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

[Zaguru12]

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

It’s because FTX holds a chunk of Ren tokens and has directed them to transfer all cryptocurrencies to the debtors cold storage heavily controlled by the FTX team. Since this news broke out the Ren token has since be falling and causing panic among the investors, although on their discord the Ren team are considering lunching a REN 2.0 with another funding completely independent from FTX and could possibly airdrop it for the current REN 1.0 holders.


My question is will this also affect the Sol token since FTX also owns lots of it

[Hispo]

Quite remarkable news, it is the kind of recovery one usually does not expect to hear after a major disaster like what happened to that exchange. However even if they wanted to reboot the exchange to make money and pay more for the damages done, such thing requires clients, volume, trades, orders and people willing to trust once again a service which has defrauded them before. Some re-branding and new blood is needed.

There is however a small chance that (is the new administration shows an extraordinary transparency) this could end up being a restoration of trust and a good precedent on our industry.

Just when I thought FTT was going to be a dead token for the rest of the eternity, this happens.

[Dr.Bitcoin_Strange]

Coming back to refund users who lost their funds should be the first goal. If they own up to what happened, if they come back, people will not operate with them so easily for now because after the last streak, people have learned a lesson they will never forget so easily. That amount they have recovered can be used to settle a lot of their customers first.

[Natalim]

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.

It was too early to believe this news, they might fool us or not.
Well, the good thing they do is to prove that they are still capable enough as trust can't easily to build up when it was ruined already. We can put MtGox as an example and we should not have to trust easily the exchange that had bought disease to the crypto world. They should have to work hard and show us that they we're safe otherwise, nobody can afford to risk with them back (and lose money again).

[stomachgrowls]

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.

It was too early to believe this news, they might fool us or not.
Well, the good thing they do is to prove that they are still capable enough as trust can't easily to build up when it was ruined already. We can put MtGox as an example and we should not have to trust easily the exchange that had bought disease to the crypto world. They should have to work hard and show us that they we're safe otherwise, nobody can afford to risk with them back (and lose money again).

People would be more trusting on them or would really be get convinced if they would decide to publish or disclose out on how they do able to get back that $7.3B asset which is something that mind boggles me if

it was in one go or in accumulation kind of type when it comes to getting those funds back.Some do say that it was really planned since from the start? We dont know on what actually those plans or intents.
People do mostly focused on what they have done recently and this is the result on why FTT did make out some pump which its not shocking that much.

The only issue or question on here is that, will people would really be that still trusting them up again after all the things that happened?

[capedbaldy]

Coming back to refund users who lost their funds should be the first goal. If they own up to what happened, if they come back, people will not operate with them so easily for now because after the last streak, people have learned a lesson they will never forget so easily. That amount they have recovered can be used to settle a lot of their customers first.

Even though they are back with good news but it is not easy to get trust back from high loss, they have been added to blacklist of exchange so it is very difficult to recover reputation and get out from backlist of traders, I have an account that has lost few dollars but I feel lucky to have withdrew some of the funds before the exchange disappeared, so I responded based on their exchange users and I don't care about any news from them, we will switch to the top exchange so we won't be disappointed again.

[Dr.Bitcoin_Strange]

Even though they are back with good news but it is not easy to get trust back from high loss, they have been added to blacklist of exchange so it is very difficult to recover reputation and get out from backlist of traders, I have an account that has lost few dollars but I feel lucky to have withdrew some of the funds before the exchange disappeared, so I responded based on their exchange users and I don't care about any news from them, we will switch to the top exchange so we won't be disappointed again.

They will still have customers, but not as many as in their early days. If they come back gradually, they can win people back. The good news is already out, which is the $7.3 billion they have recovered, and the recovered amount is almost the $8 billion that was lost.

[ilovealtcoins]

Coming back to refund users who lost their funds should be the first goal. If they own up to what happened, if they come back, people will not operate with them so easily for now because after the last streak, people have learned a lesson they will never forget so easily. That amount they have recovered can be used to settle a lot of their customers first.

Even though they are back with good news but it is not easy to get trust back from high loss, they have been added to blacklist of exchange so it is very difficult to recover reputation and get out from backlist of traders, I have an account that has lost few dollars but I feel lucky to have withdrew some of the funds before the exchange disappeared, so I responded based on their exchange users and I don't care about any news from them, we will switch to the top exchange so we won't be disappointed again.

I agree, they will never get their reputation back because there is no guarantee that they won't go bankrupt again, their reputation has been ruined. Meanwhile in the market there are many exchanges that are 100 times better than them. I've never used FTX and I wouldn't use it if it was rebooted.

[Fundamentals Of]

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.

[adaseb]

So how does it work for the ETH or BTC holders exactly. They pretty much had 0 BTC or ETH. So what happens when they are owed a creditor a certain crypto? I doubt they will buy it at the open market.

Most likely they will be credited the value when they filed for bankruptcy and get back in stablecoins. Which is bad since it was like $15K BTC and when they reopen BTC can be triple that but the user would only get the old value back.

[Strongkored]

It should be a pleasure to read this news if they really have returned all the funds to the users and when the exchange resumes operations, is it still worth it to gain the trust of traders? Honestly it shouldn't, because the losses incurred due to the case were not only for the users of the exchange but for the holders of the FTT tokens and other moral losses.

