Bitcoin Forum

I was wondering that if someone was holding their Bitcoin and crypto in FTX wallet. I was also keen to invest in FTX. I EAS WAITING FOR FTX price to ho down below 10 dollars and than it suddenly started Crash and that was very dangerous and also if made very big impact in Crypto market.
I wanted to buy FTX token's cause it was promotion in IPL, cricketer Wolrd cup and many other places. And that's why I thought that it might be biggest crypto in next bull run. But thanks God I was saved from this crash and all my savings that were saved.
My question that if someone lost Their crypto in FTX?

There are thousands of people that lost money in the FTX scandal. As it is now you can not really know if part of the money will be refunded, but if you look at other incidents of this kind there were not many where people got their money back.

It's a no-brainer. You would know that many people were unable to withdraw their funds if you were following the news during that time. Those same people were warned from the earlier report that the exchange may be insolvent but they chose to ignore that and now they have to wait for the liquidation of FTX assets. Some of them may get a refund but most likely less than the original value so that's still a loss on them.

Not always the case I am afraid.  To be honest, I never heard of the insolvency rumors before the insolvency happened.  A lot of Exchange customers keep their funds on the Exchange instead of Cold Wallets and if you miss important information like this for a few days and not act preventive in time, you can be screwed.

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Regards,
PrivacyG

The news felt like it was going really fast at the time I caught it (CZ's binance tweet about selling FTT) I don't think it was easy to withdraw your funds within enough time unless you were there around the time just before withdrawals were suspended (I think there was about 2-12 hours of constant speculation and rapid news changing - some news agencies were trying to push out articles every 10 minutes at a similar pace to what we've seen for potential escalation in wars).

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There will be people who lost money due to:

• Having funds on ftx
• Having anything related to ftx (such as ftt)
• Having other cryptos, there was too much news to read at once but I heard something happened to Solana around that time

Many people are loss their money because of FTX collapse, it's not only for users who have money on FTX, but the other company that invest on FTX and company that acquired by FTX. LedgerX, Blockfolio, Voyager, Bitvo Exchange, Liquid Global and Storybook Brawl are collapsed [1]. Gladly I'm not the one who suffer losses since I always hold my Bitcoin on my non custodial wallet.

However after FTX collapse, many people still leave their coins on centralized exchange especially Binance because they think Binance would never collapse, but we will see it later lol.

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[1] https://www.crunchbase.com/organization/ftx-exchange/recent_investments

After FTX had about 9 hours of downtime, millions of dollars were owed  to customers and partners alike that couldn't be withdrawn. Its just the bad side of taking centralized exchanges serious. Even when Cz called off his proposal of buying FTX on November 9th some people didn't withdraw their money. I think such people don't pay attention to details regarding where their money is saved.

What happened to FTX is a clear example of why we should not be fully trusting centralized platforms...as they can be subjected to different manipulations and behind-the-scenes frauds committed by the very people whom we assumed will be protecting us. Trust is something that we should not just give to someone - just like SBF - just because he is good in using the media and advertising to his own advantage. Sam had been playing like he owed nobody any accountability and transparency all the while pretending like he is the role model of the industry. Now, if you lost money in FTX - like if you bought the FTX token - then just pretend like it is a big tuition fee for your crypto schooling - we all mostly got victimized by scams and frauds in the past so this can just be one of them. Sad but true.

Sometimes people are very careless about their funds. Putting them on the exchange and not monitoring the events—you are right, you can end up with a big surprise and an empty basket. This will not happen if you keep your money in cold wallets, first and foremost, by keeping your mental state in check.
It would be appropriate to ask Sam where a significant amount of money went after the secret transfer to Alameda Research, which this scammer denies, and return some of the amounts to customers. And, at the very least, relieve himself of the burden of deception that hangs over him like the sword of Damocles. 

I used to actively trade on FTX (twas a great platform for trading). But in the end, I didn't lose anything in the insolvency because I got totally wiped out(liquidated) out of my small trading stack a few months ago. 8)

There you go, many people have actually invested on a project or trusted exchanges just because of there promotions. This act has hooked many into investing lots into shit coins. Let be known that some of these brands or celebrities that do this promotion are not aware or even have an iota of what they promotes.
Just recently After the Ronaldo's promotion of Binance (not saying it was bad though) some new investors see Binance as immune to attacks and some trust it as there wallets. It is a continuous warning by crypto expert to do your research before taking any move.

