So since SOL is $60 - Means FTX is solvent again?

[adaseb]

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

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[gunhell16]

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

Whatever you say is your assumption, you know that in this kind of industry that we live in, the market is very unpredictable. Anything can happen through pump and dump, just like what happened to the doge, which only happens through pump and dump.

It's a pity that I didn't buy SOL last year to save it; it was still a bit difficult for me to establish a profit during those times. Now, in FTT, it is not my priority right now; maybe if I have more allocation budget for that thing, I can buy it.

[tvplus006]

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. ..

As of September 11, 2023, FTX claims totaled $81 billion, of which customer claims totaling $16 billion and non-customer claims totaling $65 billion. So the increased cost of SOL and FTT will not be able to cover all the losses of the exchange.
FTX assets and liabilities are shown in the chart below -  - https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2.


 

[mk4]

Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.

[Learn Bitcoin]

FTX assets and liabilities are shown in the chart below -  - https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2.


 

Oh F***

I didn't know about all these things. All I knew is they were short of around $7B, and that's all. I am curious how non-customers (organizations) were giving them money for operating a business that is not even worth that much. Look at the amount dude! But as far as I understand, those amounts were never verified and were all based on assumptions.

So, should we take this chart seriously? I don't know. I am not a customer of FTX. $9.2 Billion assumed to be invalid? What about the IRS? If this chart is legit and those claims legitimacy were verified, then f***.

[armanda90]

I don't sure with your assumption all trues, actually all SOL and FTT coins are sold by FTX exchange and there are less possibility hold both coins kinds and difficult to recovery exchange have indicate as scam. I don't know what good news make SOL and FTT coin up drastically exactly with SOL success raised drastically from current dropped price $10 and last day up until $60. Its difficult SOL can up drastically if FTX exchange still hold this coin, actually after raising up few percent they will sell and make SOL get correction drastically.

Looks FTX have sold out SOL and FTT coins, latest moment when both coins drop drastically its effect with  FTX sold with much coins current in their exchange account. I don't sure with opportunity FTX is solvent again although in the future SOL and FTT will raise to higher price or back to ATH price if that possibilities.

[adaseb]

I forgot about that IRS claim. However why is it that claims are selling for 50 cents on the dollar recently, before SOL started to pump and before that Gensler comment that Ftx might reboot.

Those might be their liabilities but what are their assets? From Nov 2022 I remember they were like $7B in the hole and that’s why CZ refused to purchase the exchange because there was a big hole.

[stompix]

As of September 11, 2023, FTX claims totaled $81 billion, of which customer claims totaling $16 billion and non-customer claims totaling $65 billion. So the increased cost of SOL and FTT will not be able to cover all the losses of the exchange.
FTX assets and liabilities are shown in the chart below -  - https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2.

It claims, which the IRS estimated at that value, there is no way they will manage to get all the money from FTX with that claim, the funny thing is that it even considered failed capital gains taxes on the sums that were deposited on FTX, there is no way in hell any judge will agree with that.
It's IRS tactic as always, they file claims to every possible thing to have what to cut back when they are denied one after the other.
Besides, even that is nothing compared to the 1.7 trillion Blockfolio is asking for 

Every single one of those including the claims between Ftx and Alameda will be dismissed one by one, contract claims, litigation claims, they will be lucky to get 5% of that value.

Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.

Not really, think of MtGox, BTC was priced at 20k last November before FTX closed, it's up almost 100%, they had recovered crypto assets worth 6.2 billion at November prices, double that, and once can think of getting even more (in $ terms of course) than it had at that time.

[tbct_mt2]

When trust of customers, investors is broken, your business reputation is damaged and nearly can not get it back 100%.

FTX went bankruptcy because of their CEO's fraudulent activities to use customers money without permissions and without any report to FTX customers transparently about shady activities.

Changpeng Zao with his tweets can trigger a death spiral of FTX and months later, many people lost money, lost their life because SBF, FTX and FTT token can not fully recover or become solvency again.

If victims are struggling to return to normal life, how FTX exchange can become solvency again?

It is a fake pump games to dump FTT token on greed speculators.

[Vispilio]

If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms

[lombok]

$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.

The increase in the price of $SOL and other crypto has actually created a breath of fresh air for fund owners who are still involved in FTX, who until now hope to get their money back.

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?

[kentrolla]

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

[tvplus006]

...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

[nelson4lov]

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

FTX held a large chunk of sol tokens so much that it was even rumored that FTX spearheaded that solana run to as high as $250 at the peak og of the bull market. That was why SBF was always biased towards Solana projects and even launched a few sub projects like project serum. At the time the bankruptcy was announced, FTX still had plenty of sol on its balance sheet so you should get an idea of how much FTX was on the affairs of solana.


FTX is not solvent yet. It would take more than $60 sol or even $100 — but they're planning a reboot so it sol price appreciating only gives the new team plenty of room to recover fast.

[tbct_mt2]

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

Distributions by whales will be done slowly and it takes them time like months to complete their distribution. It's hard to realize when they complete their distributions but when it was done, it's time for bear that takes a long time before a new bull run game will be played.

Accumulation will not be completed shortly after distribution completion so if we join it too soon, we will waste our time when game won't be immediately kicked off by whales. By this logic, if anyone got profit with FTT token, it's time to cash out, buy Bitcoin and don't touch this token again in next 3 to 6 months. I would like to wait for 6 months before looking at FTT token again.

[adaseb]

If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.

[jaberwock]

$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.

It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?

If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.

[Vispilio]

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.

The amount sold so far is miniscule compared to its overall holdings:

https://decrypt.co/204289/solana-plummets-ftx-linked-address-moves-sol-kraken-binance

FTX holds at least over 55 million Solana (and probably much more in undisclosed wallets but that's another story), not even 1 million SOL has been moved to exchanges so far from FTX confirmed addresses over the last month, so the expected bearish potential has not substantially come into play yet...

[lombok]

It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.

Yes, this is like a domino effect. When Bitcoin falls significantly, of course altcoins also follow suit. Especially SOL, which at that time FTX also had a lot of savings, the news spread and there was FUD on SOL. When everyone panicked and sold out, SOL finally fell into freefall.

This was a disaster for SOL, because their FTX became a victim, but once again SOL proved a solid team that survived the onslaught of the bearish market.

Are you have a funds at FTX? I'm sorry about what you're experiencing.

If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.

I don't think it's that easy, even if they replace FTX's top officials and management, of course this will still be awkward and the trauma that still exists will hold someone back from dealing with FTX again.

[karabiber]

...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

I think the rises are deliberate to cover losses. People have been scammed and they should know that the old days will not return. I wish the surge was real, but I think this surge is being done by the whales affected by Ftx to cut their losses. In addition, although the value of Ftx in dollar terms has increased, the defi volume is bad.
In recent days, the increase in Sam backed coins such as Solana and Ftx is suspicious. It is highly likely that we will see Rugpull. Of course, you can make money by trading such ponzi projects, but keep in mind that such coins are highly centralized, backed projects and can take all the profits in a few days.