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

[Silberman]

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.

And I agree with you, now they may try to get the money of outside investors to try to gain even more liquidity, but if anyone was interested in this kind of business and they had he money to do so then they might as well start anew with their own exchange that at least did not had a negative reputation, as it is the case with the FTX exchange, so it does not matter how much I think about it I do not think there is any chance for this exchange to ever become successful again.

[1715175903]

1715175903

[theskillzdatklls]

It really would be quite nice if they restarted, allowed partial withdrawals and then had a make-up token that they used to start paying their customers back with over time that could be traded at a discount on the open market.

Bitfinex effectively did similar during their hack and paid it off. Seems like a good enough method to me.

[tygeade]

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.

I do agree that it is going to be something profitable if there are more coins out there, I mean think about it FTX could find those assets and can sell them and give people their money and people could use that money to buy more. That would help everyone, and the market would go up like crazy. But I still think that it is not anytime soon and these are just rumors, it is not going to be of any help until something happens, this is just talking.

I hope that 7.3 billion could fix all their problems too, this way maybe they won't bankrupt and go back, surely they won't find any customers, but they do have investments and they could make money from them and they could do a lot better in the long run if they keep making more profits.

[bitgolden]

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.

I think a bit? I mean thinking that when they crashed the price wasn't that much different from now, I would guess that it shouldn't really have too much impact, plus if they wanted to use it to distribute or pay debts, they would cause a drop as well so it would have no benefit left at all.

This is the important part here, it is not free money that they suddenly got, they still have insane amount of debt to pay the investors which means that this is not a profit for the market at all. What happened happened, and we calculated the FTX drop into the market and we are still recovering anyway today, so adding this new thing into a brand new calculation should not be that easy, it could help us grow or it could hurt us as well.

[JeffBrad12]

It really would be quite nice if they restarted, allowed partial withdrawals and then had a make-up token that they used to start paying their customers back with over time that could be traded at a discount on the open market.

Bitfinex effectively did similar during their hack and paid it off. Seems like a good enough method to me.

their restart and even come back always mean they are commited in fixing their past mistake, of course that should already be taken into consideration and I doubt they could even restart without the reimbursement and what I mean is in proper way not using some underhanded method.
I'd always welcome a company fixing their past mistake, if they didn't decide to make comeback and restart everything instead, I doubt many of the victims will get their reimbursement.
at the meantime it will also add competition in the market, and ftx as far as I know got many userbase that are quite supportive in the past.

[ivankoh]

their restart and even come back always mean they are commited in fixing their past mistake, of course that should already be taken into consideration and I doubt they could even restart without the reimbursement and what I mean is in proper way not using some underhanded method.

Yes, FTX plans to reopen as they get a lot of user interest and suggestions because above all their exchange technology is good and fully responsive.  they have a plan to restart the exchange instead of a plan to liquidate assets for compensation.  Even so, will they restart the operation of the exchange and return the money to the users?  Who will be the next legally responsible person who will run the exchange???  there will still be no guarantees at least in my opinion.
Mistakes and remedial opportunities for business return are not uncommon but when their trust has been seriously damaged, and when nothing is certain happens.  Its consequences will continue to be devastating.

[mich]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

They would need some thing like not having to pay fees for trades. Or there needs to be something to make me want to risk sending money here. It is like if Mt. Gox did come back. I do not think people want to give them any of his business.

[Popkon6]

Investors still won't believe if FTX recovers their losses and brings the market to market. Sam Back Man (SBF) will not invest a second time in the platform of a person whose platform is destroyed and thousands of people are robbed of their money and who eats his mother's cooking instead of being in jail. My long-term belief is that I myself will not invest in the Ftx platform because there is no way this platform will go back to where it was before. This activity will not improve the current investment market. If it were possible then the unique platform that was destroyed would have been raised.

[livingfree]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

They would need some thing like not having to pay fees for trades. Or there needs to be something to make me want to risk sending money here. It is like if Mt. Gox did come back. I do not think people want to give them any of his business.

You just better not by any means of condition they set. If you have no business with them including the recovery, it's best to stay away from them.

[RealMalatesta]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

Yeah, that's true, why would you give a chance to a place that already made a mistake and failed? I mean why would I not go with something that never made a mistake to begin with. Look at bitcoin, have we ever said "oh sorry, give it another chance" so far? Of course not because it's decentralized.

FTX is an exchange and so far every single exchange that failed, stayed failed because they can never get those people back. They have some investments and they should just pay the investor's back with all of that, and that is only if it is true. I still suspect that all of this is just made up and they haven't recovered anything and they just figured out a way how to get that much money, but they won't and nothing will be better for them ever again, and CEO is definitely going to jail without a doubt.

[livingfree]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

Yeah, that's true, why would you give a chance to a place that already made a mistake and failed? I mean why would I not go with something that never made a mistake to begin with. Look at bitcoin, have we ever said "oh sorry, give it another chance" so far? Of course not because it's decentralized.

