Topic: Good news For FTX users. $16 billions funds are use to refund users. - page 2. (Read 638 times)

It's less than 16 billion that may re-enter. And not 16 billion will re-enter the crypto market. Some may cash out instead of putting it back into crypto.

But, I wonder if they will refund us more than the defined claim amounts. They sold our tokens at a higher rate. The last time, I heard a rumor about  how they'd pay us around 118% (+interest).

I must admit this is good news for the crypto market. This is because  there will be a huge sum of money in inflows, and it will have a positive impact on the price of crypto. But let's not be overhyped with this.

I’m not sure if the $16 billion is enough to cover all the losses, but it's definitely a step in the right direction, It’s rare to recover anything after a disaster like FTX, Hopefully, this will help improve the industry’s image a little
it’s worth keeping an eye on this case, though.From experience, there are always more surprises in these situations. 

That's wonderful news! I love it when money is not only recovered from financial crimes but also returned to the victims. It's great that so much money was somehow recovered, and that one way or another, people will be compensated. I don't think it's important in which currency people get their funds back, as long as it's representative of the amount they lost at that time. After all, people can always make a choice to reinvest in Bitcoin if they feel like it. And sure, there's also potential profit lost due to price differences, but we don't know how long those people would have held their coins or anything like that, so a missed opportunity isn't something that should be compensated.

As I recall, when they filed for Chapter 11 bankruptcy, they owed customers $11-12 billion. Currently, they have over $16 billion in hand and that is why they claim that over 98% of their customers get back 119% of their lost money. But one important thing is when they declared bankruptcy, Bitcoin price was below $20k and now Bitcoin is over $60k and their customers will receive USD, not Bitcoin or crypto.

The asset recovery was a joint effort of the FTX team in coordination with law enforcement agencies, SBF did not make any contribution to assist the company in recovering the assets. I remember he was convicted of three crimes, including stealing client funds, so I see no reason to be lenient even if FTX recovers the debt and refunds the clients.

Can someone please make it clear - how much funds were lost in FTX and how much were returned/found/obtained? It is said that it is enough to refund users. Investors I think were getting something back already, as liquidators were selling some altcoins. Since a lot of lost funds have been found and are return to return, isnt it right to reconsider SBF sentence?

Sometimes we can't get everything we expect, rather than not getting it at all then getting it in fiat is much better even though there are losses, trying to cover the losses by buying crypto when you have received the money and the market is bullish will be quite risky so be patient or just buy Bitcoin will be better because altcoins may make the money from FTX refunds decrease or even run out because they bought at a high price and the price fell deep.
FTX users may not be so happy with the form of the refund but this is still good news for their users who may be struggling because their money is stuck on the exchange.

Yes, in my opinion, this is good. If I were the victims, I would be very happy to get this amount back after more than two years, since they cannot do anything if the money is lost.

To be fair, if the opposite had happened and the price of Bitcoin had fallen, would the victims have demanded the return of their crypto assets or the equivalent value in dollars at that time? The answer is clear, of course.

I wonder if this gonna have that great of an effect, I'm sure not all the money will go to BTC, probably half of the victim just gonna cash out and the remaining will reinvest their money, but considering even microstrategy and blackrock buying doesn't even budge the market,  I guess it will not be that significant, moreover, the reinvestment that the victim did won't be done in one go, some of them contemplate, and the other maybe optimistic.

but at least it's great that the user got their deserved reimbursement, we'll need to remember that the FTX collapse was so bad the market crashed so hard.

hoping it could turn around sentiment and adding buying pressure with the money going back to the victims.

It is a must that they have to fix the trouble that the past owners did to their customers fund. I'm happy to see that the current management of FTX is fixing things that have crumpled their reputation. But to be honest, even if they are going to refund all of the customers money, it's very unlikely that most of their customers are coming back. Everyone is going to make sure that they get their money but at the same time, they're not going to be back at this exchange to avoid any further and future troubles.

How sure are we that the investors will send the money back to crypto. Some have already counted it as lost money, recieving it again might mean that they'll use it do something out of cryptocurrency. It is a few who are overly comfortable that will want to reinvest the money. However, the re-invested money might not affect the market because the whole money will not be re-invested into a particular coin, rather different places.

Are bitcoiners going to be recompensed with bitcoin?

No matter what, don't store your coins in third party platforms. As much as possible, keep your coins in your own wallet where you have full control of. Once you finished trading, send it to your own wallet. Otherwise, you are subjecting yourself to possible losses of funds.

