Is FTX going for a reopen? | Bitcointalksearch.org

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: milewilda on April 24, 2023, 08:27:52 PM

Quote from: vv181 on January 25, 2023, 12:16:46 PM

~

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.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: vv181 on January 25, 2023, 12:16:46 PM

Quote from: beerlover on January 23, 2023, 01:55:00 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

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.

Quote from: milewilda on January 24, 2023, 04:14:32 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

~

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.

Quote from: Quidat on April 22, 2023, 05:58:37 PM

Quote from: JeromeTash on April 08, 2023, 03:53:58 PM

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.

Quidat

hero member

Activity: 2688

Merit: 540

DGbet.fun - Crypto Sportsbook

Quote from: JeromeTash on April 08, 2023, 03:53:58 PM

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.

ARCADIA-OG

newbie

Activity: 18

Merit: 0

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.

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

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

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

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.

Quote from: X-ray on April 04, 2023, 11:09:31 AM

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.

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

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.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: o48o on March 22, 2023, 06:19:20 PM

Quote from: dansus021 on March 20, 2023, 09:20:41 PM

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.

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Quote from: dansus021 on March 20, 2023, 09:20:41 PM

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.

nazmul30

jr. member

Activity: 266

Merit: 3

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.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

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

merekamo

member

Activity: 392

Merit: 13

Sugars.zone | DatingFi - Earn for Posting

Quote from: klidex on January 20, 2023, 01:00:54 PM

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.

xCryptoManiaX

full member

Activity: 361

Merit: 137

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.

merekamo

member

Activity: 392

Merit: 13

Sugars.zone | DatingFi - Earn for Posting

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.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: beerlover on January 23, 2023, 01:55:00 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

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.

Quote from: milewilda on January 24, 2023, 04:14:32 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

~

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.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: vv181 on January 21, 2023, 11:59:01 AM

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.

beerlover

legendary

Activity: 3052

Merit: 1188

Quote from: vv181 on January 21, 2023, 11:59:01 AM

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.

vv181

legendary

Activity: 1932

Merit: 1273

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.

Jawhead999

legendary

Activity: 1820

Merit: 1207

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.

blockman

hero member

Activity: 3066

Merit: 629

Vave.com - Crypto Casino

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.

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Quote from: cabron on January 20, 2023, 02:09:46 PM

There is nothing that will guarantee its users that they will not do it again. Even if they have the shares already, these people will be watching the company all the time. Because it's sure not going to get users on board for countless of years. As long as FTT issue will come up every time a crypto scam is on the discussion, the reputation will wreck it over and over.

I understand that there would be some serious issues and it would be hard for them to regain any trust from investors. However they are under microscope so i seriously would doubt them trying anything like that again. Fool me once...

Quote from: cabron on January 20, 2023, 02:09:46 PM

FTX is done. I wonder though why Binance didn't delist its token.

I was thinking about this too. My guess is that whales made ton of money by shorting it and delisting it midway might upset some whale clients. I would have shorted it in binance but for some reason i first didn't find it there and shorted it with a dollar that i got left in FTX for fun and got some pocket cash. I would have made serious money if i would have used any of my brain and focus on that seriously.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: o48o on January 20, 2023, 01:48:01 PM

Only way i can see them opening again would be something similar that bitfinex did. Offering company shares to users who lost money or tokens they are obliged to slowly buy back and burn. This could also help ftx as people who would take this offer would need to drop their legal demands.

There is nothing that will guarantee its users that they will not do it again. Even if they have the shares already, these people will be watching the company all the time. Because it's sure not going to get users on board for countless of years. As long as FTT issue will come up every time a crypto scam is on the discussion, the reputation will wreck it over and over.

FTX is done. I wonder though why Binance didn't delist its token.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Even if it did reopen, would anyone use it? Would it be profitable? Could you trust that they wouldn't steal your funds again?

I think you'd have to be crazy to use the site after what they did, but people are crazy. Maybe they'll view it as a way to help make back their own money with their own trading fees. Who knows? What I do know is that you don't go back to giving money to the person who just scammed you thinking it will be different this time. Sure, there are always those who go looking for pain, but in this case, if you'd use FTX knowing the giant hole they have to fill, you probably deserve being involved in their next bankruptcy case as well.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

No, dear, I think this not going to happen but maybe it's possible as this market always surprises us you never know what is going to happen. Speculations in crypto move around the 360 angles. The market is heading up again and it's good a small hope for the old investors. FTX destroyed many connected projects, SOL is worth mentionable as far I know.

