FTX will repay everybody 118% back

[fuguebtc]

Hopefully they would be able to pay this all back, 18% interest is something and I don't think that it's not a small and given how much they've owed to the people that have, it's probably going to take them a long time before they can finish paying all of the people that have been wronged by FTX, the people behind FTX that have nothing to do with the scams and are big investors of the company is probably so mad at SBF with all of this, they all got a good thing going already, how they got so greedy that they have to cheat people is still really puzzling to me.

OP shouldn't say that everything worked out if this is currently just a plan. It was only the announcement who is confirmed but that don't mean much, especially to these guys, as there are lots of times they fail to make their promise a reality. Yeah you're right, 18% is not small and this can be another reason for their burden. For me, I don't mind getting only the original amount but as long as it is sure ball.

It's fine if the payments takes a long time again but again as long as it's not going to fail this time. It's crazy to think on why the FTX collapse happened but I think if we are on their shoes, then this is going to be clear for us. It is still not right of course and should have been avoided.

Agreed, things will never be okay until their victims receive compensation because look what Mt.gox promised. Every time I see news about FTX, I think of Mt.gox, they always update about compensation but more than 10 years have passed and no one has received compensation. These news only make people more hopeful but people will never know exactly when they will get their money back.

Although Mt.gox and FTX are two separate exchanges and have nothing to do with each other, I think that as long as Mt.gox has not paid investors, victims of FTX will not have much hope.

In addition, the number 118% is meaningless and is a huge disadvantage for the victims because the value of the compensation amount will be calculated at the time of FTX's collapse, not the current value.

[Beparanf]

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

This refund will only be fair if they will refund the original crypto amount plus 18% interest instead of basing the user balance in fit by the time FTX close which Bitcoin is around 30K+ if I remember correctly.

This 18% interest is not really an interest if they will based on the fiat amount of the original balance since FTX probably converted all the crypto assets to fiat by the time they file bankruptcy.

[Cryptoababe]

This is good. I don't know some people's situations right now. And I'm not sure if all of those people who lost their funds due to the FTX bankruptcy are still alive. But this is good, and if everyone could get their funds back with 18% interest, I think FTX will regain their trust.

[Cryptoababe]

If you count the extremely low ball estimation of account values in dollars then yes, FTX is overpaying. This is part of the US bankruptcy fraud system and how it was never built to handle equity over dollars. Dollars are completely worthless compared to how much people would have had even if they were paid a fraction of their crypto today. In fact, everyone was holding expecting a price surge like the one experienced at the moment. However anyone who had deposited crypto into FTX got badly burned. This "over 100%" claim just adds insult to injury.

You have a valid point here. But what if there isn't any refund? What if FTX couldn't return anything and that's the end? Although, I learned a new thing about the US bankruptcy fraud policy from your comment. But at least, they will be able to get more than the value of their assets in dollars.

[adaseb]

Yes SOL has alot to do to make this possible. SBF has held large amounts of SOL. I think when SOL went above $70 or so, it made FTX solvent again. Many of their coins were actually locked and can't be accessed at the moment  but the bankrupcy has managed to sell them for a huge discount (50% or so). Seems like a bad deal but who knows how many years until those tokens are actually unlocked, who knows what the price of SOL will be then.

Depending how much money there is left over, maybe they will compensate those who had actual crypto stored on the exchange instead of using Nov 2022 prices. Because unless you had stablecoins only on FTX, you are most likely taking a huge loss even if they actually pay the 118%. For bitcoin you would need to get paid back 400% just to break-even with todays prices.

