Bitcoin Forum

Hi, Im a trader
And here is what i think about FTX case.
It's not small case and many people are involved so your panic and all kind of theories don't bring results.
I did invested a lot money in there myself but Im calm becouse i know the authorities will deal with it.
So let's just calm down and let the owner of the FTX will try to find best solution and try to solve this case.
We are not living in 90s in Western World nobody don't lose money like that big it's just not beneficial for anyone not even for FTX team i would never think their attentions was just to scam people becouse If you can do ta that kind of thing like FTX project then your mentality and Morals are way more higher then scammers have so i don't even bring this idea here that FTX are scam,definately those guys like SAM not bad guys.
Those kind of times Are over when you lose just money like that nowdays the financial instutions banks and funds have that power and financial means to resolve any case.
Im sure that FTX team attentions was not bad but things happening (s..t happens )
So let's be calm and wait when the people who knows what they doing will sort out this out for us.

I think if the price of Bitcoin and Crypto drop a lot due to this news, maybe yes, they can solve the issue. Because I believe this is an inside job and they want to make profit(almost all companies want to profit).

And honestly, they already made a profit by just creating their tokens and selling them. And look why they didn't hire a professional security expert. How defenseless their website is? If they hire security experts, then it's impossible if they monitor their business 24/7, it won't happen unless if there is someone inside of the company wants to do it for the sake of profit.

I hate to say this but most people who have lost their funds from similar events still haven't gotten their funds back and they have been waiting for yeaaaars! The future is bleak and some people have put in life changing amounts hence it's too much to ask them to calm down. It's a sad day and they can be sad/mad/whatever about it. Let people feel what they want to feel as long as it's not something unhealthy like chasing down regular employees.

#metoo.

It’s big no. That’s not gonna happen because that’s not how it works for the owners and victims. Welcome to the 21st century, the era of digital scams and at the same time digital layer masking to your scams. It’s not going to be simple task to dig exactly what happened. A law suit might get opened up, dates on dates will be passed on, owners will try to defend and try to save themselves from giving back the money and circle of cases will keep running all the time. I barely see a chance here.

And as mentioned by others, you reading it right, this already happened with well known companies and yet justice is unattended.

In this situation, there is no other correct solution than to calm down and not panic. But will this solve your problem with getting your deposit back? I strongly doubt it. Now you can’t influence anything in any way and you can only observe the ongoing changes from FTX. Your expectations that the authorities or someone will fix everything in your favor (return of money) seems to me too naive. This is not the first and not the last exchange to crash, and as it has already happened, not all users of such exchanges have received compensation. These people will figure it out for you, but not in your favor. I'm not trying to intimidate you, but I'm trying to dispel your rosy illusions that Uncle Sam will make everything beautiful for you.

If Binance had come to their bailout as intended maybe there would have been a faster solution but as it stands Binance has backed out and the CEO of FTX Sam Bankman-Fried resigned  with John J. Ray III, a corporate turnaround specialist, taking over as chief executive.. The best thing at the moment is for their customers to calm their nerves and wait for any possible intervention but to be honest no one actually know what to expect and the possibility of getting refunds is slim.

It was a well planned attack from Binance and they never wanted to take over FTX, they just wanted the exchange to collapse to the ground. FTX was their greatest competition and they were taking clients from them so helping FTX was never in the plans of CZ (Binance CEO).
Also it won't have been a wise business decision for Binance exchange to save the day as it would be very hard to build up the trust of users to continue making use of FTX exchange. They lost the trust of their loyal customers and investors that would just move on to other exchanges.
As FTX is no longer in the picture, that means Binance exchange have all the time to win back the customers of FTX that's why they have introduced Proof of Reserved and that's just to trick customers into thinking their exchange is safe for storing of coins but no exchange can be trusted.

Binance wouldn't come for the rescue where they are business rivals. I don't think that was possible to do. Like you said the customers can only be wishing for a solution to refund otherwise they are as good as losing what they have there. This is one of the negative effect of having coins in exchange. It is an example for the wise to act appropriately and secure what they have from exchange.

You're trying to give Sam and his men benefit of the doubt, so they can sincerely explain their involvement in the ongoing crisis speedily. Going forward on that perspective you gave, I also believe that most projects that end up as scam may not genuinely have been set up to scam people but for the unfortunate incidence that most of them end up not achieving what's on the blueprint and thereafter abandon it.

You can't calm down with the current situation, the FTX exchange went bankrupt, the current situation is not a question of refunds, but regarding investment assets, you know the average type of crypto is falling, especially the types of coins that are traded on the FTX exchange such as FTX from $ 28 now to $ 1.7 this is a bad sign for investors and users who make investments, the same thing also happened to the types of coins ETHBULL, BNBBULL, BULL fell and many others.

If you are relaxed and calm, not do anything with the crypto assets that you invest in the FTX exchange or move to another exchange, of course you will experience big losses due to the phenomena that occur on the FTX exchange.

You have to see this one.

AND
With FTX on the verge of collapse, customers are wondering what happens to their crypto. Here’s what to do if you have an account there (https://fortune.com/crypto/2022/11/10/with-ftx-on-the-verge-of-collapse-customers-are-wondering-what-happens-to-their-crypto-heres-what-to-do-if-you-have-an-account-there/)

Nothing is calm at the moment, especially those with accounts and assets on the FTX exchange.

