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

[_BlackStar]

It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.

[Wexnident]

Can't say much now since the price growth from back then was pretty big, but if it was below, I'd definitely believe they'd be willing to compensate those affected at that price instead of the price when FTX declared bankruptcy. And it definitely isn't fair since there's far more damage done to be paid than the compensation imo. Said compensation is actually the absolute minimum they should've done, and heck maybe even a bit low with the price being limited at the time of bankruptcy.

Not to mention whatever distribution of said compensation would probably take a year, or maybe a few years.

[JeffBrad12]

It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.

it shows how they don't even have the effort to compensate people, when a customer lost their money in form of cryptocurrency they should be receiving in the same form, its just unfair that the exchange just want to reimburse only half of what they owed, such an underhanded method.
this will only further make people not believe in ftx even if they rebooted some how people just not gonna use the exchange ever again.
since it just means that the exchange itself in its reimbursement which caused by them in the first place, not sincere therefore its just better to get done with it and avoid ever again using ftx services.

[LastKiss]

~snip~

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 guess we should be grateful that they still want to refund customer funds although it's not fair enough, I saw some platforms collapse and none of their customers got a refund. Make it as our experience to store our cryptocurrency not in a third party but in our own wallet to avoid something like this happening again. Don't ever trust something that is related to the government again.

[wxa7115]

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.

Repayment in full should be what is fair as those people lost their coins due to the incompetence of the people managing the FTX exchange, but we knew this was never going to happen and they will fabricate all kind of excuses to not do so.

And according to your source they have decided to use a very weak excuse, since this could allow them to pay all their customers a very low amount of bitcoin, keep the rest and earn a fortune during the upcoming bull run.

[Kelward]

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.

A restoration of hope for people that have their Bitcoin stuck in FXT, although they're not getting the current market worth of their assets, it's still better than getting nothing, I hope that they speed up the process of payment so that the people concerned can move on. This should be a lesson to those that still leave their coins in exchanges.

I think that the $18k is not fair compared to what Bitcoin price is today, so I'm wondering what if reverse is the case and let's say Bitcoin was $40k then, and now it's $18k, will they still go ahead with their payment plan? They probably won't quote wherever it's said that they're mandated to pay at the rate when they were hacked.

[DeathAngel]

It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.

[cryptomaniac_xxx]

It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.

Yeah, better be something than nothing. But we can't blame them though, it's really a bad what SBF has done and he should suffer for that so that justice can be served. But if those who lost their investment here would have their own choice then they want it in full.

But we are not sure how the repayment will be done though. Not comparing them, but we have seen that the ghost of Mt. Gox still haunt us up to this day. Hopefully it will not be same for those FTX victims as it could drag in for years.

[KingsDen]

It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

I have said that it is a drama and more related drama will happen untill the refund will happen. The refund will definitely happen even if not in full. I am just confident that it will happen because the crypto world is watching wide at the scenario and there's much more conspiracy happening.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.

^One1

It should definitely be in full but at this point, I think customers will just feel some relief to at least get something back. What happened with FTX was a disgrace & yet another stain on cryptocurrency & stick for people to beat us with. As I said though, at least they will get something refunded, it’s not much but it’s better than nothing.

^Two2
That has been the order. When there's a hack or mismanagement of funds. The victims will be delayed for some years to ensure that their hopes and enthusiasm is drained. Then they will come up with something very much lower for compensation. Statements like the above two will surface. It is better than nothing...while the next criminal is watching to repeat same process and still get away with it.

[Rehan Zakir]

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 saying right brother. The FTX exchange team is not paying to their beloved users. When the FTX collapse the price of bitcoin is moving below $20,000. Peoples lost their millions of fund, but now the price of bitcoin is double from the previous price. So, the team have to pay 2 time to their users. That's why they are not paying to their users. But its not fair.

[btc78]

I truly feel bad for FTX’s customers turned victims they were deceived and basically lied to I can not possibly imagine what they had to go through or what they felt during that moment when the news first broke out

While I do understand the sentiment or the logic behind using bitcoin’s previous price, i still believe that their customers are entitled to more than that they have put their trust and faith into them if FTX were still functioning today then their customers would still probably be holding bitcoin in their platform

It might a bit unfair however this is still better than nothing at all it might not be enough compensation but at least there is something to hold on to

[electronicash]

It's just drama - they don't really do it and I think mt.gox has had the same drama so far. No one knows for sure when FTX will compensate its customers - but if it does, they should have done so already. If customers are truly compensated – they should get what they deserve. It is unfair for customers to get a refund at price $18K or under - while the asset value has grown by more than 100% at this time.

