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Listening to the FTX Bankrupcy hearing and its seems positive on many notes.

*They located almost $5B in liquid assets. Not including the locked SOL tokens which might be worth alot if SOL goes up in value in the near future.
*They also located almost another $5B of other investments, most likely these are the companies that SBF invested in
*They agreed to redact all the customer names (for now)

They are also thinking of rebooting the FTX exchange since they believe it can be profitable with all the fees. Once its stable and has good volume they will sell the business. So with the $8-10B in liabilities it should be enough to make the exchange solvent again, just like MtGox.

The feed went private for some reason so I can't provide a link but maybe the archive will be reposted on Youtube in a few hours by someone.

If not for what happened about Binance sales of its FTT token that resulted to panic and leading to the exchange hack, the exchange might not have been hacked.

FTX is also under new management now.

Other exchanges are not safer than FTX, why not use it again? But do not leave your coins on an exchange, it is not your key which means it is not your coin that you have full control over.

does this mean that regardless of weather or not ftx comes back online customers will get the majority of their funds back?

That’s the part that I am puzzled because if it goes online then obviously everybody will withdraw everything. So who knows how it will work.

Maybe bring it online but with a haircut or for only new deposits? I don’t know. I am very surprised they even suggested this.

Affected users or investors would only be just simply minding on getting their funds or investment back and on the time that it would happen then im 101% sure that they would flock and stay away with this company.
If i were to ask then i wouldnt really be trusting up the second time.Once trust been broken then it would be hardly to be given back.They have done something which is something that shouldnt be done.
You cant assure that it wont be happening on the second time.I cant blame out for those affected users or investors to have that final decision or even into those potential customers.
They might be showing off on things that should be done but it wont really be that enough.

same sentiments here. they would just get their money as fast as they can, once they are allowed to. after that, most likely, they won't go back again to this platform. one is more than enough to get rekt. a hard lesson for those who were holding funds on this exchange. nobody saw it coming about the ftx drama.
but the big question here is that - would ftx allow their former user to just withdraw their coins?

All FTX has to do is to offer 10cents in some home-baked token like Binance is doing and an army of shills will be born all chanting #SBAFU and praising how trustable this exchange is that managed to come back alive and even offer a few cents to newbies. For god's sake, people re still buying terra tokens and if available they would still buy bitconnect or onecoin, people still gamble on 1xbit and they still trade on yobit!

As for FTX itself, I don't know, John Ray has a solid reputation in recovering funds, and seems like he's doing a great job, but he doesn't have the same experience in keeping them alive, so most of the time is liquidation.

Imagine if they bring it back but all accounts will have 0 balance or blocked withdrawals. That would be a bad day for all the former FTX users.

I'd say bringing back FTX is a bad idea and it's not going to work. The exchange has a reputation similar to Mt.Gox. Whenever you mention it people will ask if that's the scam that everyone's talking about.
Why would anybody deposit money there if there are many other exchanges to choose from? Do you know that saying? Fool me once, shame on you...

I used CEX for trading, not for saving funds/coins. So, why not use FTX again?
I am sure they will improve their services and they will be more transparent to customers. As long as FTX looks fine to use, I personally will use it for trading. I'm sure all CEXs have the same chance to experience the problem as FTX.

They are trying to increase public trust with a new management.

Indeed. All CEXs have the same risks as FTX.
That's why not recommended to keep funds/coins for a long time there. We only trade coins there, send back coins to private wallets whenever trading is over and send the funds (fiats) to bank accounts. Although it seems a bit complicated but it is the safest way.

It wouldn’t be run by SBF anymore. It would be run by new management and eventually later if it succeeds and has good revenue it would be sold to another company. And then someone like Binanace or Coinbase or someone else would buy it.

Obviously nobody would trust the exchange anymore if it was run the by same clowns. But if it had different management then people might regain trust. The brand is basically the only thing of value. If MtGox came back online many would use it because of the popularity of the name.

They can promote FTX but it's always going to be remembered by users. This is the same as the casinos with scam accusations, there will be doubts about it which is why FTX may have to prove and refund the investors who lost money. Rebuilding the reputation will not just cost money.

It's easier to develop a new exchange without so much money needed probably less than $10M compared to an exchange that even the teens today will remember how badly it crashed the market.

in terms of price and volatility bitcoin and other crypto are very risky, but in terms of exchange, the policies of centralized exchanges that are fraudulent and incompetent, most often make investors lose. because of that, one that is safe, keep it in a cold wallet, and always research in advance about the exchange that we are going to invest our money in, especially for a long time.

