FTX will repay everybody 118% back

[adaseb]

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official

https://x.com/ftx_official

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

[Bureau]

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

[AmoreJaz]

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

For those who have possible claims, better secure your credentials and other details that you think may be important in getting your funds back. Though it is hard to know the timeline of this claim, if they will be true to their arrangement, better be ready rather than regret when it is already too late to remember your details. It is common knowledge that proceedings like this would take time, just look at how cryptopia hack has been handled. But they have claim portal login and said to be running up until this year. So yeah, better secure your ftx details before you forgot all about it.

[Woodie]

"18% extra" Making something good from a bad situation, not bad FTX this could work!

But with the long wait by their customers..I honestly don't think the extra cash(coins) could help them regain their trust..I know it's a longshot that will work or collapse and as human's we tend to forget easily   and with a little financial incentive as an apology FTX could have a shot at pulling a comeback but this will take some serious investment in trying to win back people's trust as most  have moved on to new exchanges as we always have options on the market!

Just hope this FTX move helps people regain trust in crypto and probably give the markets a green day for this news

[BlackBoss_]

The 18% extra is an interest that they are adding.

"18% extra" Making something good from a bad situation, not bad FTX this could work!

18% extra interest is their trick to soften their guilty. In reality people who were customers of FTX exchange and stored cryptocurrency on that exchange before and at the time it collapsed, announced its bankruptcy, will still have massive losses even they will be repaid by FTX.

Because according to news I read, they will not repay their customers will exact number of cryptocurrency stored in their customers at the snapshot time of exchange bankruptcy. The number and value of portfolios used for the repayment is equal value in fiat currency.

Prices of cryptocurrency from Bitcoin to altcoins in 2022 and 2024 are very big different. FTX customers will have big losses by this method for repayment from FTX exchange so the 18% extra payment is their trick to reduce the sentence on SBF as I guess.

[boyptc]

That's nice.

Those that have waited for this are surely satisfied and can't say a thing anymore other than just give their money back.

After this claim procedure, I'm not just sure if people will still trust them but maybe with this action that they did. Maybe they will but it won't be as big as before.

It's so hard to reclaim the trust of anyone especially if money is involved.

[adaseb]

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

I could not get any concrete answer on the time line. Some posters are saying end of June or early July but I can’t find a quote from the bankruptcy counsel to verify it.

If it’s really going to be June then it’s crazy how it took MtGox so long to pay out their claims.

Also keep in mind this is money which was tied to crypto prices in nov 11 2022. So if you had BTC or ETH you are getting only $16K for each bitcoin instead of the $70K. So the 18% extra isn’t really going to cut it. Best for those which held mostly stablecoins.

[Barikui1]

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official

https://x.com/ftx_official

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

What I actually think about this is that if their is any symptom of truth about this, then am going to say it's definitely a welcome development, because the bankruptcy of ftx really hit most investors really hard, but I don't think this upcoming gesture will change the minds of everyone towards them, because once trust is broken, sorry means nothing,  so I don't see them entering into the good books of everyone that was of victim of the bankruptcy regardless of,  if they pay this 118% they are actually talking of or not.

Lastly, due to the bankruptcy of Ftx in 2022, their are some people that lost their life savings, and because of that, some of them even loss their life, due to high bp, so how are they going to rewrite their wrong on those that are already dead due to the bankruptcy?  Let just watch and see how it goes, if their is actually any truth in this news, since no date has been fix for it to commence.

[EarnOnVictor]

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official

https://x.com/ftx_official

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

I read this news a while ago, maybe about 2 weeks ago if I am correct, but I never gave it much thought until it happened "because seeing is believing." I sounded that way because Mt. Gox will always be my reference point, it is one promise over the other for so long, so I will only believe what I see with FTX.

However, if they are able to pay, it will be very lovely, and it would mean that if not for the exposure of SBF by CZ, he would have been able to manage his way out though and everything would have been fine with FTX. Though I am not in support of his actions, but still, companies always have their sh*ts, only that they know how to cover it up more than each other and the magnitude of their ugliness varies.

Above all, a special thanks to SOL and the wisdom of FTX to invest massively in it. If not, I wonder how they would be able to achieve what they are planning this soon.

[kentrolla]

I have heard this news recently and also nla while ago but 18% is something new and if they really do it then surely they can win back their customer's trust but not to a complete extend but this will help them secure the brand image. But, will they really do it? There will be lot of process involved right from validating the claim and most of them sold out when it was close to zero and I don't think this 118% will be for everyone as mentioned in one of the article as they have to provide the details. Again if it happens it would be better since people lost a lot.

[armanda90]

Its not trues and I doubt with FTX exchange will refund above 118% for each their costumer, its seems impossible source behind their social media not update yet and forget with refund if you have assets in FTX exchange. Impossible for exchange have been bankrupt and scam will refund for their member and many cases before all exchange never guarantee refund. You can check before FTX collapse have Mt.Gox who got scam and they have promised almost several years later refund the member assets until right now never sending back yet.

Its crucial problem with exchange have been collapse or scam and most of developer run away without responsibility for refunding the member assets, its difference with exchange want to close their operation and giving opportunity with their user withdrawing assets and take more than three until four months later to member get withdraw their fund.

Forget all issue or rumor with FTX will repay your fund.