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Only way i can see them opening again would be something similar that bitfinex did. Offering company shares to users who lost money or tokens they are obliged to slowly buy back and burn. This could also help ftx as people who would take this offer would need to drop their legal demands.

bittraffic

hero member

Activity: 3038

Merit: 617

Maybe it will really reopen again and people wanted to be the first again to make money so they buy the FTT again expecting a huge return in the coming bull run. You can never say never when it comes to making a profit. But to me, I'd rather not go buying FTT the only reason why an investor may go back to FTX is likely just to claim back the money he lost.

Quote

“The brand is toxic,” Harvey said. “It is a classic situation where you fooled me once, shame on FTX but if you fool me twice, it’s all on me.”

This is according to Campbell Harvey, a finance professor at Duke University. I think many of its investors would really agree to him.

Anonylz

hero member

Activity: 2562

Merit: 577

I don't think I have seen a successful second chance in the crypto space, once a reputation has been badly damaged it is very hard to rebuild it to the previous level. Luna is suffering the same faith, despite the fork, people already lose interest and move on.
Ftx will have a similar experience, even if a new CEO should take over (which I think is a terrible idea by the way) the damage to the rep of the project has already been done, and it will be hard if not impossible to gain it back. to me, it is a lost course.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: ChillyMatthew on January 20, 2023, 11:49:30 AM

GM crypto fam.
As I was doing my usual Friday market check-in, I came across an unbelievable story about a new FTX CEO wanting to reopen FTX, and FTT token surged 30% on the news.
I'm really curious to hear your opinion about this. Is there something I'm missing? Why would anyone be willing to go back to FTX after what it did to the industry?
Sources:
https://www.bloomberg.com/news/articles/2023-01-19/ftx-token-jumps-after-new-ceo-says-exchange-could-restart
https://app.getresponse.com/view.html?x=a62b&m=BVDWtR&mc=9Q&s=BtgXWnG&u=QcLhh&z=ECFYM10&

Hopefully not. The brand is tarnished beyond repair. Nobody in the right mind would ever trust that exchange. It doesn't matter if they get a new CEO. That exchange is finished. They should just declare bankruptcy and try to find ways to make their customers whole.

Let's say they found a new CEO for this scam exchange. Is he going to pay for the stolen coins from his own pocket? If not why even bother?

FTX needs to die asap. Bankman should rot in prison. There is no other way out.

Jackl87

sr. member

Activity: 1722

Merit: 269

Quote from: ChillyMatthew on January 20, 2023, 11:49:30 AM

GM crypto fam.

As I was doing my usual Friday market check-in, I came across an unbelievable story about a new FTX CEO wanting to reopen FTX, and FTT token surged 30% on the news.

For me personally it is pretty hard to imagine that FTX can just restart their business and then go on like before the bankruptcy like nothing has happened. I think that first of all the trial against SBF needs to happen until there is a final verdict. Only then it is clear if the company FTX also is partly guilty or if it was SBFs fault alone. Then there also is still the fact that there was a hack happening at FTX during all that Chaos and the funds of users were stolen. So this also needs to be settled first.

rhomelmabini

hero member

Activity: 2030

Merit: 578

No God or Kings, only BITCOIN.

Well, they might be solvent with those recovered funds (thanks to SDNY FTX Task Force for their efforts to recover it) but what about their users, creditors, etc. that want their funds to be back? Needless to say, they might have a chance but on what extent? People might be doubtful even if they do.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

FTX already changed leadership, and AFAIK most of the funds that were embezzled were already recovered. I think this is a good development in a way that the funds from the users were returned, though not so much for FTX which has their name already tarnished by what SBF did. It will take more than a rebrand and change of leadership in order to get FTX up and running again and compete with the best exchanges out there. And then there's the US and Bahamian authorities that are seeking to take FTX down due to a lot of legal complaints against the said exchange..

klidex

hero member

Activity: 1498

Merit: 504

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.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: ChillyMatthew on January 20, 2023, 11:49:30 AM

As I was doing my usual Friday market check-in, I came across an unbelievable story about a new FTX CEO wanting to reopen FTX, and FTT token surged 30% on the news.

