FTX recovered $7.3B in Assets and is considering restarting!

[stompix]

Actually, I meant the total amount that was talked about, and it was specifically mentioned by the OP in this thread, where the link actually comes from. Generally speaking, at the beginning of the year there was talk of about $10 billion, now it is a little more than $7 billion, and I honestly doubt that this is the last amount that will be talked about.

Getting confusing, not that it matters anymore but my understating of this mess before was like this
- somewhere between 7-11 billion claimed to have been lost when FTX when insolvent
- 5 billion recovered by January
- 7.3 total recovered by now

But I guess all those numbers are irrelevant, since even the reimbursement (if one) will take more into account the value then and the value now, and how the trustee (again, if one appointed) will decide how this will be made, coins or fiat!

~

Maybe they would do it if they were able to take such a step, but most people who invest in Bitcoin for one reason or another do not understand it more than a number that shows the current value.

Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

[TimeTeller]

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

What do you expect? SBF and the shadows behind him had lined the pockets of a number of very wealthy and powerful people before FTX collapse. Not to mention that his parents are knowledgeable and extremely wealthy. It's shady and it's in your face. The people who are keeping him out of prison probably already have their funds back. The $7.3 billion is probably just the left over after all of the inner circle has been taken care of. That's all speculation...but it's probably true. I really hope not to see FTX operating other than letting people take their money out in Q2.

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.
Maybe, get the funds what they owed from you and use other reputable trading platforms.
We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.
What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.
They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

[Semar Mesem]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

[tiCeR]

Actually, I meant the total amount that was talked about, and it was specifically mentioned by the OP in this thread, where the link actually comes from. Generally speaking, at the beginning of the year there was talk of about $10 billion, now it is a little more than $7 billion, and I honestly doubt that this is the last amount that will be talked about.

Getting confusing, not that it matters anymore but my understating of this mess before was like this
- somewhere between 7-11 billion claimed to have been lost when FTX when insolvent
- 5 billion recovered by January
- 7.3 total recovered by now

But I guess all those numbers are irrelevant, since even the reimbursement (if one) will take more into account the value then and the value now, and how the trustee (again, if one appointed) will decide how this will be made, coins or fiat!

~

Maybe they would do it if they were able to take such a step, but most people who invest in Bitcoin for one reason or another do not understand it more than a number that shows the current value.

Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

Those are all the questions that I would like to see answered as well, but even if a trustee decides to handle the situation to the customers' disadvantage, is that immediately set in stone? I can see a lot of customers defend themselves if that happens.

Also how is it even possible that magically another $2.3 billion are discovered? I mean it can't be the case that they found another hard drive that SBF didn't know about a caboom, there are another $2.3 billion. I think it is more of an accounting thing. It would make sense because the market grew quite a bit and they would simply update the numbers and say that by now the recovered amount is bigger than it was in January.

If it's a lot of shit coins the trustee would never be able to turn those into $7.3 billion in cash. He would crash every single shit coin market and as soon as it is publicly known which coins are mostly affected, other market participants will consider their next move as well if they know that lots of a coin they might be holding could soon be liquidated.

[BenCodie]

What's happening with FTX ever since it declared bankruptcy is all muddled up. Everything looks shady to me. Not only do the authorities seem lenient on Sam Bankman-Fried, there is also an apparent attempt to salvage whatever is left with the exchange. It seems there is an effort to revive it and not so that its users will be made whole again but so that those powerful personalities will recover the large amounts they have lost when the bankruptcy happened.

What do you expect? SBF and the shadows behind him had lined the pockets of a number of very wealthy and powerful people before FTX collapse. Not to mention that his parents are knowledgeable and extremely wealthy. It's shady and it's in your face. The people who are keeping him out of prison probably already have their funds back. The $7.3 billion is probably just the left over after all of the inner circle has been taken care of. That's all speculation...but it's probably true. I really hope not to see FTX operating other than letting people take their money out in Q2.

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.
Maybe, get the funds what they owed from you and use other reputable trading platforms.
We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.
What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.
They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

If you are a previous user of this exchange, I don't think it is best to patronize this exchange after such collapse.

I am more than within my right to criticize the monumental fraud that is FTX, whether I am a user or not.

Maybe, get the funds what they owed from you and use other reputable trading platforms.

Yes, anyone who used FTX and who is able to get some of their funds out should be doing exactly that.

We won't know the truth about their billion dollars of assets, where it will truly be distributed. But that's their business.