A business that has damaged its reputation and is trying to recover what it has lost should no longer be supported, as there is no guarantee they will not do so again in the future which will damage the image of the crypto world.

[19Nov16]

Good news because it will make users more optimistic, I also hope that FTT can reach at least $10, I bought when the price was $12 because many are sure that Binance will acquire FTT, but a good move is that FTT doesn't drop below 0 like happened with LUNA, it's easier to move up once the price reaches $2.

[fuguebtc]

So how does it work for the ETH or BTC holders exactly. They pretty much had 0 BTC or ETH. So what happens when they are owed a creditor a certain crypto? I doubt they will buy it at the open market.

Most likely they will be credited the value when they filed for bankruptcy and get back in stablecoins. Which is bad since it was like $15K BTC and when they reopen BTC can be triple that but the user would only get the old value back.

On the plus side, investors will at least get some of their money back rather than nothing at all. I just hope they don't like Mt.Gox, 8 years have passed, and no one has received compensation, what investors receive are just empty promises.

I am not a victim of FTX but I hope they recover soon and pay investors, even if only a small part. But if they want to restart the company and let the company continue to win people's trust, they need to pay it back in full, or they will also be losers.

[darkangel11]

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.

If any market is being manipulated then it's the FTT token that got pumped by the news. I don't get why somebody would buy a dead exchange token, made and promoted by a scammer.
Some people deserve to get wrecked.

Good news because it will make users more optimistic, I also hope that FTT can reach at least $10, I bought when the price was $12 because many are sure that Binance will acquire FTT, but a good move is that FTT doesn't drop below 0 like happened with LUNA, it's easier to move up once the price reaches $2.

In other words, you hope some greedy speculators will buy and pump this shitcoin so that you can redeem your investment at $12 a piece? At least you're honest about that.

As for FTX, if they restart and any of you deposit money to this exchange, don't expect anybody to feel for you when you get scammed.
Fool me once, shame on you...

[erep]

A business that has damaged its reputation and is trying to recover what it has lost should no longer be supported, as there is no guarantee they will not do so again in the future which will damage the image of the crypto world.

Based on several previous similar cases, they were completely unable to recover their reputation even though they had replaced investors' losses, the recovery was only temporary because there was big news as they wished to recover their balance from their exchange, but it is recommended that all funds must be transferred to another exchange to overcome the same case which can happen any time. Always increase awareness on risky exchanges and the best option to switch to another exchange.

[Negotiation]

FTX has recovered in fortune and is considering a relaunch but it will take a long time to recover as they once ruined their reputation. Investors will not believe this easily so they should do their research carefully to prevent their own losses. The highs stood at the lowest since the fall they are creating a number of activities that will serve as alternative methods to resume operations and provide services to users again. This is very important because when such violations occur, they are usually only acting in their own interests.

[adaseb]

When they relaunch it won’t be under SBF. It will be under a new management. I think if they relaunch it will run for a while and then eventually get sold off to some other exchange, maybe Binance or Coinbase will buy it.

The reason why is because the brand has value. Even non crypto people heard of FTX but they never heard of Gemini or Coinbase. Hence why the liquidators think it’s a wise idea to sell it.

[dansus021]

There is actually thread that discussed about FTX reopen - https://bitcointalk.org/index.php?topic=5436159.0

and my answer will be pretty same if they can recover all of the Money the domino effect will stop. But the key is Trust it will be very hard to get after what happened to FTX.

Maybe if they reopen they need several third-party audit and have transparency page Proof of Reserve and many more

[Nwada001]

7.3 billion recovered, were the means of the recovery stated out? 
Either way, we all pray for the best since individual assets are at risk here and many lives might have already been lost because of the incident. 

I think the arrest of the CEO was really a good one, even though he claims never to have been on the run. Since the news of the arrest, there have been one positive development after another. I was actually doubting that there could have ever been a way to repay all the debts, but this news brings hope back. 

But let's assume they are to relaunch like they have said; will they be willing to release all the users' funds back to them? I believe they have everyone's data and fund balance. If they do, then the exchange will likely file for bankruptcy again within some open periods of operation because no one will ever want to leave their assets there again. 
People have lost trust in them, and it will be hard to rebuild that. 

[dragonvslinux]

There is actually thread that discussed about FTX reopen - https://bitcointalk.org/index.php?topic=5436159.0

While true there is another thread, this was back in January when CEO "wanted" to re-open FTX, long before they managed to recover $7.3 billion in liquid assets. This thread is about the possibility that FTX "could" re-open it's exchange, mainly based on the recovery of the majority of assets. So in reality, this is a different topic around the same subject, given the recent developments.

and my answer will be pretty same if they can recover all of the Money the domino effect will stop. But the key is Trust it will be very hard to get after what happened to FTX.

I also doubt they will ever be able to fully regain the misplaced trust they previously had. It took Bitfinex a long time to regain trust after they were hacked for example, and in reality they have suffered ever since with other seemingly more trustworthy/reliable exchanges taking their place (that haven't been hacked). Either way, it will take years for them to regain anywhere near the trust they previously had.