I think FTX should have a campaign to restore investor confidence in FTX and convey that it is returning user assets due to the freezing that was carried out some time ago. if not, how can it be rationalized that bitcoin and crypto are the best and safest investment places at FTX, if at any time crypto and exchange dramas are bankrupt again?

If they don't intend to return the money to the old customer, then they better not have the plan to do business again as they are definitely scammers, and there is no guarantee that they won't scam us once again. Moreover, we have many better exchanges to choose from, why use an exchange that doesn't return old customers?

I've never used it and don't intend to, I'm pretty good with binance. So if it comes back, I would be glad they could refund the customer before even thinking about rebuilding the reputation.

"...make the exchange solvent again, just like MtGox." The nervous investors are hoping for much better than MtGox! When Gox finally became "solvent" that was in terms of USD and Bitcoin had exploded in terms of fiat value. The old-timers here know all too well Huge amounts of BTC were permanently stolen from MtGox customers. Calling MtGox solvent is a bit like saying you enjoyed the band that wouldn't stop playing while the Titantic sank.

Ftx new ownership should also be aware of this sentiment. They will surely prepare for it if they will return. They cannot just return and release every coin for withdrawal, it will be a suicidal mission.

They could return and release some percentage of one's fund, like 30% for withdrawal and lock the remaining 70% even if by promising small amount of RoI like as if you are Stakingyoir coin. With this strategy, they will tem the urge to withdrawal all funds and with time and the emergence of bonuses for keeping your funds, people will start trusting the company again.
You never can imagine how funny and forgetful humans are.

I agree that funds should be returned to as many people as possible, but I do not agree that FTX should ever start functioning again after everything that happened. Their reputation is completely destroyed and I don't see any good reason for anyone to try to change it.

Although I can agree with @stompix that some people will never learn and that they will always have some kind of sympathy even for the one who more than obviously scam them. Still one's free will to believe in good fairies and elves, just don't whine when the same thing happens to you again.

Fool me once, shame on you; fool me twice, shame on me.

It will be hard to trust them again. Imagine them bringing it all back and then allow only deposits just like you said then this will create more doubts to their self acclaimed sincerity. You can’t reck some set of people and expect others to just run back and trust you. Should they give back some funds to the old investors then they might have a chance but someone like me will just get my funds off it and stay away from it. The least will be to just trade on it and get almost all funds from it. I will take the cost risk of transferring funds off and on it during trading only, even if it is daily. But they can’t have this trust back again

They should refund first the affected customers before they even think of bringing it back online again. I think I wouldn't trust them again if ever they come back, there are other exchanges out there to use to. It may come back again for a reason but it's expected most will not trust them again.

I'm wondering if this asset can be recovered easily without losing the investment value since most of the project connected to SBF is already suffering a huge loss due to the dump of token price. I'm not a user of FTX but due to the loss of the current user then it will be very hard to trust them again even with new management. There's no guarantee that they can refund 100% of the existing users' funds while their company is now dependent on public acceptance. They might suffer Bittrex's fate that users lost confidence after a series of the bad decisions by the management.

I think if it goes back online, it may no longer gain the trust of the old investors who witnessed its demise. But with the way @stompix mentioned and the market is always full of new players, chances are it will continue to be trusted and used. I see people quickly forget, easily ignore everything, and just give them a little profit, they will no longer remember what happened. What I hope after recovering 5 billion, they can refund the victim rather than thinking about going online again.

It is difficult to build back customer confidence with the experience of FTX. Although the challenges are not the same with bittrex, SBF is still trying to make good of the scam but I think he is not getting that easy flow on that with the amount of customers that he has shut out of their funds.

To me, this seems more like "rescuing Comrade Bankman" in the way that he will try to relativize the whole case by taking out billions from various safes and accounts as if they were the lost sweets of a playful child. All those bastards from Bankman on down should be condemned as an example to others, but we see how the story turned in a completely different direction overnight.

Even if the money is there, I wonder how long it will take for it to return to its rightful owners, and if the situation develops almost like Mt.Gox, some will even forget that they lost anything at all.

No.

FTX US users will probably be reimbursed for a % fraction of their funds after several months/years, because (and ONLY because) they are FDIC-insured up to a certain amount of money for each customer.

Everyone else is screwed, including international customers and Alameda clients.

That's what I was thinking, everything was almost pre-planned like they couldn't convict SBF and extend the trial to October this year. They are trying to turn things in a completely different direction, and at some point, no one will remember these stories anymore. Time will make everything fade away.