The truth is already out there. FTX was sponsored and purchased endorsements in the fields of sport, celebrities, even politics. This is not speculation, this is factual. They lined the pockets of the rich and powerful and that is how SBF is still free and how FTX is still being considered to be re-booted. Not to mention their manipulation of the market. Again, this is not conspiracy, this happened...and no one should forget it.

What we need to be cautious is using third party trading platforms and how to secure our assets from similar ftx or luna catastrophe.

I can partially agree with you on this. There are plenty of decentralized services out there, they should be prioritized over third party/centralized services, if they absolutely need to be used to begin with.

They may be trying to recover their losses by resuming their services, but their reputation has already been tainted, would take years again to restore the trust from users.

I hope everyone gets their funds out and never touches them again. There are much better alternatives out there, there is no need to use this fraud of a platform.

I also hope the shadows behind SBF and Do Kwon get what is coming to them for artificially manipulating the cryptocurrency market since June 2022.

[Lucius]

~snip~
Speaking of, I've never managed to get any info on how many BTC were there, all news all report lump the sum in one, I'm really curious about this, wonder if it's at least 20% BTC and less than 80% shitcoins.

It's obviously a secret and they keep it for a reason, but I have no doubt that you're probably right that the ratio is somewhere around 20 to 80 in favor of altoshitocoins. Realistically, that whole FTX was one big shitcoins factory that literally fell apart when the price of BTC went towards $20k, and the token around which everything revolved became almost worthless.

When you have a CEO like Bankman on top of all that, there is only one possible outcome, and that's exactly what happened. Now we watch the classic Saving Private Ryan.

[STT]

Does it make any difference to them  in prospects if the BTC price has recovered since late last year.   I was thinking of the Mt.Gox recovery where people lost some of their money but gained from the price over time, does that dollar accounting give them optimism perhaps.
  My impression on alot of these banks and financial operations is they all can potentially fall apart if leverage and backers leave.   Putting in a new safe pair of hands to manage things and maybe just wind it down and sell off the asset worth of customers is part of the game, they'd rather do this then burn it down in a firesale.   Doesnt seem too irregular an occurrence to hear of a revival.

[Hamphser]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

[fullhdpixel]

It was quite interesting in the case of Mt. Gox as a lot of people got into profits that way. Most of them would have probably sold much earlier and now they there Bitcoin were stuck they couldn't take any action to their own benefit.

And this number $7.3B is kind of odd, don't you guys think so? I thought they were almost fully broke, but this quite an amount of money. Now the question really is what values they picked in order to calculate that amount. If there are a lot of illiquid assets the amount could go down tremendously.

Profits? I thought we are talking about collapses here, unless if you mean the refund made by Mt.gox. If that is then yeah people are surely be in profit because they invest in BTC long time ago when its value was still cheap but it have grown a lot through the years even though it experience a dip last time. You are right, FTX got bankrupt these new money they have accumulated did only came from other sources such as their crypto investment. We heard that they have massive SOL holdings. That is one already but they might have other sources of income. These calculations can go down but it can also rise more if they haven't liquidated it yet.

[Silberman]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

[cabron]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

It's been the case for the crypto community even for the casinos that have been proven to be a scam, there can never be a clear slate for them even if they try resolving the scam accusations.

For FTX to consider restarting the platform, it will not be welcomed by the regulators. I don't think they'd be happy now that Gensler is about to be kicked. The users of the platform want their funds back, that should be thier priority after all it's not theirs.

[Ultegra134]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

[Franctoshi]

The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

[Hamphser]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

Yes, this is what im been pointing out.They could restart all they want but they should not expect that those previous users or investors of their platform would be coming back in 100% trust after all on what happened. This isnt something that they could be seeing it back.This is why im not really be in shocked if ever they would really be that closing back due to lack of revenue or being bankrupt. It is really just
that a normal approach that trust couldnt be backed up 100% on the time that people do know that they do have that bad history specially in speaking about funding.
It is really that mind boggling and huge question on how they do able to get it back in one go?

[BenCodie]

Good news that makes investors more optimistic about the future of cryptocurrencies, I hope this increase can continue and be stable, I've been using FTX for a long time which was Liqui, hoping that FTX can be active again and make investors more optimistic about cryptocurrencies.

Not anymore, once a platform or company does have that bad reputation or situation that happened to them then trust is not 100% to be intact in case they would be coming back into the market.For those solid

FTX users then they might really be getting some reconsideration for them to be used up but for most then they would just simply skip and find another place which it doesnt really have any issues until
this very moment.This is the hardest part on getting that trust back once it had been broken then people would really be having that kind of impression or mindset towards it.
I dont know if they would be still be able to get sufficient numbers of users after on what happened.

