FTX Exchange might be brought back online - Would you use it again?

[palle11]

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.

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.

[Lucius]

~snip~
What I hope after recovering 5 billion, they can refund the victim rather than thinking about going online again.

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.

[NotATether]

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

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.

[Marvell1]

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.

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.

[Darker45]

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.

[Rikafip]

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.

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 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.

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

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

[Accardo]

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.

Yeah, on his recent 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.

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.

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.

[adaseb]

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

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.

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.

[rat03gopoh]

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.

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.

[Jawhead999]

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.

[adaseb]

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.

[Smack That Ace]

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.

[Crypto Library]

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. 

[Oneandpure]

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.

[Woodie]

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.

Its seems impossible with FTX exchange might back to online again after many cases and withdrawing suspended

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. 

[bbc.reporter]

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.

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?



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

[dbshck]

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), 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.

[bittraffic]

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:

[Renampun]

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.

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.

but the big question here is that - would ftx allow their former user to just withdraw their coins?

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!

[bbc.reporter]

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), 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.

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.