The story of Mt.gox, they also recently continued to delay the payment of their victims until September this year, after many delays, so far, no one has received any compensation. I'm hoping but maybe looking at the reality, but definitely the user refund will never happen.

It seems to me there is a special treatment for SBF and FTX. It seems powerful individuals are trying to restore the image of SBF. Rather than determining SBF's accountabilities in all of this, they seem to be doing him a favor by trying to build back everything. SBF is seemingly treated more of a victim than a criminal. Instead of collecting all available money to be given back to the creditors to make them whole again, it seems the effort is to recover all money in order to salvage FTX and make SBF whole again. This is all BS to me!

Whatever happens, if I were a user of FTX, I would never use the platform again.

This is what all those political donations get you so that's why mainstream media was surprisingly soft on him while on the other hand they are usually very harsh with everything crypto related and can't wait to bash bitcoin. Good example of that was that shameful The Washington Post article (https://www.washingtonpost.com/health/2022/11/16/sam-bankman-fried-ftx-pandemic-prevention/) from few months ago in which autor praised him for donating money for covid related stuff, forgetting to mention (or even hinting) that he used someone else's money to do that.


You maybe wouldn't, but if there's no lack of something in crypto that's ignorant suckers.

Yeah, on his recent substack post (https://dailyhodl.com/2023/01/13/sam-bankman-fried-claims-binance-ceo-changpeng-zhao-caused-ftx-implosion-in-new-pre-mortem-substack-post/), he pointed out CZ as one of the causes of FTX fall. However, I'm not impressed with people that blame others for their failure. Such a person won't gain my trust even when awarded a second chance. SBF one bit never accepted he caused it, he keeps blaming people; calling names. What's wrong with CZ taking what belongs to him.


Sam already vouched that he would use his personal funds in Robinhood to pay all the customers, I think he is doing all this to reduce his jail term and melt the heart of the people. I agree, FTX shouldn't function anymore, as they're no certainty to not seeing another mistake by them in the market. That would be a bad reputation for the cryptocurrency market. It won't help anyone.

No this is not true. I am pretty sure Coinbase is the only exchange which has FDIC insurance but only for USD and not for crypto. However this is only if the bank holding the USD which is maybe Silvergate or some other bank goes insolvent, then they would pay out.

They won't pay out due to fraud or theft. And most people don't realise this. They will not pay out since these funds were pretty much stolen. FDIC is only if the bank holding the funds goes under like in 2008.

Or it will be used by new users who have never touched it at all. How many people bought their tokens during the crash? With a certain offer to return to using the exchange to loyal token holders, this is sure to attract people who will flock regardless of whether the ftx will be under whose leadership.
The crypto space will never lose to greedy people, old sins aren't hard to harbor.

I believe even a new user who haven't use FTX already know about FTX bankruptcy and since most people are usually worried to much about bankrupt, scam and other bad news, I don't think FTX reputation will recovered just like when they're on top 5 biggest centralized exchange. It's true many people are bought FTX token during the crash in order to multiply their investment if they're lucky. But I think they're just use FTX just for sold their FTX token, not for their main exchange.

Here is the official news during the restart

https://www.reuters.com/technology/new-ftx-chief-says-bankrupt-crypto-exchange-could-restart-wsj-2023-01-19/

FTT is pumping over 30% as a result of the news. The fact that it’s coming from John it means there is a good chance of it actually happening.

This is still possible because they have filed for Chapter 11 bankruptcy, meaning they can still reopen if they find a new sponsor, and if they can do this, then FTX will be the first company in the crypto industry that can get back to work after filing for bankruptcy. These cases have happened to traditional companies, but it has never happened to companies in the crypto industry. If they can get back up and running, that means investors will have a chance to get their money back. This is good news for us.

Generally I don't use Centralised Exchanger for holding but after the incidence of FTX if it came back Then I can only use it to exchange my funds and have withdrawal fee facility.
But in case I will not make any big investment on it and withdraw from this firm as soon as possible. But if they can bounce back then I think they will be a little successful in holding the title of top exchanger in the currency world. 

Its seems impossible with FTX exchange might back to online again after many cases and withdrawing suspended, I don't sure how the new owner if FTX Exchange return back and use back up money to recover several user withdrawal their money there. Actually never has second chance any more to get positive or trusted feedback from costumer.

One time make liar and become scammer always or forever your name will blacklist and remember as scammer, FTX Exchange have fatal mistake and there are not tolerance any more if can bac recovery user or costumer fund and give the access back how to withdraw their assets in FTX exchange account.

