it? Is it just a promise that will continue to be delayed?
In fact, I don't think they will pay anytime soon.

Its not trues and I doubt with FTX exchange will refund above 118% for each their costumer, its seems impossible source behind their social media not update yet and forget with refund if you have assets in FTX exchange. Impossible for exchange have been bankrupt and scam will refund for their member and many cases before all exchange never guarantee refund. You can check before FTX collapse have Mt.Gox who got scam and they have promised almost several years later refund the member assets until right now never sending back yet.

Its crucial problem with exchange have been collapse or scam and most of developer run away without responsibility for refunding the member assets, its difference with exchange want to close their operation and giving opportunity with their user withdrawing assets and take more than three until four months later to member get withdraw their fund.

Forget all issue or rumor with FTX will repay your fund.

I have heard this news recently and also nla while ago but 18% is something new and if they really do it then surely they can win back their customer's trust but not to a complete extend but this will help them secure the brand image. But, will they really do it? There will be lot of process involved right from validating the claim and most of them sold out when it was close to zero and I don't think this 118% will be for everyone as mentioned in one of the article as they have to provide the details. Again if it happens it would be better since people lost a lot.

I read this news a while ago, maybe about 2 weeks ago if I am correct, but I never gave it much thought until it happened "because seeing is believing." I sounded that way because Mt. Gox will always be my reference point, it is one promise over the other for so long, so I will only believe what I see with FTX.

However, if they are able to pay, it will be very lovely, and it would mean that if not for the exposure of SBF by CZ, he would have been able to manage his way out though and everything would have been fine with FTX. Though I am not in support of his actions, but still, companies always have their sh*ts, only that they know how to cover it up more than each other and the magnitude of their ugliness varies.

Above all, a special thanks to SOL and the wisdom of FTX to invest massively in it. If not, I wonder how they would be able to achieve what they are planning this soon.

What I actually think about this is that if their is any symptom of truth about this, then am going to say it's definitely a welcome development, because the bankruptcy of ftx really hit most investors really hard, but I don't think this upcoming gesture will change the minds of everyone towards them, because once trust is broken, sorry means nothing,  so I don't see them entering into the good books of everyone that was of victim of the bankruptcy regardless of,  if they pay this 118% they are actually talking of or not.

Lastly, due to the bankruptcy of Ftx in 2022, their are some people that lost their life savings, and because of that, some of them even loss their life, due to high bp, so how are they going to rewrite their wrong on those that are already dead due to the bankruptcy?  Let just watch and see how it goes, if their is actually any truth in this news, since no date has been fix for it to commence.

I could not get any concrete answer on the time line. Some posters are saying end of June or early July but I can’t find a quote from the bankruptcy counsel to verify it.

If it’s really going to be June then it’s crazy how it took MtGox so long to pay out their claims.

Also keep in mind this is money which was tied to crypto prices in nov 11 2022. So if you had BTC or ETH you are getting only $16K for each bitcoin instead of the $70K. So the 18% extra isn’t really going to cut it. Best for those which held mostly stablecoins.

That's nice.

Those that have waited for this are surely satisfied and can't say a thing anymore other than just give their money back.

After this claim procedure, I'm not just sure if people will still trust them but maybe with this action that they did. Maybe they will but it won't be as big as before.

It's so hard to reclaim the trust of anyone especially if money is involved.

18% extra interest is their trick to soften their guilty. In reality people who were customers of FTX exchange and stored cryptocurrency on that exchange before and at the time it collapsed, announced its bankruptcy, will still have massive losses even they will be repaid by FTX.

Because according to news I read, they will not repay their customers will exact number of cryptocurrency stored in their customers at the snapshot time of exchange bankruptcy. The number and value of portfolios used for the repayment is equal value in fiat currency.

Prices of cryptocurrency from Bitcoin to altcoins in 2022 and 2024 are very big different. FTX customers will have big losses by this method for repayment from FTX exchange so the 18% extra payment is their trick to reduce the sentence on SBF as I guess.

"18% extra" Making something good from a bad situation, not bad FTX this could work!

But with the long wait by their customers..I honestly don't think the extra cash(coins) could help them regain their trust..I know it's a longshot that will work or collapse and as human's we tend to forget easily   and with a little financial incentive as an apology FTX could have a shot at pulling a comeback but this will take some serious investment in trying to win back people's trust as most  have moved on to new exchanges as we always have options on the market!

Just hope this FTX move helps people regain trust in crypto and probably give the markets a green day for this news

For those who have possible claims, better secure your credentials and other details that you think may be important in getting your funds back. Though it is hard to know the timeline of this claim, if they will be true to their arrangement, better be ready rather than regret when it is already too late to remember your details. It is common knowledge that proceedings like this would take time, just look at how cryptopia hack has been handled. But they have claim portal login and said to be running up until this year. So yeah, better secure your ftx details before you forgot all about it.

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official


There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.