Good news For FTX users. $16 billions funds are use to refund users.

[DeathAngel]

$16,000,000,000 which a lot will go back into crypto, I am sure. This is great news, for those affected by FTX running a joke shop but also holders of coins who didn’t even have a balance there. As money received flows back into crypto, it will pump our bags so this is great news.

[Cookdata]

A recent update came out, and it’s great news for the Bitcoin community. Usually, when an exchange faces issues, we assume our funds are gone for good. But just recently, it turns out that some of the exchange's funds were recovered and are being used to pay back users.

In earlier reports, it was estimated that around $8-10 billion in customer funds were either misused or lost. So, the recovery of $16 billion is more than enough to cover those losses and pay back affected users. This is definitely a positive development for the FTX case.

There is nothing to celebrate about this news. Initially, the new CEO which is now the representative of FTX exchange had plans to distribute customers fund back to them but the plan was to distribute the money in the value and not the quantity of the coin and didn't sit well with the users, they want their coins back and not amount and that's how they went to the court and they won which is why this news broke to the internet.

However, there is a problem. The team is having $16b worth of crypto and that is because the market has rise back and there are gains on those coins. If they are to distribute coins that were taken from customers before the exchange was halt, I'm not sure there is going to be coins to go round and if there is, there wouldn't be much left for the team to launch the exchange, that's going to the end of ftx story.

[Z-tight]

This development could really help restore some faith in the crypto space.

Exchanges collapsing, going bankrupt or getting hacked is nothing new in the crypto industry, and anyone who lost fate because sbf ran ftx to the ground and into bankruptcy is probably new to the industry. However, nothing much changes now that ftx is repaying their creditors, it is good for the creditors but it does not mean people should trust centralized exchanges or custodial services with their funds, the only safe place to store your funds is in your self custodial wallet.

[AmoreJaz]

This development could really help restore some faith in the crypto space.

Exchanges collapsing, going bankrupt or getting hacked is nothing new in the crypto industry, and anyone who lost fate because sbf ran ftx to the ground and into bankruptcy is probably new to the industry. However, nothing much changes now that ftx is repaying their creditors, it is good for the creditors but it does not mean people should trust centralized exchanges or custodial services with their funds, the only safe place to store your funds is in your self custodial wallet.

No matter what, don't store your coins in third party platforms. As much as possible, keep your coins in your own wallet where you have full control of. Once you finished trading, send it to your own wallet. Otherwise, you are subjecting yourself to possible losses of funds.

It may restore some faith, but I won't trust crypto-exchanges with my funds even if the exchange is included in the top list and reputable ones. Anything can go wrong from hacking to inside job. Always secure your funds by storing it in your own wallet where you have full control of.

[uchegod-21]

$16,000,000,000 which a lot will go back into crypto, I am sure. This is great news, for those affected by FTX running a joke shop but also holders of coins who didn’t even have a balance there. As money received flows back into crypto, it will pump our bags so this is great news.

How sure are we that the investors will send the money back to crypto. Some have already counted it as lost money, recieving it again might mean that they'll use it do something out of cryptocurrency. It is a few who are overly comfortable that will want to reinvest the money. However, the re-invested money might not affect the market because the whole money will not be re-invested into a particular coin, rather different places.

Are bitcoiners going to be recompensed with bitcoin?

[passwordnow]

It is a must that they have to fix the trouble that the past owners did to their customers fund. I'm happy to see that the current management of FTX is fixing things that have crumpled their reputation. But to be honest, even if they are going to refund all of the customers money, it's very unlikely that most of their customers are coming back. Everyone is going to make sure that they get their money but at the same time, they're not going to be back at this exchange to avoid any further and future troubles.

[X-ray]

$16,000,000,000 which a lot will go back into crypto, I am sure. This is great news, for those affected by FTX running a joke shop but also holders of coins who didn’t even have a balance there. As money received flows back into crypto, it will pump our bags so this is great news.

I wonder if this gonna have that great of an effect, I'm sure not all the money will go to BTC, probably half of the victim just gonna cash out and the remaining will reinvest their money, but considering even microstrategy and blackrock buying doesn't even budge the market,  I guess it will not be that significant, moreover, the reinvestment that the victim did won't be done in one go, some of them contemplate, and the other maybe optimistic.

but at least it's great that the user got their deserved reimbursement, we'll need to remember that the FTX collapse was so bad the market crashed so hard.

hoping it could turn around sentiment and adding buying pressure with the money going back to the victims.

