Yes, good news, I heard this news on some channels since yesterday and it is definitely good news for everyone that this case that has been going on for years and is considered one of the worst crypto incidents is over.
Although many affected users are not satisfied with the distribution method decided by the court as they will receive fiat instead of their crypto assets, the worst thing for them is that the price will be calculated at the time of the incident as the price of Bitcoin was very low.
Of course, this is not fair to many of them, but it is better than nothing, especially since if the compensation is calculated at the value of Bitcoin today at $63K, I expect that the amount of $16 billion will not be enough to compensate everyone.
Topic: Good news For FTX users. $16 billions funds are use to refund users. (Read 46 times)
October 07, 2024, 10:57:23 PM
A recent update came out, and it’s great news for the Bitcoin community. Usually, when an exchange faces issues, we assume our funds are gone for good. But just recently, it turns out that some of the exchange's funds were recovered and are being used to pay back users
The complain is FTX's users/ victims will not receive their cryptocurrencies back, but they will receive fiat currency (or stable coin?) according to their portfolios' values at time of FTX collapse or bankruptcy. This means they will get money equivalently to portfolio values in a worst time of bear market two years ago, and it is big loss if comparing prices of cryptocurrencies in a bear market (nearly bottom range) and now in a bull market.It is still good news for FTX victims as receiving more money is better than less.
The news about FTX case is a good chance to share this topic to warn people about risk of storing money on centralized exchanges.
Reminder: do not keep your money in online accounts
That's the sad news but that's how the government are gonna process things as those coins were already used.
To give an idea on the average price in 2022.
Quote
The average closing price for Bitcoin (BTC) in November 2022 was $17,600.81. It was down 16.2% for the month. The latest price is $62,639.90.
https://www.statmuse.com/money/ask/bitcoin-price-day-by-day-november-2022So that's pretty low compared to the current price....
And as to the usd value refund., they'll get +18% of the value of their coins that time...
Quote
The plan approved Monday will pay the vast majority of customers at least 118% of the U.S. dollar value in their accounts as of November 2022.
Some might complain about the price difference, but this is definitely better than not recovering their money at all.
October 07, 2024, 10:49:10 PM
A recent update came out, and it’s great news for the Bitcoin community. Usually, when an exchange faces issues, we assume our funds are gone for good. But just recently, it turns out that some of the exchange's funds were recovered and are being used to pay back users
The complain is FTX's users/ victims will not receive their cryptocurrencies back, but they will receive fiat currency (or stable coin?) according to their portfolios' values at time of FTX collapse or bankruptcy. This means they will get money equivalently to portfolio values in a worst time of bear market two years ago, and it is big loss if comparing prices of cryptocurrencies in a bear market (nearly bottom range) and now in a bull market.It is still good news for FTX victims as receiving more money is better than less.
The news about FTX case is a good chance to share this topic to warn people about risk of storing money on centralized exchanges.
Reminder: do not keep your money in online accounts
October 07, 2024, 09:48:12 PM
A recent update came out, and it’s great news for the Bitcoin community. Usually, when an exchange faces issues, we assume our funds are gone for good. But just recently, it turns out that some of the exchange's funds were recovered and are being used to pay back users.
In earlier reports, it was estimated that around $8-10 billion in customer funds were either misused or lost. So, the recovery of $16 billion is more than enough to cover those losses and pay back affected users. This is definitely a positive development for the FTX case.
Here's the news.
In earlier reports, it was estimated that around $8-10 billion in customer funds were either misused or lost. So, the recovery of $16 billion is more than enough to cover those losses and pay back affected users. This is definitely a positive development for the FTX case.
Here's the news.
Customers of collapsed crypto exchange FTX will soon get their money back after a judge gave the green light on Monday to the firm's bankruptcy plan, following nearly two years of recovering funds and reaching various settlements.
Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using $16 billion recovered since the company collapsed, Reuters reported on Monday.
Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using $16 billion recovered since the company collapsed, Reuters reported on Monday.
Jump to: