FTX to refund customers at Bitcoin's prices below $18,000

[Dave1]

FTX to refund customers at Bitcoin's prices below $18,000

Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

[Taskford]

FTX to refund customers at Bitcoin's prices below $18,000

Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

For me they should be compensated according to the stress they got from the incident and FTX management done wrong so its really good to give something more to those depositor so that they will be happy with refund plan to be executed by them.

But if there's nothing will be change since government and FTX have good settlement plan to pay all of those people compromised on their platform then I guess they should accept it since its still better than nothing since they can't do anything with it but to wait for the total refund that planned to happen.

Hopefully depositors will get what they deserve since its not their fault on why this thing happen and all blame should be pointed to FTX management so they must pay for it.

[passwordnow]

Everyone who has been affected badly by this debacle deserve every single benefit that they are eligible to that will be set by FTX or the government that will monitor the refund process. So if the price of Bitcoin will be below $18k at the rate of this process, it's a good decision for the sake of the victims. People might say that the users eligible of it are winners, heck no. They've been the victims of this scam that FTX did.
And they have all the rights and deserve every penny that will be returned to them at any rate that the US government decides to.

This is still a developing story and I hope that all of the victims will find themselves the justice for the ruckus that this debacle has caused them. It's a lot of money to process for FTX but it's good to hear them that they'll halt their operation and choose to go with the refund process which is like restoring the faith in humanity. And this is the new management while the fraudsters Sam Bankman-Friend and his cohorts are on jail time.

[Hispo]

Certainly, it does not sound fair to me either. I was expecting this exchange to hopefully resume its operations in the future so they could use the volume and the exchange fees as a source of income for them to repay those who got affected by the closure.
To me paying those affected with such a low rate does not make sense, and it should be calculated keeling in mind whatever assets the exchange has left to sell, using a better rate for the price of Bitcoin or resume operations.
Sadly, my theory is there is someone within the company who may try to keep the Bitcoin remaining from the calculation done on the payments below 18k$. Or (to fair) it could also be the whole company or what is left of it is not worth enough for people to get paid what they deserve or are rightfully owed by FTX.

This kind of news only makes people to stay even further away from exchanges and centralized custodial companies. Still a disaster for those clients...

[criptoevangelista]

I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.

[Husires]

Cryptobriefing is trying to get more views by raising controversy over the FTX issue, but we will not see the distribution of funds soon if we have not heard anything about what happened with Mt. Gox even though it's been about 10 years.

Bankruptcy and asset liquidation cases take years, and arranging those affected takes a long time, so it is best to assume that nothing will happen soon.

[KingsDen]

I still don't think people are going to see that money anytime soon. I imagine that if they pay, it will be something for a few years to come, like MT GOX. Don't get your hopes up about receiving money from FTX, they will always find a way not to pay, going to court or making excuses.

You are the only one who has seen it differently and rightly. The people involved should not just sit excitedly waiting for FTX to pay. They will continue to make excuses upon excuses and it the end they might pay but it will be overly delayed. It will be fine if the victims don't expect anything from FTX, rather than expecting and in the end get disappointed or heart broken for the second time.

FTX to refund customers at Bitcoin's prices below $18,000

The bitcoin in our private wallet is the real bitcoin. Exchanges might not be holding all your funds in bitcoin but they will display it to your understanding that you own Bitcoin. When issues like this happen it will be revealed. Assuming bitcoin price is somewhere below $10k, they would want to pay with the current price. They just want heads off, I don't blame them though.

[husencoe]

I think everything that happened to FTX was their management's fault.  Of course this is not fair to their customers.  They should be given compensation for their customer assets to be returned. I think this will cause chaos because many people will feel at a loss. I think they have to compromise and find a better alternative so that no one is harmed.  I think this should be done immediately and prove that they are serious about it.  The longer this goes on, the more their customers will be out of control. Especially if  the process of investigation is so complicated, this will of course produce new tensions. I hope this will end with good conditions and all part will win.

[Yogee]

[....]
But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It's a legal way to exit without putting much burden on the bankrupt company or corporation. You can put the blame of this "unfairness" on the legislators who sponsored the bankruptcy law. 

It is what it is.

The case would be different if this was a simple dispute over customer fund seizure.

[redwine49]

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

Just like MT GOX but much better.
It's hard to deal with CEX especially those who got hacked and bankrupt.
Ofcourse their fund will be limited to pay it's costumer. I think it's better get some than nothing

[$crypto$]

Is this has been discussed already?

This was discussed a long time ago and the thread is still active today. [Updated] FTX
If FTX wants to refund its customers then when will it do so? I see since last year they have said they will refund customers even asking for a complicated KYC process but until now there is still no news.
This will be like the Mt.gox case that waited for years but kept getting delayed. Lol

[o48o]

FTX to refund customers at Bitcoin's prices below $18,000

Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

I am unfamiliar with, bankruptcy code that article is referring to, but seems really weird that they picked the lowest point for it, or that they are changing btc to monetary equivalent value in the first place. Weren't mt gox victims getting their btc back in btc? Also at the start of the November 2022 ftt was still priced at $26.11, are people getting their ftt value back from some date, because few days after bitcoin dumped and ftt crashed with it. And what about people who fomoed in all the ftt the cex when it was dirt cheap? What do they get?