[yhiaali3]

Reports show that 98% of customers will get 119% of what they lost. It is possible that if they pay everyone using digital assets the money might not be enough to pay everyone. It is good news for everyone to at least get back the dollar equivalent. People should be pleased that they are getting it because most people have lost funds in bankrupt centralized exchanges.

Yes, in my opinion, this is good. If I were the victims, I would be very happy to get this amount back after more than two years, since they cannot do anything if the money is lost.

To be fair, if the opposite had happened and the price of Bitcoin had fallen, would the victims have demanded the return of their crypto assets or the equivalent value in dollars at that time? The answer is clear, of course.

[Strongkored]

I totally agree.
It's great that people will get at least something out of this whole charade that was FTX rug, however, many will be disappointed, and many - just mad in general.
As it was said, in 2022, the BTC was around $17k 

Sometimes we can't get everything we expect, rather than not getting it at all then getting it in fiat is much better even though there are losses, trying to cover the losses by buying crypto when you have received the money and the market is bullish will be quite risky so be patient or just buy Bitcoin will be better because altcoins may make the money from FTX refunds decrease or even run out because they bought at a high price and the price fell deep.
FTX users may not be so happy with the form of the refund but this is still good news for their users who may be struggling because their money is stuck on the exchange.

[bakasabo]

Can someone please make it clear - how much funds were lost in FTX and how much were returned/found/obtained? It is said that it is enough to refund users. Investors I think were getting something back already, as liquidators were selling some altcoins. Since a lot of lost funds have been found and are return to return, isnt it right to reconsider SBF sentence?

[Smack That Ace]

Can someone please make it clear - how much funds were lost in FTX and how much were returned/found/obtained? It is said that it is enough to refund users. Investors I think were getting something back already, as liquidators were selling some altcoins. Since a lot of lost funds have been found and are return to return, isnt it right to reconsider SBF sentence?

As I recall, when they filed for Chapter 11 bankruptcy, they owed customers $11-12 billion. Currently, they have over $16 billion in hand and that is why they claim that over 98% of their customers get back 119% of their lost money. But one important thing is when they declared bankruptcy, Bitcoin price was below $20k and now Bitcoin is over $60k and their customers will receive USD, not Bitcoin or crypto.

The asset recovery was a joint effort of the FTX team in coordination with law enforcement agencies, SBF did not make any contribution to assist the company in recovering the assets. I remember he was convicted of three crimes, including stealing client funds, so I see no reason to be lenient even if FTX recovers the debt and refunds the clients.

[kryptqnick]

A recent update came out, and it’s great news for the Bitcoin community. Usually, when an exchange faces issues, we assume our funds are gone for good. But just recently, it turns out that some of the exchange's funds were recovered and are being used to pay back users.

In earlier reports, it was estimated that around $8-10 billion in customer funds were either misused or lost. So, the recovery of $16 billion is more than enough to cover those losses and pay back affected users. This is definitely a positive development for the FTX case.

Here's the news.

Customers of collapsed crypto exchange FTX will soon get their money back after a judge gave the green light on Monday to the firm's bankruptcy plan, following nearly two years of recovering funds and reaching various settlements.

Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using $16 billion recovered since the company collapsed, Reuters reported on Monday.

That's wonderful news! I love it when money is not only recovered from financial crimes but also returned to the victims. It's great that so much money was somehow recovered, and that one way or another, people will be compensated. I don't think it's important in which currency people get their funds back, as long as it's representative of the amount they lost at that time. After all, people can always make a choice to reinvest in Bitcoin if they feel like it. And sure, there's also potential profit lost due to price differences, but we don't know how long those people would have held their coins or anything like that, so a missed opportunity isn't something that should be compensated.

[Ala9]

I’m not sure if the $16 billion is enough to cover all the losses, but it's definitely a step in the right direction, It’s rare to recover anything after a disaster like FTX, Hopefully, this will help improve the industry’s image a little
it’s worth keeping an eye on this case, though.From experience, there are always more surprises in these situations. 

[asriloni]

$16,000,000,000 which a lot will go back into crypto, I am sure. This is great news, for those affected by FTX running a joke shop but also holders of coins who didn’t even have a balance there. As money received flows back into crypto, it will pump our bags so this is great news.

It's less than 16 billion that may re-enter. And not 16 billion will re-enter the crypto market. Some may cash out instead of putting it back into crypto.

But, I wonder if they will refund us more than the defined claim amounts. They sold our tokens at a higher rate. The last time, I heard a rumor about  how they'd pay us around 118% (+interest).