If you are believing this then either you are too naive or you have accepted the fact that there is nothing you can do and even repenting on the fact will not change what has already happened. But I should tell you don't keep such a thinking, obviously in this scenario whatever happened cannot be changed but this can be taken as a lesson for the future, as to how you can be intelligent and clever in advance, make sure to keep just a small proportion of your fortune on Exchanges and not become the victim of such scams.

What can we expect from the FTT exchange coin if the FTX exchange has already been declared bankrupt? Of course, you can invest in FTT, since now this coin is traded at a minimum price, but the risk of losing your money is very high. It is much easier to invest in top-end coins, which are also currently trading at a minimum price and which have the prospect of increasing the value.

the prospect of increasing its value is still very heavy, because FTX has been declared bankrupt and has started delisting in several markets because it is very risky. there is nothing to expect from FTT tokens, there will be no jackpot like Luna. Those who buy at the minimum price hope that Luna's incident will repeat itself, but this is a different case with Luna. there are still many coins that have more potential to go up high when the market crashes like today. It's better to have a sure thing than to take big risks.

The reason why Binance didn’t bail out FTX is because there is no point. They owe $9B in liabilities and got only $1B in liquid assets.

They got maybe $3B in illiquid assets of many tokens they created like SRM so realistic they have maybe 0.5B in illiquid digital assets.

Rest is stuff like investments in businesses. These maybe a worth another $1B at most but will take forever to collect.

So they are in bad shape and nothing Binance could do.

i'd really doubt you will get you money back. it will be investigated like in mtgox and will just stop there. no distribution of your coins. there will be tons of questions to answer if the investigation goes public and more worms from the can coming so they'd rather stop there and speak to no one. coins will be seized probably just stay dormant for years while SEC tackle regulations for awhile and then wait for bull market and every one will be happy again to forget FTX.

Same thoughts. Not sure if I'm missing some things, but Binance acquiring FTX knowing they owe their users a crap ton of money is like Binance just buying a headache.

I'm sorry to say that, but you seem kinda delusional. Maybe repeating this "feel good" "everything will be alright in the end" BS helps you in any way. It definitely doesn't help me and I don't even have any coins deposited in FTX/BlockFi.
Do you really think that "financial institutions banks and funds" are going to step in an save FTX? Why? FTX is "hot garbage" at this point.
Why would a financial institution waste billions of dollars in order to save the investors of a "financial blackhole"? The banks aren't charity foundations.
Sam Bankman-Fried always seemed like a sociopath to me. I don't know why so many people liked him so much.

FTX conditions have been declared bankrupt and the exchange position has the worst reputation, so anyone does not expect the potential profit from the impact of big trouble although some traders expect +100% profit when the price is pumped like the Luna case, actually it is not related to Luna crash and some traders profit behind because only small ratio of traders profit compared to loss of billions of dollars from the impact of Luna crash, I hope traders should be wise and avoid the risk of trading the FTX coin or whatever the worst coin because they also have the potential to lose 99% of their assets if the coin is delisted then the price of the coin crash will be lowest.

Delusional ? think someone will walk away with my money like that.
It's question about can we trust public figures ?
They cant endorce you in scam then they say we don't know ...
I have money and it's not about getting back my money but it's about point

I know few other people who had there same big ammount like i did.

Im ready to meet and find together solution to resolve this :) off course i should be get compensated aswell :)
I been working hard to get my money and there will be no way that i dont get my money .

Bankrupt....yeahh not my problem i have transfered money by USDT in FTX exchanger.
Sure let them go bankrupt but i want get my money back.

I will meet with the team anyone from them and we can discuss about how they will solve situation.
They don't have cash all right it's fine for me :)
We can set up paying plan with not high % and the owner or team members can sell some of their personal assets so at least some money i can get back.

Money what i have there not small so there will be no way i don't get it back.

I am very concerned if you lose funds on the FTX exchange and many other users also suffer from losing funds on that exchange. You may have to trace some suspicious transactions from FTX to unknown wallets, one of which has moved $278 million https://etherscan.io/tx/0x87fa620c0302047bee0713f1c128dfa59d7fc4a3466f876be18fda3a3f19bf2c and several other million dollar transactions.

So they still have all that USDT than expected to return funds to your wallet, but the question is will they admit their wallet is full of USDT assets and will they be willing to refund users?

" Will they admit " ? Im not asking will they admit or not i know my money is with FTX that's enough for me and i know owner are SAM that's enough for me info for start.
It can be traced at some point it will end up where the liquity are bigger so the wallet owner want to cash out or exchange maybe.
Then it can be traced either way

Saving is not the right word for it but buying is. They want to buy FTX and trying to re build it's broken reputation again to widen their business and to earn more profit because FTX is already a well known exchange but I think it's risky since there are people who likely built a trauma and won't trust the same exchange again no matter what the conditions they will do and worst is they won't also trust the other innocent exchanges and they permanently leave crypto for good. Maybe many people like sam bankman fried because he did something great in the past but now? Not anymore because of what happened with his exchange FTX and their coin FTT.

It is basically a troll account, who would say "lets meet with the team and put out a payment plan and the management could sell their assets to pay me" on a grand billion dollar deal. It is not going to be person to person, individual basis, it is a whole exchange and OF COURSE everyone knows this, including OP.

However, would you read that as a topic? Would you write to that? Of course not, so why not go "hey I am a trader with millions, find me some people from FTX to meet and I will give them a good % plan to get me my money back, I am rich enough to wait lol" type of topic, that will get the attentions of everyone and that makes sense... sort of, just for attention at least.