[X-ray]

This is good. I don't know some people's situations right now. And I'm not sure if all of those people who lost their funds due to the FTX bankruptcy are still alive. But this is good, and if everyone could get their funds back with 18% interest, I think FTX will regain their trust.

damn you're talking as if the ftx collapse happened decades ago its funny, though actually I think its fair point some people might do some harmful things to themselves after knowing that their money gone the day ftx collapse, this should be a concern as well, probably if the money credited to their account again the family can reclaim ownership by proof so I think its no problem other than that they can always try contact ftx themselves i guess.
but overall with refund that used old rate its just not really a good thing people lost their capital gain, which is bad, but then again they previously lost their money with no clear info whatsoever so its an improvement on the other hand.
i don't know how the victims will react to this will they be happy or will they be concerned about something idk, it always sucks being the victim of these cases where things are just so unclear.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

This refund will only be fair if they will refund the original crypto amount plus 18% interest instead of basing the user balance in fit by the time FTX close which Bitcoin is around 30K+ if I remember correctly.

This 18% interest is not really an interest if they will based on the fiat amount of the original balance since FTX probably converted all the crypto assets to fiat by the time they file bankruptcy.

yeah that should be fair, even just returning the previous balance and not in money is probably the fairest solution to all but it should also give a relief regardless that their money is there and its not going anywhere.

[Kelward]

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official

https://x.com/ftx_official

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

I read this news a while ago, maybe about 2 weeks ago if I am correct, but I never gave it much thought until it happened "because seeing is believing." I sounded that way because Mt. Gox will always be my reference point, it is one promise over the other for so long, so I will only believe what I see with FTX.

Indeed seeing is believing and I'm agreeing with your thoughts because this is not the first time that I'm hearing about refunds from FTX to their customers who have been waiting endlessly for action instead of words. If they however fulfills their promise of repaying back 118% to the claimants, I think that will be a very good start for them, perhaps it'll restore some level of trust to their dented reputation, even if it's in small way. Although I wish that they had put a date to the promise of payments, that would've given people more assurance that they have a concrete plan to start, we'll just wait and see how it plays out.

[avp2306]

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

I read this news a while ago, maybe about 2 weeks ago if I am correct, but I never gave it much thought until it happened "because seeing is believing." I sounded that way because Mt. Gox will always be my reference point, it is one promise over the other for so long, so I will only believe what I see with FTX.

Indeed seeing is believing and I'm agreeing with your thoughts because this is not the first time that I'm hearing about refunds from FTX to their customers who have been waiting endlessly for action instead of words. If they however fulfills their promise of repaying back 118% to the claimants, I think that will be a very good start for them, perhaps it'll restore some level of trust to their dented reputation, even if it's in small way. Although I wish that they had put a date to the promise of payments, that would've given people more assurance that they have a concrete plan to start, we'll just wait and see how it plays out.
[/quote]

I saw a lot of articles saying that FTX would have a refund to their costumers but nothing. Search about ftx refund keyword then a lot of it will show up. That's why its not good to believe easily on their claims if you are the affected person of past incident happen to them since its like they are just giving you a false hope and believe on something unsure. For them not to get stress I guess they should not hope anything about it and just get an update regarding this case. Remember Mt.gox didn't happen and the claims of victims already exist for many years, so maybe the same with FTX it will take a lot of years before costumer could find justice regarding on what they experience on that scam exchange.

[shield132]

Were they holding reserves of Bitcoin and altcoins during this time? If they were holding, then the value of their reserves would be very high because cryptocurrencies are significantly pumped up but I don't understand why are they repaying money to their customers with 18% interest rate. Do they plan to revive the exchange? Wouldn't that be a very stupid action? They were the number 2 crypto exchange before the scam but I think they'll never be able to gain back what they lost. I don't know if they plan rebranding but if people really trust them with their funds after all that happened, then I have no words to say.

[nelson4lov]

~Snipped

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

While it might seem like FTX is giving their users a good deal, it actually isn't because users will get refunded their crypto at their worth during the FTX crash in 2022. Bitcoin was around $16K IIRC and other cryptos were near all time lows. Ftx will now refund at those prices plus a mere 18% interest when Bitcoin itself is currently sitting at a 400-500% price growth in that time. FTX will actually pocket whatever is left after distributing those claims. Well, at least users will get something back — that's the only positive to the FTX saga.