I must admit this is good news for the crypto market. This is because  there will be a huge sum of money in inflows, and it will have a positive impact on the price of crypto. But let's not be overhyped with this.

[bakasabo]

Can someone please make it clear - how much funds were lost in FTX and how much were returned/found/obtained? It is said that it is enough to refund users. Investors I think were getting something back already, as liquidators were selling some altcoins. Since a lot of lost funds have been found and are return to return, isnt it right to reconsider SBF sentence?

As I recall, when they filed for Chapter 11 bankruptcy, they owed customers $11-12 billion. Currently, they have over $16 billion in hand and that is why they claim that over 98% of their customers get back 119% of their lost money. But one important thing is when they declared bankruptcy, Bitcoin price was below $20k and now Bitcoin is over $60k and their customers will receive USD, not Bitcoin or crypto.

The asset recovery was a joint effort of the FTX team in coordination with law enforcement agencies, SBF did not make any contribution to assist the company in recovering the assets. I remember he was convicted of three crimes, including stealing client funds, so I see no reason to be lenient even if FTX recovers the debt and refunds the clients.

First I wanted to say that I am surprised, that if it is said that FTX "lost" $11-12 billions, but managed to find $16 billions, as it will state that they have serious bookkeeping problems. But when you have said such amount appeared due to Bitcoin price change, and users would receive USD (USDT most probably) instead of cryptocurrency they were having, then the situation seems to be more awful. As it turns that customers have paid $1 to receive $0.33. Receiving 1/3 is still better than nothing, but such solutions isnt right anyway.

[freedomgo]

First I wanted to say that I am surprised, that if it is said that FTX "lost" $11-12 billions, but managed to find $16 billions, as it will state that they have serious bookkeeping problems.

That $12 billion on record was the amount of cryptocurrency held by users, and it was double-checked by the agency leading the investigation. Basically, that was the value in USD at the time. Meanwhile, the $16 billion recovered was a mix of currency, properties, and investments. So, they probably sold some properties and cashed out some investments to reach that figure.

But when you have said such amount appeared due to Bitcoin price change, and users would receive USD (USDT most probably) instead of cryptocurrency they were having, then the situation seems to be more awful.

That $12 billion was the value during the bankruptcy, and the judge ruled that it should be paid in fiat, specifically in USD, not USDT or any crypto.

So, it’s going to be settled in actual legal tender cash.

As it turns that customers have paid $1 to receive $0.33. Receiving 1/3 is still better than nothing, but such solutions isnt right anyway.

Obviously, it's not great because we're on the losing side, but what if the price back then was higher than what it is now?

[Dr.Bitcoin_Strange]

Anyways, it's still good news that such amounts was used to refund some of the victims but some of is the money enough to compensate their emotional troubles that the exchange must have caused them due to it's crash? Some persons had some investment in tokens and coins that they believed would have earned them a fair profit and I will agree that some victims would have made much more profit from their holdings if those coins was right in their custody but it was not, the exchange disappointed them. Although, it's good that FTX is still kind to make sure they refund because some other exchange collapsed and didn't refund.

[GreatArkansas]

I personally lost a huge amount in FTX Exchange, and with this news, I am happy but I still do not trust it. I even already did the steps about these refunds but I am still not hoping those refunds will be successful, what's a good thing is I can see progress.
And considering it's not only me who is affected by this.
I just want to say some of their steps about the refund are extremely difficult, so for other people who already filed, keep monitoring your status and beware of a lot of fake emails being sent to you about the refunds, which I believe a lot of email addresses was leaked.

[Z-tight]

I personally lost a huge amount in FTX Exchange, and with this news, I am happy but I still do not trust it. I even already did the steps about these refunds but I am still not hoping those refunds will be successful, what's a good thing is I can see progress.

Is there any particular reason why you don't trust this, what makes you think you are not going to receive your funds back, even when they managed to recover some of the exchange's funds and now they'll use that to pay back the creditors. The only question i think should be asked is when exactly the repayment will start, the whole case was settled quickly, around two years, i just hope it won't be like mt.Gox, when we had many talks of repayments, but it didn't happen, up until this year.

[OgNasty]

This is a pretty massive amount of money for crypto users to be getting back. I hope that they have learned their lesson and don’t pile it into altcoins. If even 25% of that money ends up going into Bitcoin, I suspect it would be pretty huge for the market and the price. Swallowing up all the BTC being dumped by the US government.