FTX is an exchange and so far every single exchange that failed, stayed failed because they can never get those people back. They have some investments and they should just pay the investor's back with all of that, and that is only if it is true. I still suspect that all of this is just made up and they haven't recovered anything and they just figured out a way how to get that much money, but they won't and nothing will be better for them ever again, and CEO is definitely going to jail without a doubt.

Giving a second chance isn't applicable on this situation. They're a financial company and we don't want get problems with our finance/assets for the second time around.

I think everyone has learned their lessons that when a company has gone bankrupt and the issue is related to the unclear spending habits of its CEO and co-founders, you don't want to give them no chance anymore.

The verdict has already been given and even with the new management, the issue is still quite fresh and is there. But then, let's see if they'll manage to get up from that failure.

[Fatunad]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

Yeah, that's true, why would you give a chance to a place that already made a mistake and failed? I mean why would I not go with something that never made a mistake to begin with. Look at bitcoin, have we ever said "oh sorry, give it another chance" so far? Of course not because it's decentralized.

FTX is an exchange and so far every single exchange that failed, stayed failed because they can never get those people back. They have some investments and they should just pay the investor's back with all of that, and that is only if it is true. I still suspect that all of this is just made up and they haven't recovered anything and they just figured out a way how to get that much money, but they won't and nothing will be better for them ever again, and CEO is definitely going to jail without a doubt.

Giving a second chance isn't applicable on this situation. They're a financial company and we don't want get problems with our finance/assets for the second time around.

I think everyone has learned their lessons that when a company has gone bankrupt and the issue is related to the unclear spending habits of its CEO and co-founders, you don't want to give them no chance anymore.

The verdict has already been given and even with the new management, the issue is still quite fresh and is there. But then, let's see if they'll manage to get up from that failure.

There's no second chance and we are indeed talking money on here which means that if they had failed out on customers or clients money in the first place then how much more on the second one?
People wont really be that a fool on entrusting up their funds into something that had broken out their trust. Just like on what others been saying about rebranding then it would be useless because
people wont really be trusting them again. There's no point on restarting or relaunching even if they would be changing up all the management, it wont really be making out a difference.
Therefore it would really be just useless if they would really be relaunching again.

Now the thing on what on peoples  mind is on how to get those funds back specially to those who had been affected.For sure they wont really be having any plans to store up their assets anymore longer.
As long they would really be having a getting hold of it then they would surely be pulling it off and would be going into other platforms which it doesnt really have any issue and bad history
something like this on where piling up some bankruptcy but in the end the funds were intact? Did they've been hit up with some conscience?

[STT]

Its strange in crypto that they might restart under their own name, if this was plain finance the accounts would be amalgamated under a more trusted brand possibly non customer facing but which was able to secure funding and trusted by other banks as reliable in their accounting etc.

The brand name in any way now being worth anything after being so unreliable in their dealings just seems extraordinary.

[Kryptowerk]

What the actual f... Recovering funds: Great, I am happy for the people affected, hopefully they get some of their coins back.
Regarding reopening FTX: Are they serious? A name as shit-stained as FTX is... and now they want to come back. Cannot believe it.

Btw, if you were like me and wondered if this may be fake news - seems like it's real: https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/

I truely wonder f they at least consider a re-branding. The big scam-whales in the background and the scam-tech (software) maybe even with the original backdoors for private profit may stay the same.
But at least they have to change the front-fassade to get any chance at a comeback with lots and lots of clueless new customers.

[mich]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

Yeah, that's true, why would you give a chance to a place that already made a mistake and failed? I mean why would I not go with something that never made a mistake to begin with. Look at bitcoin, have we ever said "oh sorry, give it another chance" so far? Of course not because it's decentralized.

FTX is an exchange and so far every single exchange that failed, stayed failed because they can never get those people back. They have some investments and they should just pay the investor's back with all of that, and that is only if it is true. I still suspect that all of this is just made up and they haven't recovered anything and they just figured out a way how to get that much money, but they won't and nothing will be better for them ever again, and CEO is definitely going to jail without a doubt.

Well I am in agreement with you. There so many other crypto exchanges we can use and not a exchange that fell apart and stole money from its customers. We do not know if it is going to happen again so why just risk that.

A online video game called Storybook Brawl was acquired by FTX. It was SBF favorite game and now it will also be shut down.

https://www.pcgamer.com/ftx-collapse-has-done-lethal-damage-to-an-up-and-coming-card-game/

[Silberman]

Well I am in agreement with you. There so many other crypto exchanges we can use and not a exchange that fell apart and stole money from its customers. We do not know if it is going to happen again so why just risk that.

A online video game called Storybook Brawl was acquired by FTX. It was SBF favorite game and now it will also be shut down.

https://www.pcgamer.com/ftx-collapse-has-done-lethal-damage-to-an-up-and-coming-card-game/

And this really bothers me, why was an exchange using money of their customers to buy a video game company? I could understand if SBF did this with his own money, as he can do whatever he wants with it, but using the money of his customers this way it is the same as spitting them on their faces, basically he did not care at all about the consequences of what he was doing as long as he got what he wanted, and while he deserves to go to jail, it is not a sure thing he will.