[Tipstar]

Getting anything is better than nothing. FTX is in the state of liquidation and it's asset won't cover for everyones deposit. I know people would be losing money but they are not totally scammed from their funds. And at the time of bankruptcy the price of bitcoin was lesser that at current time.
There are reasons for people to doubt about CEX. The reason why FTX failed was the lack of transparency on how the exchange is using users money. Ideally, a centralized exchange should only levy exchange fees and match orders but some exchange do invest or provide liquidity without the consent for users. That's why it's important for authorities to look for any shady practice from centralized exchange.

[cryptoaddictchie]

But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

Thats should be the case but with the case of ftx being bankrupt probably they are trying to pay with all their might and making some excuses to lower down their debt. Indeed this is one of the hell of an event in crypto. I still remember ftx is so good and its one of the top projects and suddenly everything failed in a split of seconds due to bear season and some incidence on luna related case.

[electronicash]

it's like they doubling down their scam for refunding at such a low price.
but i wouldn't be complaining anymore if i was among those users who were scammed. the money will still be useful to them but FTX resuming its operation is probably not going to work anymore. they have caused the most stressful years of the victim's life and they are going to try scamming once again.

they are not even seeing a real verdict to the case. could this be part of the plea?

[batang_bitcoin]

Is this has been discussed already?

About FTX yes but with this update, I don't see anyone mentioning that on the thread for FTX[1]. Or there was in the last few pages but I don't see it.

[1] [Updated] FTX

What are your thoughts about this one?

Good, as long as there is progress on this case and we're seeing it moving then it's a big help to the ones that have been disturbed and traumatized by their doings.

[bolshojkush]

FTX to refund customers at Bitcoin's prices below $18,000

Crypto exchange FTX has decided against resuming its operations and instead will proceed with asset liquidation to refund its customers, Reuters reported on Wednesday. However, under US bankruptcy proceedings, repayments will be calculated based on Bitcoin’s value in November 2022, specifically when Bitcoin was trading below $18,000.

https://cryptobriefing.com/ftx-refund-bitcoin-customers/

Is this has been discussed already?

What are your thoughts about this one? For sure those who lost money in the FTX collapse will have to find console in getting some from FTX itself. But I don't think this is fair to their customers if they will be calculated on Value of Bitcoin in November 2022, just saying.

It should be in full and should be based on the numbers of Bitcoin they have in this exchange, in my opinion.

For me they should be compensated according to the stress they got from the incident and FTX management done wrong so its really good to give something more to those depositor so that they will be happy with refund plan to be executed by them.

But if there's nothing will be change since government and FTX have good settlement plan to pay all of those people compromised on their platform then I guess they should accept it since its still better than nothing since they can't do anything with it but to wait for the total refund that planned to happen.

Hopefully depositors will get what they deserve since its not their fault on why this thing happen and all blame should be pointed to FTX management so they must pay for it.

I think they're just laughing at the investors who kept their money on the stock exchange. $18,000 for bitcoin, when now it costs 43,000, it's just terrible. Perhaps by such actions they are just trying to mitigate the situation for themselves.

[kentrolla]

This just reminds me of the chaos it had created and the agony the investors had to go through and yes they needs to be compensated for the ordeal they had been through but FTX decided to pay them at Bitcoin price of $18k without any interest for the delay. As I see people are asking for compensations but do we really know that we will get this money back? I don't think we will get this money anytime sooner and I would be glad even if they pay what they have mentioned at Bitcoin value of $18k as this will help distressed investors who had invested a lot into this project and I don't think it's time to think of compensation as it would be a huge sigh of relief even if they pay as they have mentioned.

[super bako]

Will FTX be FUD material in the future with the concept of returning large amounts of member assets. like MTGOX as usual walle stret wants to buy bitcoin cheaply by making FUD. Even though this FTX news is old and barely popular, it might be brought up again in the future, if the members' assets have not been returned. It looks like there will be a long wait to return members' assets, as long as Bitcoin is at a price of 18k, waiting

[Mate2237]

Nothing is impossible because if B.C game was crashed and came back again and cleared all the accusations level against them, so FTX can also do the same to clear their own and becomes a repented cryptocurrency company to do well in the space again. Everything is possible. And all what we want is genuine repentance and not hypocritic repentance. The customers who lost their money in the time of the FTX bankruptcy should not complain because if the money which they lost at that time will be paid to them in the time when bitcoin was at $18,000, well it is better than none.

So they should accept it and continue their investment. Though I believed the time when FTX collapsed, the price of bitcoin was about $20k and below which was the beginning of the bear market of 2022.