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Topic: Is FTX going for a reopen? (Read 251 times)

legendary
Activity: 1932
Merit: 1273
April 25, 2023, 11:25:31 AM
#38
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Do we really believe if there's someone who would catch up a company like FTX? Lets say that they would really be having that reboot or even just rebranding but it wont really be that something that would result to be positive considering on how worst the history did this company did really end up. Reopening or being purchased with some new owner would really be not that ideal or something would really be worth.
If ever i would be a new owner then i would rather solely create a brand new site name and would be having no trace of FTX neither on its name or history or background.


Of course, it would not be ideal since bad publicity has spread and business process misconduct has been proven, but that is not my point or case. The question I ask is whether it is a prerequisite to open up the company only to repatriate investors' funds. See, the below quotation from the referred article in this thread.

Quote
Besides being reopened briefly to allow US investors to repatriate their funds, FTX would likely face a backlash if there was an attempt to relaunch, according to Campbell Harvey, a finance professor at Duke University.

Anyway, in the meantime, all or some users of FTX who had a balance prior to its closure should expect to have received two emails about the current condition. First, information about the claim schedule. Two, about liquidation provisional processes. I only have small balances so I didn't bother to apply the claimant. So, anyone who has the concerns should follow how the current cases going.
legendary
Activity: 3066
Merit: 1126
April 24, 2023, 09:27:52 PM
#37
A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.
~
If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.

Specifically, about positive things, I meant I actually did not know that reopening in the sense that it requires publicly being reopened again, needs to be done in order to solve the repatriation of the funds. It does seem that the bankruptcy process should have not required that kind of path. It will be absurd.

~
Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.

Of course, the new FTX CEO seems to have difficulty managing the current condition noting that the communication between him and SBF does not flow smoothly. With that in mind, more and more bad publicity is spread to FTX and the internal team, and the public should have known that supposes the "reboot" happens, they ought to stay away from it due to the concerning lack of credibility that roots within the company.
Do we really believe if there's someone who would catch up a company like FTX? Lets say that they would really be having that reboot or even just rebranding but it wont really be that something that would result to be positive considering on how worst the history did this company did really end up. Reopening or being purchased with some new owner would really be not that ideal or something would really be worth.
If ever i would be a new owner then i would rather solely create a brand new site name and would be having no trace of FTX neither on its name or history or background.


After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected
If the money had been fully recovered or they have able to get a huge portion after that bankcrupty then there would be no one would be trusting up this company or would be given out second chance.
Do we really believe that people wont really be starting on withdrawing their funds if they do have the chance? For sure they would really be doing such thing if ever they would reopen.
This is the consequence or  the result that they would be facing on considering on what happened in the past which is something that couldnt be forgotten
or would really instill in peoples mind that this company couldnt really be that trusted.
Trust is something the main issue on here because they cant just trust up FTX once again.What if it would happen again on what happened in the past?
and wont be having the chance to have recovery? For sure it would really be a total disaster.
hero member
Activity: 2506
Merit: 531
Leading Crypto Sports Betting & Casino Platform
April 22, 2023, 06:58:37 PM
#36
After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected
If the money had been fully recovered or they have able to get a huge portion after that bankcrupty then there would be no one would be trusting up this company or would be given out second chance.
Do we really believe that people wont really be starting on withdrawing their funds if they do have the chance? For sure they would really be doing such thing if ever they would reopen.
This is the consequence or  the result that they would be facing on considering on what happened in the past which is something that couldnt be forgotten
or would really instill in peoples mind that this company couldnt really be that trusted.
newbie
Activity: 18
Merit: 0
April 20, 2023, 12:31:58 AM
#35
Not likely, but I don't think that's OK, or fair with the international users. The platform was easy to use and not as convoluted as Binance is for some things, usually lower fees to buy with cards (no 3rd party) and most importantly, they would wire to my country with no drama. I don't think i had anything big in there when it collapsed, but I still get the emails. I have not been following up really, if it opens then there is a better chance for whales to see their money back.