With a new face behind FTX, the new CEO Mr John J Ray did hint on a possible comeback after finding the company is still solvent but the million dollar question is... Will customers comeback to support the business after what happened ???  I highly doubt it, once beaten twice shy.. Btw the comeback seems targeted towards selling of the company and not really getting into full operation.

Am sure the comeback happens after all what is owed to its clients is cleared, and this is what SBF has been twitting about as well... "Paying customers back! ". But with a dented reputation not a good idea, then again we humans forget to easily maybe this might happen after all.  :P

It appears there is also this comedian in the cryptospace who is showing his support for the comeback of FTX through his FUD token. This is everyone's favorite cryptospace hustler Justin Sun hehehehe.

Justin the comedian also has listed his Tron FUD token in Huobi and it might also be listed in Poloniex. This is causing me speculate that the next scamcoins that might pump very high on a new bull market might be Tron tokens?

https://i.ibb.co/J3c4Rz9/D054-F4-E9-3-DF4-498-D-A861-C6800277-DC11.png

Let's stop spreading FUD (Fear, Uncertainty, and Doubt) in the crypto world and start trading the FUD Token (FTX Users' Debt). It is a symbol of positivity in the crypto world, it represents a commitment to transparency and trust in the market.

The listing of FUD Token on reputable exchanges like @HuobiGlobal is a clear indication that the crypto industry is moving in a positive direction. The demand for #FUD Token is a sign of confidence in the market, and a vote of support for a positive attitude towards crypto.

Source https://mobile.twitter.com/justinsuntron/status/1622102113756286976

This FTX debt token seems like a disaster in the making. It was meant to have a fair value under $5 (20M token for $100M debt (https://mobile.twitter.com/debtdaoio/status/1621873406651277318)), but speculative traders have driven the price to an unrealistic level, reaching $113 high yesterday and currently trading at $64 on Huobi.

Would advise anyone to stay away from this shitshow.

There is a lot to work on FTX because they are asking back the money that SBF donated to the politicians. This is going to get worse for the old investors who made money, clawbacks attorneys are going to be crawling to those old users.  They know it's not gonna be the same, the new CEO is just constraining the comeback of FTX.

Justin Sun promises this FUD token will help pay the FTX users while it has no connection to the FTX exchange. :face palm:

until now there is still no clarity about when FTX will return online (despite rumors about the billions of dollars in loans they received). I'm still waiting for them because I have some of my satoshis locked there, and if I can withdraw my assets then I won't use FTX anymore because they already have a bad reputation and the possibility of collapsing for the second time is very big.


I also think so, surely all old users who have assets in FTX will massively pull their tapes out of FTX but how do they handle it, I'm sure it's not easy for consumers to withdraw their funds after FTX is online!

Agreed. Another pump and dump scheme from one of our favorite hustlers in the cryptospace, Justin Sun. I speculate that he needs a new Lamborgini hehehe.

He is the owner of exchanges Huobi and Poloniex but he promotes a clear scam. This is an example and this shows that the cryptospace is run by comedians, hustlers and scammers.

I think that's how most people will do it. They just want their coins back and once they have them they won't use FTX anymore. FTX's reputation is just shattered and I can't think of a way to get FTX's customer trust back. The days of FTX are simply over and that's just as well.  :)

Well it now seems there are plans for a new version of FTX 2.0. I do not think this will be a good idea for the exchange. There is so much bad things about it I do not think we can ever trust them again.

But the court filings shows they have plans for 2.0. I did never use it before and will not use it even if new launch has some perks with it.  https://coinscreed.com/court-filing-shows-ftx-2-0-reboot-plan-in-progress.html

They think its good idea for them but for their victims its not really is. So if this plan to launch back again will happen for sure they will receive a heavy criticism since their case is so solid and I don't really think that there are still traders will trust them since they commit serious crime and many doesn't want to experience to lose their money again for second time around on a scam platform. Better to use other exchange rather than recycling a rigged platform.

Yes you are right about this. We have too many other choices no need to be the next victim from them.

Sure, there would be an outrage if FTX decided to come back, but you are very wrong if you think that they woulnd't have any customers willing to send them money again.

What you have to understand is that an average crypto :investor" has a memory of a goldfish, meaning he soon forgets eveyrthing bad that has happened in the past and continues with bad practices. Add on that the constant influx of new people that have no idea who/what FTX was and that's how you could get FTX 2.0.