[milewilda]

Yes I did see this but let us be real about this. Why would someone want to put his crypto into this exchange ever again? It does not make sense for FTX to try this again.

Those people that will say, give them a chance but even if I haven't used them at all. I'll never give it a second try or even once. And those victims are gonna wait for their refund from the fiasco they're involved with.

Yeah, that's true, why would you give a chance to a place that already made a mistake and failed? I mean why would I not go with something that never made a mistake to begin with. Look at bitcoin, have we ever said "oh sorry, give it another chance" so far? Of course not because it's decentralized.

FTX is an exchange and so far every single exchange that failed, stayed failed because they can never get those people back. They have some investments and they should just pay the investor's back with all of that, and that is only if it is true. I still suspect that all of this is just made up and they haven't recovered anything and they just figured out a way how to get that much money, but they won't and nothing will be better for them ever again, and CEO is definitely going to jail without a doubt.

Well I am in agreement with you. There so many other crypto exchanges we can use and not a exchange that fell apart and stole money from its customers. We do not know if it is going to happen again so why just risk that.

A online video game called Storybook Brawl was acquired by FTX. It was SBF favorite game and now it will also be shut down.

https://www.pcgamer.com/ftx-collapse-has-done-lethal-damage-to-an-up-and-coming-card-game/

What we do expect? If things turns out to be a mess then anything or everything which is attached to it would be completely be sharing up with that domino effect which is something not really that shocking if we do speak about those consequences where if that turns out to be shit the the rest would be following in speaking about those offerings and other connections about this certain company. Yes its true that we do have lots of options to be able to make use of, then why would people should really be making of use with FTX again if it does have that bad reputation in the first place? Yes, they had able to manage to recover up those
funds but as mentioned that SOL price arent high comparing into those previous years which does simply imply that they would really be staling once again.

Somewhat having that recovery is really still a good news because at least its users do still have that glimpse of hope that they could really get their money back but of course just as said that it hope that it wont
really be just as the same on what happened on Mt. Gox which it might really be resulting to a very long years of drama and postponement when it comes to releasing those funds.
So its better not for them to anticipate nor expect much that they would really be getting on the same support just like there's  nothing happened.

[Wiwo]

It really would be quite nice if they restarted, allowed partial withdrawals and then had a make-up token that they used to start paying their customers back with over time that could be traded at a discount on the open market.

Bitfinex effectively did similar during their hack and paid it off. Seems like a good enough method to me.

Developing a token rp pay customers back is going to cost extra for the already bankrupted FTX and that could become a possible way for more delay for investors to get a true refund, but also since the majority of the planned reimbursement is through insurance it becomes more investors friendly and confident building and those of the investors who already filled to refund processed via the third party site will get a refund but when that will be my not be certain.

Since tthisprocess will involve a lot of steps before getting clarification and verification via the third-party insurance refunds.

[livingfree]

Giving a second chance isn't applicable on this situation. They're a financial company and we don't want get problems with our finance/assets for the second time around.

I think everyone has learned their lessons that when a company has gone bankrupt and the issue is related to the unclear spending habits of its CEO and co-founders, you don't want to give them no chance anymore.

The verdict has already been given and even with the new management, the issue is still quite fresh and is there. But then, let's see if they'll manage to get up from that failure.

There's no second chance and we are indeed talking money on here which means that if they had failed out on customers or clients money in the first place then how much more on the second one?
People wont really be that a fool on entrusting up their funds into something that had broken out their trust. Just like on what others been saying about rebranding then it would be useless because
people wont really be trusting them again. There's no point on restarting or relaunching even if they would be changing up all the management, it wont really be making out a difference.
Therefore it would really be just useless if they would really be relaunching again.

Now the thing on what on peoples  mind is on how to get those funds back specially to those who had been affected.For sure they wont really be having any plans to store up their assets anymore longer.
As long they would really be having a getting hold of it then they would surely be pulling it off and would be going into other platforms which it doesnt really have any issue and bad history
something like this on where piling up some bankruptcy but in the end the funds were intact? Did they've been hit up with some conscience?

Most of us won't be a fool because we won't give them a 2nd chance but I guess in some case, there will be a few that will want to risk and gamble again on them.

And that's because they might see people talking about that they have finally recovered and the situation and the tension from them has gotten low.

Regardless of that if it's money, we won't be like that but for them, they might tolerate and only do with certain amount that's easy for them to lose.

[shinratensei_]

even though it seems many are rather doubtful that they'd gain their former reputation, even many are hesitant in giving them second chance but I think that there will be some people that actually gonna use their platform once more, but the most important thing is that if they ever did consider restarting then many will get their money back which is a good thing, putting aside the fact that there might be many that would be hesitant to use their platform once more, it's right though, financial company losing its customers fund seems like it's already the end for them no need to further trust them with our money if they are not really have the ability to keep it from just vanishing into thin air.
but i'd still appreciate any effort of getting back people's money since many are affected by the collapse of this company.