Just take the tech out of the building and then salt and torch everything.
Build somewhere else with new brand and team, they know everyone will be watching and hopefully will behave.
Old users might be back or not, because they want or because they have, rebranding or not.
Still better market prospect than to start from scratch. Competition is good.
legendary
Activity: 2100
Merit: 1203
Heisenberg
April 08, 2023, 04:53:58 PM
#34
After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected
copper member
Activity: 2702
Merit: 1247
Try Gunbot for a month go to -> https://gunbot.ph
April 04, 2023, 12:22:55 PM
#33
I don't think it will be an easy recovery for them. I'm happy for those users affected getting their money before they lost everything in it, but at least they are trying to make things right. I hope the new management will do a better job and no more illegal stuff that would make people doubt it even more. It's going to be a challenging take for them.



FTX will never be reopened again. The reputation has already been destroyed and none will believe to use it again since the big case that happened with SBF. People will be feeling worry to use FTX anymore if it will be reopened or revived. There must be a new invetors who will able to give billions of money to revive it back again.
They can reopen but they wouldn't be able to come back to it once was. It's going to be difficult to recover.
hero member
Activity: 2800
Merit: 520
Leading Crypto Sports Betting & Casino Platform
April 04, 2023, 12:09:31 PM
#32


I just got an email from FTX about the possibility to claim my balances that were still in FTX before they got bankrupt. It seems like I can get back my money again soon but i dunno.
Does someone get the same email as me?


FTX will never be reopened again. The reputation has already been destroyed and none will believe to use it again since the big case that happened with SBF. People will be feeling worry to use FTX anymore if it will be reopened or revived. There must be a new invetors who will able to give billions of money to revive it back again.

FTX is dead and its token was just pump and dump token now. I hope that i can claim back my money.
hero member
Activity: 2394
Merit: 756
March 23, 2023, 06:20:59 PM
#31
In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too
Maybe with hardcore fans that liked the site are going to let the past slide and see the site stronger then ever. Rest of us are saying no way. Brand is tainted and not going back unless someone in wallstreet bets makes this gamestop 2.0 case and starts to buy and short squeeze whales. But i find that unlikely and that would most likely only affect the token price.
Even FTX usa section is affected by this.

Maybe not a hardcore fan but rather people still believes that there are hopes they can still get their money on that platform. To many bad incidents happen already and I'm sure that no traders which experience to get scam by them will ever trade or trust them for second time around. Having thoughts for giving a second chance for a scam platforms is a bad idea and traders need to avoid them since there are many more reputable exchange and they are more better than this scam FTX exchange.
legendary
Activity: 2800
Merit: 1128
Leading Crypto Sports Betting & Casino Platform
March 22, 2023, 07:19:20 PM
#30
In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too
Maybe with hardcore fans that liked the site are going to let the past slide and see the site stronger then ever. Rest of us are saying no way. Brand is tainted and not going back unless someone in wallstreet bets makes this gamestop 2.0 case and starts to buy and short squeeze whales. But i find that unlikely and that would most likely only affect the token price.
Even FTX usa section is affected by this.
jr. member
Activity: 266
Merit: 3
March 22, 2023, 03:03:13 AM
#29

FTX International could be revived, according to the doomed exchange's new CEO.

Speaking to The Wall Street Journal, John Ray revealed that a taskforce has been established to see whether the trading platform could one day open its doors to customers once again.
Of course, the unknown quantity here is whether retail investors would ever be willing to put their trust in the company again — with billions of dollars in customer funds allegedly misused by sister trading firm Alameda Research.
copper member
Activity: 1946
Merit: 846
Part of AOBT - English Translator to Indonesia
March 20, 2023, 10:20:41 PM
#28
In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too

member
Activity: 391
Merit: 13
Sugars.zone | DatingFi - Earn for Posting
March 20, 2023, 09:11:55 PM
#27
Maybe it is true that there will be news saying that FTX will be revived and operationalized again, but it will be even more difficult for FTX to grow and have many users in it.
In fact, I am sure that there will be no more investors who will come in and believe in investing again in FTX. In terms of lost investor funds, there is also no certainty when they will be returned in full.
It's actually easier to be able to develop and advance a new platform that doesn't have many users than it is to revive and regain glory for a platform that has collapsed due to having a serious case and a bad reputation about the platform.
So it's possible that FTX will be revived again, but it's impossible to be like before when it was still victorious.
I agree with you. Personally, I think it's easier to start fresh with a new platform that doesn't have a bad reputation. Trying to revive a platform that's already failed is a tough task. It's like trying to bring a dead horse back to life. May be, it 50 - 50 might work for a little while, but eventually, it's going to collapse again.