Prosecutors have taken the matter up and now have put up a criminal case against Sam, he has been arrested in Bahamas and the charges are He will get to answer all the questions, but it very possible that he gets to do some Jail time. His arrest will somehow make people who lost to FTX collapse a bit happy that he is not walking around freely after causing people much pain.

 source  (https://www.google.com/amp/s/www.nytimes.com/2022/12/12/business/ftx-sam-bankman-fried-bahamas.amp.html)

Which means just your trading funds were lost as a result of liquidation, if not risking much to trading, the amount lost would be little during FTX implosion, even if having money there (never leave the amount you can not afford to lose on exchanges). But we are still good to know that when it is not our key, it is not our coin.

Some people on this forum could be lucky if they have read what OmegaStarScream posted about this before the collapse began like 2 days after.

[Updated] FTX (https://bitcointalk.org/index.php?topic=5419710.msg61252515#msg61252515)

But his arrest may never bring back the money lost. Lifetime savings were lost, hundreds and thousands of dollars were lost. I even heard (but I do not know how true it is) that million of dollars were lost. I am referring the lost per a single person. Prevention is always better.

The whole collapse process happens so fast, it is almost like one day to the next. Suddenly there was the insolvency story and the next thing the whole exchange crumbling down. And one thing you should know is - once there is a case of insolvency the team will immediately stop withdrawal even before the news gets too many people, so during this confused state, the only thing investors want to do is get their money out but such access will be automatically denied.
To avoid such unexpected loss, don't leave too much on the exchange even if you are an active trader.

Am surprised seing this as a question when over 20 threads had been created already on the forum talking about this same scam and bankrupt that went with FTX, if you're active enough on the forum then you would have come across eome of these threads, many investors have lost their assets invested with them and it's such a pity that the holders of bitcoin were also found a victim to this ugly encounter when they make use of centralized exchanges instead of using a decentralized one.

I don't have a lot of funds in any exchange. I frequently used Binance in the last bull run, have used ftx for lower withdrawal fee only lol. I can't exactly remember if I had any fund there. Even if I do, I'm sure it will be less than $10 lol.
But few of my familiar guys from my facebook group had some good amount of funds. I have alerted them not to store fund on any exchanges but who care. They never heard my word.

That's because of blind trust, they are comfortable because of the price of the token and how the admins address and motivate their users to continue trusting the platform, always give a benefit of the doubt when your funds are in a place that you have no control of, it becomes too late for others because they failed to see the warning sign, so far this is the biggest fiasco in Cryptocurrency this year and it will continue to have a chilling effect until 2023, even Binance is not safe many still thinks that, because they are the leader nothing could go wrong but we never know.

You were liquidated only on the database because by then they hardly had any reserves left to pay you (and all the other traders who wanted to cash out). I assume this happened to you sometime after June?

I patiently read through to know if the post was intended to mock or marline the FTX crash story. I have seen many people cry about fund loss in FTX, I began thinking if they were all lying according to your post.
When will the refund happen?
The last refund we heard from exchange crash has lingered since 2019. The best practice is to try not to be in the mess at first because nothing is sure in this industry.

If one is actively trading in FTX, it is most likely that he/she will also buy FTT. That gives him/her discounts, among other privileges. Those who did this and was entirely clueless about what to happen to the company must have suffered a double whammy. Of course, his/her funds are all gone but in the unlikely event that he/she will recover them, FTT has probably gone to zero.

There are so many who lost their money in the FTX fiasco. Many have been keeping coins in exchanges even if they are not trading. They are using them as storage. But despite what happened to FTX, I'm sure there are still a lot out there who are storing their funds in centralized exchanges.

The author wants to get first-hand information from any member that has assets in FTX. And the fall of FTX is a major happening in the cryptocurrency industry and it has affected many people which is why it is a hot topic.
I don't have any funds in FTX because I don't have don't want to have health issues. I rather keep my investment in decentralized platforms for me to have peace of mind.

Whoever held their crypto in FTX wallet and whoever invested in FTT token probably lost all their capital value apart from this market had an impact other exchanges like most people withdrew their funds from exchange's wallet so its loss for the Exchange. And due to fall of prices people lost it too.

You're one lucky guy that you did not invest or this happen before you invest or you will be one of the thousand who feel sorry because they cannot get their money out of FTX anymore.


Yes of course the money that was lost is staggering and the number of accounts based on one report FTX had over 5 million active users.
Check this article and see how huge FTX is

Quote source
https://www.banklesstimes.com/ftx-statistics/