FTX to refund customers at Bitcoin's prices below $18,000

[huu78]

I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.

I think you are right, but it is possible that they are delaying like they have the funds but they use them to make a profit when they get it they give it away.
or they may not pay at all.
I think people in crypto already understand this risk.

[justdimin]

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

Honestly, not that I believe this would happen but if it does, then yeah it's still fine. Many will complain about it no doubt considering bitcoin price is over 40k right now, but the reality is that the alternative is not getting anything and I think that is still the reality.

In a world where all FTX investors end up getting their money back, even if you consider bitcoin as 10k, you would still be getting something and we should remember that getting something is better than not getting anything. That may also have some good deeds on the bitcoin price as well, seeing a lot more people coming in and all that going into bitcoin, that may actually end up having some benefit for the price and help all of us make more money as well.

[Sophokles]

It will be unfair to distribute the value in terms of USD. Whoever had BTC in their account at that time will also get the refund in USD. That means FTX will make more than 2X return from their BTC holdings, and all this time they made profit from those bitcoins by keeping them in a lending protocol. This shows how important it is to keep your long-term portfolio in your non custodial wallet. It seems FTX drama won't end very soon as i have heard news that they are going to relaunch this year.

[trendcoin]

It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...

[nelson4lov]

It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...

Yes, the only decision they would take is the one that favours FTX and their creditors. That is first and foremost. Every other things like retail customers are secondary. The truth is that even if the prices of Bitcoin was lower than $18K (price of Bitcoin at FTX collapse time), they will use the current price (which will be lower). Either way, the game is rigged against retail.

FTX did the same with solana holdings and I'm sure they will do the same with other assets too. Whether we believe it or not, FTX will try to reboot the exchange again.

[goaldigger]

It's like they're doing everything to somehow get FTX out of this mess. If there hadn't been a halving soon after and the Bitcoin ETF hadn't been approved, I could almost think that Bitcoin's price increase was a result of some operational activity. Undoubtedly, this decision means an advantage for FTX and at the same time a disadvantage for FTX victims...

They should received the amount they've lost plus damages, but it looks like the court will still in favor to this big company will not obliged to pay that much. Well, its good to know that they will stay pay all the victims and hope that the court will closely monitor this one and if ever, better not to allow this exchange to operate again because they've already lost the trust of the public and it can create another panic if ever, FTX is not a trustworthy exchange anymore.

[juansilva]

Xai launched the distribution of their tokens https://xaidao.live

[NewRanger]

At first glance, if we pay close attention, it is indeed unfair in terms of total user losses if we convert them in fiat currency. It seems like the losses are much greater than the value of Bitcoin that they offered at the time of the collapse and this is far below the historical value of the figures set and on the other hand, the claim process. Also, the process of completion may also be hampered by a strict verification process.

[GreatArkansas]

I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.

I think you are right, but it is possible that they are delaying like they have the funds but they use them to make a profit when they get it they give it away.
or they may not pay at all.
I think people in crypto already understand this risk.

Yep, even me, I got some funds inside of FTX Exchange but after the incident, I started to move on, move forward, because I know I can still earn that money, and to be honest, I am still hoping for some refunds, I just don't want to get stressed.
Even Bitcoin price below $18,000 is already good, as long the refund will be processed.

[adaseb]

Yes this is unfair but it’s the way bankruptcy law works. It was the same with MtGox and all the other bankrupt crypto companies.

I guess if you held stablecoins then you don’t care but if you held any type of crypto, especially SOL then you obviously would be upset.

Anyone know when they will start to repay these customers? Pretty sure it won’t be anytime soon. Will take another year or two at least.

[wxa7115]

At first glance, if we pay close attention, it is indeed unfair in terms of total user losses if we convert them in fiat currency. It seems like the losses are much greater than the value of Bitcoin that they offered at the time of the collapse and this is far below the historical value of the figures set and on the other hand, the claim process. Also, the process of completion may also be hampered by a strict verification process.

At this point anyone that had funds on that exchange should worry instead about the date in which those payments may come, since it was impossible from the beginning for the exchange to actually pay their customers in full, because if they could do it then they will not be bankrupt to begin with.

Still I would not be very positive about those payments coming soon, since those kind of trials in which everyone is trying to get a piece of a bankrupted company are always very messy.

[Webetcoins]

So, US Bankruptcy proceedings are going to neglect the fact that the customers who had Bitcoin on November 22 could have way more than just $18k per BTC by now if they had their Bitcoins safe with them? If I'm a trader in any market, I have some products that are valued at $100 at the moment. Suddenly one day, the entity that's holding my assets for me faces some problems and my assets are gone, they come back after some time and tell me they are ready to refund me for my loss.

The same asset that they were holding for me is now worth $200 or more, but they tell me they are going to give me $100 per asset. Will that be fair? I don't think so, because if you didn't have problems and I had my assets safe, I would have more than double of my assets by now, and it was you who deprived me of that, at least compensate me for that.