But there's a saying: It's better to have a little than nothing. It's painful - but it's a middle ground that should perhaps be considered out of good faith. At least affected customers got refunds instead leaving empty-handed.

this is likely what will happen to FTX victims. they will just keep hoping the coins will be refunded until 100 years later, the owners will have no chance of being able to verify their IDs.

i think the mt.gox victims were hoping for years and almost every cycle, they were promised to send to them.  FTX will not be very different from mt.gox, they have it figured after all the victims can do nothing if they won't return the funds.  no offense.

[Ever-young]

It’s a case of bankruptcy and I think it’s better they pay something than nothing, if they look at the funds they have in their possession and going with BTC price below $18,000 is going to help them pay back all those debts then so be it, at least those who have lost their money will have something to go home with it’s better than nothing. The crash alone if they are to be charge base on the emotional damage and live which could have been lost base on the incident they might never be able to pay back all those debts.

[JayTrain]

I would say that FTX returning funds to clients at a Bitcoin price of $18,000 is unfair, especially considering the current changes in cryptocurrency prices. And what about people who opened positions on futures? My friend has his entire deposit on this exchange in futures positions... Well, although it's good news anyway, let them return at least something somehow.

[Dave1]

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.

B.C. game the gambling platform? I'm sorry mate but they are not even comparable, FTX has lost the confidence, they have a ongoing court case and everything was revealed on how SBF ran his company from the background to even used his customers money for his own. So not sure if you really knows what's the real story and then comparing it to some gambling platform is beyond my comprehension.

But I do agree like the majority here, it could be worst for their customers if they didn't get anything.

So might be better to settle for a price that is below when they collapse. It might be unfair, but for legal purposes specially in the US, they might think that this is good for both parties, in my opinion.

[doomloop]

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

Events like what happened to them are tragic, so I won't say one is better than the other but if you mean about the refunds, Mt.Gox have already attempted it before. I'm not only sure if it already processed successfully. As for the FTX, I won't feel positive yet until they truly made their promise a reality.

Hacking seems not brutal as bankruptcy. I already saw lots of exchanges who got hacked and still continue their operations later on but not those who got bankrupt because they don't have any funds left. FTX funds are limited right now but it's not an excuse to not make full payments. They can always prioritize those early investors and the rest can just wait for their turn until FTX had a money again.

[Xxmodded]

I think a lot of drama will play by FTX exchange about issued will refund the costumer assets at bitcoin price below $18k, exchange have been collapse and scam impossible they will refund and waste your time hoping your money get back. I remember with MtGox have been rumored more than last several years for refunding costumer fund but until right now its not come true although they had much profitable when first time exchange got hack bitcoin have lower price.
There are not any trusted scammer want to refund for costumer, just bad promising to make you can't justice bad for them awhile although they don't have decision refund to costumer and we don't know where are their fund right now.

[LogitechMouse]

I thought this FTX drama would be over already, but there is still some news to it.
From the perspective of the one who lost their money because of this shitty exchange, I guess that would be better than just losing all of it. I mean when the incident happened, the price of Bitcoin was at that price wasn't it?

It would be a relief for those who lost their money, but the million-dollar question is, "Will they do it?" or they will just be like Mt. Gox who are teasing the investors who lost their Bitcoins back then? Well, if they will really do it then good especially now that they're trying to resume the operation. That move from them can be a start to rebuilding the reputation of the exchange itself. Nevertheless, it's a good move by FTX "IF" they will do it.

[JeffBrad12]

I would say that FTX returning funds to clients at a Bitcoin price of $18,000 is unfair, especially considering the current changes in cryptocurrency prices. And what about people who opened positions on futures? My friend has his entire deposit on this exchange in futures positions... Well, although it's good news anyway, let them return at least something somehow.

sounds like they just want to return 1/3 of the funds that they hold and call it a day and expect people to not complain about it, its ridiculous though such a bad gesture coming from ftx we know that they always try hard to use such tricks.
honestly their customers should just receive whatever asset in their wallet before the disaster, if its 1 bitcoin in their exchange wallet it should be 1 bitcoin getting returned, imagine having your money hold by certain exchange and then being returned only half of it, super ridiculous the people always become the victim in this case, the victim deserve better than this.
not to mention that current price of bitcoin has been rallying so much, if i were the customers i wouldn't just accept being reimbursed like that but i guess for some people it might be better than nothing.

[GreenStox]

I think if this is the case, you should replace it according to the estimated USD when the incident occurs, because if you replace coins, the value will be different, like when FTX crashed and someone had 2 BTC at 18k, now FTX has to replace 94K because currently the price of BTC is in numbers. 47k
So look at the customer's USD estimate and replace it with the same value too.