Well I will not trust FTX 2.0 when it does launch later on in the year. I still do think there is too many other ways for us to get our crypto instead of from a exchange that got into a lot of trouble. It is same reason I would not trust Mt Gox 2.0
But the new FTX 2.0 is going to protect its past customers. It was given permission to remove customers from court fillings to protect them from scammers. But I still think they are going to invest lots of funds in making a good image like it did before. 
https://cointelegraph.com/news/ftx-permission-permanently-redact-customer-names

It appears this rumor is becoming true hehehe, this only occurs in the cryptospace. An exchange created to scam from the beginning, restored and restructured to accept new customers but with a bad reputation. If this becomes a success, there might be something wrong with us.

Also, as a reminder, Sam Tabasco is somewhere on his yacht, sailing around the world and enjoying his luxurious life using your money.

No, this cannot be allowed to happen.

How can people ever possibly trust a crypto exchange again after it went bankrupt and went to hell? Also, how will the investors and celebrity advertisers ever trust FTX after the reputation damaged it caused all of them?

The only people who will use FTX after this, are fools waiting to be parted with their money again.


Sam Trabucco you mean?

FTX was the third largest crypto exchange by volume before it goes bankruptcy. Many persons funds were trapped in the exchange, lives and business were wrecked apart. This is just one of many persons affected. (https://twitter.com/Travis_Kling/status/1721985690496291064)

https://www.talkimg.com/images/2023/11/08/toknZ.jpeg (https://www.talkimg.com/image/toknZ)

Having seen what really happened, how SBF squandered investors funds and donated some of it to politicians, anyone with a brain would think twice before using such exchange. IMO, I think It's persons that are new to the space and have no idea what happened that will use the exchange.

I haven't been religiously following the legal proceedings regarding the FTX drama, but I think at some point they asked their customers for proof of assets so that they can plan about making refunds. As far as I know, it isn't FTX handling this whole procedure.

What happens if FTX comes back online?

Does every customer who had their funds locked up in the exchange have their default balances show up once the service is restored, or it will be for only those who "verified"?  ;D

New people at the helm of FTX will probably push the narrative that FTX was a good exchange ruined by mismanagement and since person responsible is in jail and has nothing to do with FTX anymore they can now turn the new leaf and continue with business like previous scam never happened.


Low trading and withdrawal fees is all that is needed to get traders back. Regarding celebrity advertisers, they won't give a fuck as long as they are paid. 

There's a reason that they went for Chapter 11 bankruptcy, which allows them to reorganise the business as that's what their idea from the beginning.

Because the FTX tokens are still trading, maybe there really is a chance of it coming back.

Trust in this exchange though will be harder to restore even if they will have a new CEO. And there are exchanges that have no history of scamming. For this reason alone, they are on the losing side of the competition if they have to put it back live.

FTX is most likely coming back. The only thing that remains to be seen is who will actually relaunch it as there are several interested parties and some of them are very high profile ones like for example ex president of NYSE.

Source https://www.msn.com/en-us/money/companies/former-nyse-president-in-talks-to-reboot-ftx-exchange/ar-AA1jB2fy?ocid=finance-verthp-feeds


Well, people that want to restart it think that its easier to relaunch failed exchange that starting from scratch. Keep in mind that by the time FTX relaunches people who got their money stuck there will probably get large portion of their money back and add on that agressive marketing campaign, people's tendency to orget about bad things and in a few years FTX might be again one of the most popular crypto exchanges. That's just how things work in crypto.

Bankruptcy is okay. However, if an exchange was already a scam from the beginning that hurt many small investors, it should not be allowed to continue.

Also yes, Sam Tabasco.

https://i.ibb.co/3SBWMLB/0-F5-FEE58-35-F7-41-B3-8135-7-E5-F694129-CB.jpg

If asked if I would use the FTX market again if it was turned back on, I would feel reluctant to use it again. The complete disappointment that my money was still left there was traumatic. Even though it's not big, only $300, it's useful for my needs. if it is restored most will expect the money left behind to demand accountability whether it is successful or not. but that is the hope of all FTX members

Among the team member its just him that got away. He was known a gambler they say.  And it seem like its only him that is the Neurotypical in the group.

I have the theory that is just him manipulating those idiots to do something for him. When it felt like everything will fall apart, months before it happen Tabasco fled. Nice job Sam.

@target. My theory is yes, he might be manipulating the the people running FTX and Alameda Research, however, I speculate that he might also be the first whistleblower who went to tell the government about FTX, Sam the vegetarian and sweet Caroline hehehe.

Sam Tabasco might have also known already where FTX and Alameda was about to go and he might have thought that he should get out first bringing money for retirement and a yacht to travel.

I will never use this scam if they restart it.