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

[adaseb]

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.

[Gianluca95]

Thanks God, my only hope is to see that users will be refunded with this money.

And also, if they will choose to restart with their activity, who will manage it? I don't think that SBF could come back after what is happened.

Could you share also press where it says this? I'm trying to find something but I don't see nothing 

[digaran]

So they first fuck their users and then they expect people to go back using their services as if nothing happened? That category of swallowing these non senses is blocked in the crypto community.😉 

[adaseb]

Does anyone know if Justin kept his promise and credited TRX tokens on his exchange swapped for TRX stuck on FTX?

Because after the news the price of TRX spiked to like $0.25 and the price on other exchanges was $0.05. Meaning if you had $100 stuck you had to overpay by 400%, so you pretty much had to take a 80% haircut. And there was maybe hundreds of millions of dollars of these TRX/HT/BT trades that took place.

So if the exchange restarts, the $100 which lost 80% of its value would only be worth $20. That is assuming TRX trades at 5 cents when it restarts, Justin has other issues going on right now which can cause the token to tank even more. Feel bad for those that took a 80% haircut instead of just waiting and getting perhaps a 20% haircut.

Most likely those that swapped to TRX lowered the exchanges liabilites however and made it easier to get solvent again. If $1B was shaved off the balance sheet because of these 80% haircuts then there is less assets needed to remain solvent. So I am wondering if those trades will be reversed or are those people at a loss?

[JoyMarsha]

So they first fuck their users and then they expect people to go back using their services as if nothing happened? That category of swallowing these non senses is blocked in the crypto community.😉 

At least they didn't abandon their users. They restored their investor's hope to believe in them once more. It's left for those who choose to continue to use their service or not.

You should be thankful that many of their users are going to be refunded their money back.

Could you share also press where it says this? I'm trying to find something but I don't see nothing 

Link to where you can find the information
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/

[Oshosondy]

So they first fuck their users and then they expect people to go back using their services as if nothing happened? That category of swallowing these non senses is blocked in the crypto community. 

It would be under new management. It is even under new management since many weeks or months ago which was some few weeks after the exchange collapsed. If they are back, remaining exchanges are just like them. You should just trade and withdraw your coins, that is what exchanges should be used for.

[electronicash]

So they first fuck their users and then they expect people to go back using their services as if nothing happened? That category of swallowing these non senses is blocked in the crypto community.😉 

At least they didn't abandon their users. They restored their investor's hope to believe in them once more. It's left for those who choose to continue to use their service or not.

You should be thankful that many of their users are going to be refunded their money back.

Could you share also press where it says this? I'm trying to find something but I don't see nothing 

Link to where you can find the information
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/

if the reason is just to refund the users, they will open it for claiming the tokens back. but digaran has a point. because there is nothing to hope for as they couldn't expect users to come back and use thier services once again.

i couldn't think of someone who would vouch for FTX to restore the reputation of this exchange. they lost the battle. allowing the users to withdraw will be good.

[dragonvslinux]

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.

I assumed this meant they had liquidated assets such as SOL and others, based on the news reports that they have "recovered" $7.3 billion in liquid assets. Maybe I read the news wrong, but generally low cap shitcoins aren't considered liquid assets, but rather illiquid based on low order books. Either way it's good news for creditors, minus the re-opening of the exchange potential, that really isn't the best idea imo.

[Lanatsa]

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.

You would know into those people who had bought FTT would be seeing this as an opportunity to make profits and not actually those users or supporters but its good to see about on the retrieval of those funds
which those affected users would be able to get on what they do own. Considering on restarting? I dont know if they would really be still to get the same trust before the hack which we know that
once an exchange does have that hacking incident or history then restoring up 100% trust is something impossible but lets see on what would happen ahead
because we know that doubts and anxiety would really there which i couldnt blame it out.

[moneystery]

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

Really wonder why is there still holding this token, what else do they expect from this platform that has gone bankrupt? Moreover, the price of this token has increased by 40%, I'm very surprised

[Smack That Ace]

Thanks God, my only hope is to see that users will be refunded with this money.

And also, if they will choose to restart with their activity, who will manage it? I don't think that SBF could come back after what is happened.