I'm really curious to hear your opinion about this. Is there something I'm missing? Why would anyone be willing to go back to FTX after what it did to the industry?

Do you really think that a company who siphoned customer funds will be able to regain the trust of investors. That ship has sailed and even if they want to re open the exchange, hardly you will see any investors trusting their funds with the exchange. First they need to refund the money stolen from the users and if they are able to settle everything which is highly unlikely they can open.

avikz

legendary

Activity: 3080

Merit: 1500

I won't be surprised if FTX again opens up under new management. If I take examples of various banks around the world, usually they get government support to ensure that the bank can restart its operation. However, we haven't yet seen any such things happening in crypto world. rather we have seen a long litigation process and extreme delay in refunding the money of the investors in various cases. So I am not sure if FTX will really start their operation again. But it seems highly unlikely.

It can be only possible if some billionaire steps in and propose to take up their losses and liabilities in exchange of 100% ownership and no legal action, FTX might re-open someday.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: Wiwo on January 20, 2023, 11:58:54 AM

]
How and when do investors who lost money during this FTX bankruptcy get their balance back in on their account with the exchange?

Most likely they will never do. Even after FTX reopen. Its possible that FTX CEO will "find" as much as it is possible to pay US users to not be chased by US authorities not carrying about others. That wat chapter 11 is - bancrupcy.
There is also Chapter 13 - a reorganization. After this, as long as I know, you can have a fresh start without paying all your liabilities. You only have to have reorganization plan and the bankruptcy court's need to accept it even without the acceptance of creditors. SBF have frieds to help with that.

DeathAngel

legendary

Activity: 3304

Merit: 1617

#1 VIP Crypto Casino

I don’t think they’ll do particularly well even if they do reopen with new staff. The trust has evaporated, even though SBF & co. are gone. The brand name is tainted, trust has gone.

Hopefully if they go reopen the first thing that happens is, any funds that are still there & redistributed (in part) to those who lost money. Obviously the full funds aren’t there thanks to an awful scam but even if part funds are returned to the rightful owners that’s the best scenario out of the whole FTX shit show.

Wiwo

hero member

Activity: 1022

Merit: 667

Top Crypto Casino

Quote from: ChillyMatthew on January 20, 2023, 11:49:30 AM

GM crypto fam.

As I was doing my usual Friday market check-in, I came across an unbelievable story about a new FTX CEO wanting to reopen FTX, and FTT token surged 30% on the news.

I'm really curious to hear your opinion about this. Is there something I'm missing? Why would anyone be willing to go back to FTX after what it did to the industry?

Sources:

https://www.bloomberg.com/news/articles/2023-01-19/ftx-token-jumps-after-new-ceo-says-exchange-could-restart

https://app.getresponse.com/view.html?x=a62b&m=BVDWtR&mc=9Q&s=BtgXWnG&u=QcLhh&z=ECFYM10&

If you have been following up with recent development and events surrounding the FTX crisis, you will know that a huge amount of FTX funds stolen from the exchange to personal wallet have been recovered. So everything is set to begin again for FTX to launch their operations, but then the big question now will be. How and when do investors who lost money during this FTX bankruptcy get their balance back in on their account with the exchange?
The new development is big positive news in the cryptocurrency space and quite a good number of coins are already showing a positive attitude which results in a few percentage of increase in their price.

ChillyMatthew

newbie

Activity: 29

Merit: 1

GM crypto fam.

As I was doing my usual Friday market check-in, I came across an unbelievable story about a new FTX CEO wanting to reopen FTX, and FTT token surged 30% on the news.

I'm really curious to hear your opinion about this. Is there something I'm missing? Why would anyone be willing to go back to FTX after what it did to the industry?

Sources:

https://www.bloomberg.com/news/articles/2023-01-19/ftx-token-jumps-after-new-ceo-says-exchange-could-restart

https://app.getresponse.com/view.html?x=a62b&m=BVDWtR&mc=9Q&s=BtgXWnG&u=QcLhh&z=ECFYM10&

Topic: Is FTX going for a reopen? (Read 262 times)