So, while it's possible that FTX will be operational again, I highly doubt it will ever regain the same level of success it once had. It's just too risky for investors to put their money back into a platform that's already shown to be untrustworthy.
full member
Activity: 361
Merit: 137
March 20, 2023, 05:22:17 PM
#26
Today I read something about that from some Twitter guy. He said that the exchange was very profitable, that is why they might want to reopen the business. Will it be as profitable? Not so sure about that, I personally wouldnt be able to trust that exchange again. If it wasn't for the degen fund that draiend the money, these kids had $700m and $1b yearly revenues for previous years.
member
Activity: 391
Merit: 13
Sugars.zone | DatingFi - Earn for Posting
March 13, 2023, 03:57:39 AM
#25
So, I think this is something that is unlikely to happen in the near future. Because this already includes legal issues in the USA. So there is a government interest in it.

However, I don't think reopening will solve all of FTX's problems. As you said, brand names are bound to tarnish and trust has been lost. It will be difficult to regain that trust, even with new staff.
legendary
Activity: 1932
Merit: 1273
January 25, 2023, 01:16:46 PM
#24
A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.
~
If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.

Specifically, about positive things, I meant I actually did not know that reopening in the sense that it requires publicly being reopened again, needs to be done in order to solve the repatriation of the funds. It does seem that the bankruptcy process should have not required that kind of path. It will be absurd.

~
Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.

Of course, the new FTX CEO seems to have difficulty managing the current condition noting that the communication between him and SBF does not flow smoothly. With that in mind, more and more bad publicity is spread to FTX and the internal team, and the public should have known that supposes the "reboot" happens, they ought to stay away from it due to the concerning lack of credibility that roots within the company.
legendary
Activity: 3066
Merit: 1126
January 24, 2023, 05:14:32 PM
#23
A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.
When trust is broken then there's no way that you/they could take it back and its true that the only things that matter most on these particular times is go patch up on whats lost into their investors or clients.
Once the investors would be able to take their funds then this site or company would really be good as dead because they would just simply avoid it as much as they could
Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.
legendary
Activity: 2800
Merit: 1150
January 23, 2023, 02:55:00 PM
#22
A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.
I think the three qualities that you said there are all the same and it still points about being fair and not a scam. We all know what happened to FTX. The exchange collapse due to miss handling of funds. Although this seems different from being a scam, but still it's a turn off since many people have affected about it. They are investors on that company obviously and as well as who only invest in normal cryptos are seeing a decline on their portfolio.

If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.
legendary
Activity: 1932
Merit: 1273
January 21, 2023, 12:59:01 PM
#21
A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.
legendary
Activity: 1596
Merit: 1141
January 21, 2023, 03:48:24 AM
#20
It's possible as long as Sam Bankman Fried or the new management are agree to reopen FTX, but I don't expect anything FTX will able recover their reputation just like before they got hacked. It's not about they can refund all of their customer's losses, but any people doesn't want to take risk for twice since they will think FTX will bankrupt again in the future.

It's better if they're start to create new exchange and offer lower fees just like FTX, sooner or later they will built the reputation same like the old FTX.
hero member
Activity: 2660
Merit: 608
Vave.com - Crypto Casino
January 20, 2023, 06:52:33 PM
#19
The reason why the market pumped (not today) a few days ago is because of the news that they've recovered a portion of their funds. And with such news, the market has been optimistic and pumped again. Having that said, those people that are optimistic about their coming back should be aware of the risk that they're taking. Yeah, it could be a new management but the name of it has been stained already by the debacle that it has formed.
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