Could you share also press where it says this? I'm trying to find something but I don't see nothing 

Surely SBF will not return to the position of CEO of the company as he will still be charged for his actions even if they can fully restore FTX. From what the news comes out, they only have plans to restart FTX, they haven't made a final decision yet, so who will run the company won't be an issue at the moment. What we should hope is that their victims can get their money back, which is what we most expect. Because I believe that even if FTX works again, no one will have the courage to use it again.

[OgNasty]

I keep reading about this money that they found but I haven’t heard where they found it or how. It all seems a little shady to me. I think people would be crazy to support FTX after all the damage it did to the Bitcoin community by defrauding investors and using their funds for shitcoins. If regulators allow this it is 100% clear they don’t give a fuck about people.

[yudi09]

This is good news for sure.
At least there is an effort from FTX to return their lost assets.
Another good impact behind this news, the price of FTX or FTT Token experienced a high price increase reaching 86% in 24h.



I also found out that this news has caused some other tokens to drop in price such as REN tokens.

[Party24*7]

Is that good news, or is someone deliberately manipulating the market? As long as the victims still haven't got their money back by FTX, I won't believe the news and will be more vigilant. If FTX can recover and work again, we should also think that Luna will respawn. Cryptocurrencies are a manipulative market and anything impossible can happen, LOL.

[BenCodie]

Well, there you have it. The move was to completely stall the rally. Not only that, but to manipulate the entire market.

How the hell do you just "recover" $7.3 billion without ANY media or updates about it for months after the event occurs?

This is a crime against the people, a crime against traders and a crime against

Short the hell out of FTX token and NEVER use that exchange or any centralized exchange again. If FTX actually succeeds and people who thought they lost their funds before use this exchange again, they truly don't deserve their coins.

This news is great, but it's also shocking.

[hugeblack]

Isn't that what happened with Luna? It increased its price slightly due to the positive news, and then suddenly everything stopped and the price stabilized like this.
It is closer to trying to collect liquidity from enthusiasts who want to risk such an investment and start a long series of asset recovery, which may take more than ten years.

Does anyone know the legal procedures in such cases and where the $7.3B in Assets was obtained from?

[Tytanowy Janusz]

I keep reading about this money that they found but I haven’t heard where they found it or how. It all seems a little shady to me. I think people would be crazy to support FTX after all the damage it did to the Bitcoin community by defrauding investors and using their funds for shitcoins. If regulators allow this it is 100% clear they don’t give a fuck about people.

Its super shady. I personally expected something was wrong here. Collapsing exchange, stolen customer funds, CEO in prison, biggest financial catastrophe in crypto and one of the biggest overall... yet FTT continued to be traded on binance and other exchanges and interestingly had strong support above $1 ($500M marketcap). $0.5B is a lot for dead exchange token with $10B in liabilities and close to 0$ in assets.

"At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users."
https://www.binance.com/en/support/announcement/binance-will-delist-qlc-nebl-and-auto-on-2023-04-18-27933fc8f6c8451fbb18c0189681441a

YEA ... sure...

So why no one delisted FTT? Why has it had such strong support at $1 for the last 150 days? You can say binance was greedy for commissions ... but FTT/BUSD trading pair was pretty much dead. Like 1-10 mln $ daily volume... The only answer is it's all one big manipulation.

[Nrcewker]

No matter what FTX do, how much they recover, still they won’t gain back the same trust they have previously. If FTX thinks to pay double amount to the customers, then also they won’t talk in favour of them. Once the trust is lost, it can’t be gained back, no matter what is the effort here. If FTX also comes back to normal, then also people will think twice to trade on this platform. Let’s see what efforts will be done by the owners now. Bitcoins have also recovered now, let’s see if they use this in any manner.

[boltz]

Until they thinking to restart their business they should prioritize their clients and refund their money as soon as possible because if that news is real , they need to regain trust all over the markets by firstly repay their clients and after that , they can focus 100% on reopening and other important things. For me , I still find hard to believe that a company like FTX can comeback and have a trusty reputation after all what happened in the past.

[MainIbem]

This is actually a good move but trust me or not they have tarnished their reputation so it would be very hard for people to trust them anymore even to make investment with their FTT token. The exchange itself could be a no go area for traders and for those who loves storing their assets into exchange account. Those who fell into the victim have restored their hope of gaining back their lost and pray SOL should soar the more for them to be able to restore more asset.