[BABY SHOES]

I apologise if there is already an active thread on this but I couldn't find one.

I know of two threads about FTX that are still active.
Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash   
Re: [Updated] FTX
Paying back customers with 118% is too good to be true, so this is a fairly short return as we know Mtgox took a long time and until now it has not been realized, when there is a transfer of assets it becomes hot news.

FTX customers who were victimized may be happy with this news, but when will FTX pay for it? Is it just a promise that will continue to be delayed?
In fact, I don't think they will pay anytime soon.

[SamReomo]

FTX customers who were victimized may be happy with this news, but when will FTX pay for it? Is it just a promise that will continue to be delayed?
In fact, I don't think they will pay anytime soon.

I agree with you, the news will make the victims of FTX fraud happy and they will have some hope that they may get their funds back and surely that 18% extra would make them even more happy.

But, I also think that such news is just news and nothing like this could be done easily. I believe in order to pay the victims they will have to do a lot of things and they need funds to do that.

I agree that they will keep delaying the refunding promise and will continue to make the victims hope that they will get their funds back but as long as we won't see the victims getting refunds then it's not wise to believe such promises.

[Hamza2424]

hmm, that's a piece of good news, but I have a couple of questions on it are they going to set criteria to pay users like some levels to pay users in particular levels and no refund to others, such as min cap and max cap per user, because there were some of my community users who lost their funds due to FTX, and its really great if everyone user is getting repaid obviously I won't support the interest value in it due to some reasons but maybe there can be some exception for hcih I'm not sure.

Hmm, honestly I don't think it is going to be an easy setup plan but if they are giving hope, that's appreciatable action, because many people lost their life savings in that crisis. hoping for good. 

_Thabks OP as well.

[electronicash]

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

118% sounds good but they are offering fiat for the coins of the users.

i remember there is a thread about this. they may offer that 118% but at the rate of when the company collapses which means it could be that when BTC's price was $16000 + 18%. now that ain't for those creditors actually. what about just sending back 1BTC = 1BTC and not the fiat amount because that's exactly what they own to those users?

[Cryptomultiplier]

I apologise if there is already an active thread on this but I couldn't find one.

According to the bankrupcy company. They are planning on paying the claimants back 118%. This is confirmed by their twitter account. FTX Official

https://x.com/ftx_official

There are also companies that are buying claims at 99% according to some Reddit users.

The 18% extra is an interest that they are adding.

So in the end everything worked out... customers were actually made "whole" like SBF promised.

Until the under fire company, FTX,  does fulfill its promise to pay back what was lost or scammed from its customers, there will remain an iota of lie and conspiracy behind such rumors.
It would be a good thing though as it would help to renew the faith that those who were affected have lost since the crash happened and I don't know if 118% is up to the fair market value of what the coins was worth then versus now, but am sure it will be worth much to who ever receives theirs as it would come as at a time when it is mostly needed.
Although, it would surely bolster the number of new customers on the blockchain network, willing to trade Bitcoin and other altcoins as well as invest in both long and short term basis.

[GiftedMAN]

I doubt there is another topic related to this new. If they are paying back with interest then it is a good news for FTX customers. Is there any particular date from when the payment will be sent or it is still in discussion and all other information will be informed later? I hope they do good to all those who lost their funds.

Maybe this could be what the news says but I doubt it if the team are quite ready to pay such a money with percentage. This is going to be hard and the question is that when are they(the team) going to get such a fund. This is going to be a long search for money for the team to be capable of paying such a huge amounts of fund. Maybe this is going to be in quarter and not immediately for even victims to get their funds back. This promises could be filled soon but I am still doubting how it is going to be accomplished since the team has already filed for bankruptcy which is one of the reasons many people are doubting the information.

[GreatArkansas]

This is indeed good but what they must do is when they will gonna do start refunding their customers.
There are already a lot of exchanges that got hacked after how many years but still they still didn't get any of their money back event cents.

Some affected customer just want to get their money back even without any increase or interest.

[BlackBoss_]

I know of two threads about FTX that are still active.
Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash   
Re: [Updated] FTX
Paying back customers with 118% is too good to be true, so this is a fairly short return as we know Mtgox took a long time and until now it has not been realized, when there is a transfer of assets it becomes hot news.

FTX customers who were victimized may be happy with this news, but when will FTX pay for it? Is it just a promise that will continue to be delayed?
In fact, I don't think they will pay anytime soon.

Pay 118% in Cash, yes in cash, that will be calculated with prices of cryptocurrency at the time of FTX bankruptcy. It's too good to be true and like FTX is generous to pay their users and victims. In fact, their customers and victims will feel painful with this because in the last two years, cryptocurrency market turns from bear market, around bottom to recovery phase in 2023, warm up and is ready for a parabolic bullish market in 2024 and 2025.

The extra 18% in cash does not mean anything if we see that many cryptocurrency already x many times from their bottom prices.

[pinggoki]

Hopefully they would be able to pay this all back, 18% interest is something and I don't think that it's not a small and given how much they've owed to the people that have, it's probably going to take them a long time before they can finish paying all of the people that have been wronged by FTX, the people behind FTX that have nothing to do with the scams and are big investors of the company is probably so mad at SBF with all of this, they all got a good thing going already, how they got so greedy that they have to cheat people is still really puzzling to me.