You touch the key point here, once trust is lost it is very difficult to recover it, now if we were talking about a small incident then people could forgive and forget, however this incident was so grave that it put the existence of the entire exchange at risk and it showed SBF has been mismanaging the money of their clients, then it is to be expected that no one which has read about this case or that has been affected directly by it will ever trust him again.

Who in their right mind would consider using the FTX exchange after collapsing due to complete mismanagement of their assets, or even possibly on purpose too? Their future remains pretty vague, even if all users are refunded; otherwise, they can consider themselves shut down forever. I cannot understand where they're going to find this huge amount of money, but even if they manage to restart operations, the majority of their users will withdraw their money and move to another platform. How are they going to afford to run with little to no customer base? It's a lost cause.

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

[BTCGalaxyA12]

The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

According to the Twitter account @RadarHits, FTX plans to reactivate the exchange at a cost of up to $100m.
Let's assume they managed to raise $100m in fees and get the exchange running again, but how much trust do people have in them after the crash?

[taufik123]

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

But in reality, most of those trapped in FTX are big investors. Whether they are first-time customers can't be sure.
But if they are fine with returns and make them very respectable.
That would be a strange thing. I myself am even fed up with FTX despite their efforts to refund users.

There is nothing to expect from FTX when the funds are already refunded. Leaving and closing the FTX account is the final decision.
Although there are many bonuses or promises to become a trusted CEX again, it's all nonsense.
Successful or unsuccessful in rebuilding FTX, is no longer important.
Criminals remain criminals, that's already a permanent marker for FTX.

[Fesatmas]

Good news today from the FTX lawyers. They said that over $7.3B has been recovered and they are considering actually rebooting the exchange somewhere in the Q2.

FTT is rallying over 40% on this news, almost topping $2.

The only issue with this is that if assets such as SOL drop back down to <$10 then obviously they won't have $7.3B anymore. Since their largest holding is SOL with owning over 10% of the supply. Either way its a good win since many will get some of their assets back at least. Hopefully this wont be another MtGox which took over a decade.

One thing that most FTX customers hope to get their money back and investors who buy FTT coins I hope that the increase can reduce the burden of loss, I also hope that this is not the next Mt Gox which may still collect a lot of funds.
But if they start activities like they used to before FTX was destroyed, I think it will not be effective and the most important thing is the trust in them I think almost 99% is lost from their main community, if you think the FTX foundation can turn things around in my opinion that is not Possible.

[Tony116]

You would be surprised of the idiocy that is inherent in most people. I am sure that a portion of the FTX customer base (hopefully, not a large one) are newbies to the space and would see this an honorable return, and would probably remain loyal to the platform not only because they don't know anything as convenient but also because they would be grateful that the company returned their funds. Then there is also the guise of new management, probably a lot of reboot bonuses or promotions, etc.

I really hope they do not succeed...though I am sure they will, at least the U.S.

But in reality, most of those trapped in FTX are big investors. Whether they are first-time customers can't be sure.
But if they are fine with returns and make them very respectable.
That would be a strange thing. I myself am even fed up with FTX despite their efforts to refund users.

There is nothing to expect from FTX when the funds are already refunded. Leaving and closing the FTX account is the final decision.
Although there are many bonuses or promises to become a trusted CEX again, it's all nonsense.
Successful or unsuccessful in rebuilding FTX, is no longer important.
Criminals remain criminals, that's already a permanent marker for FTX.

If they can refund investors and restart their business, that is commendable for their efforts. But I agree with you, once they refund us, we should completely stay away from FTX and never use it again. Do not repeat mistakes because there is no guarantee that they will not crash again. But I am more interested in whether they return the money to the investor or not. Or will they be the 2nd Mt.gox that just promises and promises without returning even a bit to investors?

[jostorres]

The contagion has already been done, I would only consider this as a good news if every single person that lost their money as a result of the collapse will get their money back, hence this could be another set of trap to people. In other hands if this is true I don't see invertors trusting FTX and seeing them as reliable exchange anymore because the trust people had on them has been sold out as result. In my humble opinion, if were to be part of the people that was being affected, my dealings/ business with FTX is automatically over with with the reopening just immediately I recovered my funds.

I don't really think that they will ever think of directly paying the users who've lost money in their crash but might come up with a plan of repayment for the losses of the people just like how Terra did with their community after the crash of LUNA and UST. They fooled the community into creating another chain and another token and airdropping a token to them with almost no value that too isn't given in full.

They might come up with a plan like that to repay their users and start operations again, but as you said, I'm pretty positive that they can never build the same reputation again no matter how hard they try.