It may restore some faith, but I won't trust crypto-exchanges with my funds even if the exchange is included in the top list and reputable ones. Anything can go wrong from hacking to inside job. Always secure your funds by storing it in your own wallet where you have full control of.

Exchanges collapsing, going bankrupt or getting hacked is nothing new in the crypto industry, and anyone who lost fate because sbf ran ftx to the ground and into bankruptcy is probably new to the industry. However, nothing much changes now that ftx is repaying their creditors, it is good for the creditors but it does not mean people should trust centralized exchanges or custodial services with their funds, the only safe place to store your funds is in your self custodial wallet.

There is nothing to celebrate about this news. Initially, the new CEO which is now the representative of FTX exchange had plans to distribute customers fund back to them but the plan was to distribute the money in the value and not the quantity of the coin and didn't sit well with the users, they want their coins back and not amount and that's how they went to the court and they won which is why this news broke to the internet.

However, there is a problem. The team is having $16b worth of crypto and that is because the market has rise back and there are gains on those coins. If they are to distribute coins that were taken from customers before the exchange was halt, I'm not sure there is going to be coins to go round and if there is, there wouldn't be much left for the team to launch the exchange, that's going to the end of ftx story.

$16,000,000,000 which a lot will go back into crypto, I am sure. This is great news, for those affected by FTX running a joke shop but also holders of coins who didn’t even have a balance there. As money received flows back into crypto, it will pump our bags so this is great news.

It's great to see the possibility of getting user funds back after the FTX collapse, especially for those who thought they had lost everything. This development could really help restore some faith in the crypto space. However, the $50K limit on compensation raises some concerns. While this is better than nothing, many users who have experienced significant damage will still feel shortchanged. It would be ideal for FTX to consider a more equitable approach to compensation reflecting the extent of damages to users. Transparency is key in this process, and hopefully, they will coordinate to ensure fairness for all affected users. Overall, this is a positive step.

The collapse of FTX was quite a dark tragedy in the crypto world, perhaps at that time many people experienced huge losses as a result of this incident. Some people even felt they had given up on getting into the world of crypto after experiencing losses due to this incident. However, with the news that user funds used by FTX or those who experienced losses at that time will be returned, of course this news will be very encouraging. Because how could it not be, after all the users who experienced losses at that time thought their funds would not be returned, and now they will be returned, of course they will be very happy. So hopefully this can really happen and isn't just a lie. Because if FTX really returns money from its users, this will have a very positive impact on the crypto world. Because many people will think that crypto exchanges are truly responsible for all the mistakes or fraud they commit. Apart from that, it is reported that FTX will only compensate users who have assets of less than $50K. I don't know if this news is true or not, but according to all of you, is this fair enough or not? In my personal opinion, this is still better than not compensating for losses at all. But if for example this is true, hopefully FTX will make a few changes to this. Because after all, every FTX user who suffers a loss,  will definitely want their money back.

It is normal, many will not be satisfied at all, but will express resentment. By the time they get the money back, they will lose about 70%. Because in 2022 a person's 1 Bitcoin was worth $17k, which is $62k today. But he will get back the $17k. That means no profit will come from his money in 2 years.

Many affected users will be happy, who had invested money in various Shitcoins whose current value is much lower than at that time. They will surely feel themselves benefited. Many affected investors will be disappointed, but I think getting something is better than nothing. Maybe there was a big lesson hidden in our losses that made you gain many times the money you lost.

This is a great news and the fact that whole amount will be paid in dollars and not crypto makes it more bullish news as people will have money to buy their favorite assets and I hope, it's not FTX anymore (joking).  $16 Billion dollars if all invested in BTC at the current price is 258,064 Bitcoins. Enough to carry on the momentum of this bull run despite having so many bearish news (related to war) recently.

Considering the difference between bitcoin price in November 2022 and now (~17k in November vs ~62k now), the loss is much bigger than 50% (~72%) and that's only if they get the money ASAP. People probably won't get their money back in months, and maybe even a year and by then bitcoin might be much higher than it is now.

So yeah, its good that they will still get something back, but I think that many will be pissed off.

I believe most of these affected users will be glad to have their money back, regardless of the worth, this is way more better than them not receiving anything at all. This news is not only positive for the affected users but also for the crypto community, this is sending warning message to those other centralized exchanges out there that could go bankruptcy that they can be traced and have money paid back to clients.