FTX payout finally happening

[notMeNahh]

The FTX crisis happened roughly 2 years ago now. Most people have forgotten about the whole thing and moved on since Sam Bankman-Fried has been jailed for his crime anyways

Well I can tell you for sure people that haven't forgotten about the whole thing are FTX creditors that are yet to receive their payout lol. Anyways I just read a bunch of articles online and it looks like payout actually starts this year and they will get their money soon.

Funny part is other exchanges have started battling for those FTX creditors to move and deposit to their exchanges lol. Read about that in the news article too, anyways at least people are getting their funds back from FTX

Source: https://www.coinspeaker.com/bitget-offers-ftx-creditors-up-to-2500-in-new-migration-campaign/

[Ziskinberg]

That's good news because they're set to begin the payout distribution on February 18, 2025, according to the report.

FTX to begin payout distributions for small creditors on Feb. 18, large claims remain pending

FTX is set to begin distributing funds to small creditors on Feb. 18, marking a key development in the defunct crypto exchange’s bankruptcy process.

The Joint Official Liquidators (JOLs) of FTX Digital Markets Ltd. confirmed Tuesday that creditors with approved Convenience Class claims — valued at $50,000 or less — will receive full repayment along with post-petition interest of 9% per annum.

And, it's great news because it comes with interest too, since the payout is in fiat, those getting a refund won't be as disappointed. Especially when you consider how much Bitcoin has shot up compared to the time they lost their coins.

[Iamcrypticguy]

The FTX crisis happened roughly 2 years ago now. Most people have forgotten about the whole thing and moved on since Sam Bankman-Fried has been jailed for his crime anyways

Well I can tell you for sure people that haven't forgotten about the whole thing are FTX creditors that are yet to receive their payout lol. Anyways I just read a bunch of articles online and it looks like payout actually starts this year and they will get their money soon.

Funny part is other exchanges have started battling for those FTX creditors to move and deposit to their exchanges lol. Read about that in the news article too, anyways at least people are getting their funds back from FTX

Source: https://www.coinspeaker.com/bitget-offers-ftx-creditors-up-to-2500-in-new-migration-campaign/

Well this ftx saga has dragged for too long, seems mother fortune is about to smile on those affected. Those eligible can consider this offer you shared, probably increase their allocation via launchX or holderyield. These are passive income opportunities with low risks presented by the exchahge offering this opportunities for ftx traders .

[justinlamode]

It will be a huge relief to those who had their money in the exchange when the hack happened. This will also restore the confidence of people that cryptocurrency have a way of fighting for people through the authorities just like they intervened in this case. What is just not clear now is if they will pay the dollar equivalent of whatever asset one hold in that exchange or pay them in their respective cryptocurrencies and their amount. I have the feeling that they will use the first option which is similar to what Mt.Gox proposed.

[btc_angela]

It will be a huge relief to those who had their money in the exchange when the hack happened. This will also restore the confidence of people that cryptocurrency have a way of fighting for people through the authorities just like they intervened in this case. What is just not clear now is if they will pay the dollar equivalent of whatever asset one hold in that exchange or pay them in their respective cryptocurrencies and their amount. I have the feeling that they will use the first option which is similar to what Mt.Gox proposed.

Or it could be a bullish sign for Bitcoin and the whole crypto market if those people who are going to get the payout are going to re-invest it in the market.

So let's see how it goes, I think this is a good news for everyone, unlike the Mt. Gox hack wherein there are still who might have not received any payout after all this years ( might be wrong though).

I think they will be paid in US dollar, nevertheless, they can still re-invest it as I have said if they really wanted to make profit. And the reputation of crypto market might have gain so much with this move.

[Rasa nanas]

don't expect anything more and don't want to hear any more news about this exchange. before that incident FTX was one of the biggest exchanges with low withdrawal fees, but now all that is just a memory and FTX is the worst part in crypto history. How could it not be, this FTX problem also has an impact on the crypto market as a whole.

[uneng]

Do you already know how much of your original funds they are going to repay? Celsius company, which scammed customers on the same time period FTX did, returned about 33% of original funds to victims. Better than nothing, but it still means a 67% loss.

I guess something similar is going to happen to FTX's victims, because the broken company won't have enough funds to repay everyone fully.

On the bright side, at least it didn't took so long for customers to receive part of their funds back, unlike Mt. Gox exchange case, which took about 10 years to be concluded.

[TastyChillySauce00]

good news for people who got their money stuck in FTX, but this news also carry some bad news about FTX trying to dump billions dollar worth of solana into the market. kinda wondering if the people behind solana will actually try to revive the platform.
because as we all know past these few years so many exchanges have been appearing and every top exchanges are just as good as the other, meanwhile FTX got tainted reputation to start over.

I think after the payout done, FTX just gonna rebrand or something, one thing for sure the FTX token will get abandoned and might go to zero.

also, what's the chance the people who got their money back will reinvest to BTC?

[Ziskinberg]

good news for people who got their money stuck in FTX, but this news also carry some bad news about FTX trying to dump billions dollar worth of solana into the market. kinda wondering if the people behind solana will actually try to revive the platform.
because as we all know past these few years so many exchanges have been appearing and every top exchanges are just as good as the other, meanwhile FTX got tainted reputation to start over.

It might have some impact since a huge amount of money will be sold, but it’ll just be temporary, the market volume of Solana is already big enough to absorb it. So I wouldn’t worry too much, because I’m sure these investors will eventually put their money back into crypto.

Overall, this is still good news for everyone, there might be some negative effects, but they’re too small to outweigh the positives.

I think after the payout done, FTX just gonna rebrand or something, one thing for sure the FTX token will get abandoned and might go to zero.

Not a good idea, and I’m not even sure if they still have the funds to compete with the bigger market now.

also, what's the chance the people who got their money back will reinvest to BTC?

They were early investors, so they’ll definitely be back investing again. It might not all go into Bitcoin, but overall, the crypto market will still benefit.

[betswift]

don't expect anything more and don't want to hear any more news about this exchange. before that incident FTX was one of the biggest exchanges with low withdrawal fees, but now all that is just a memory and FTX is the worst part in crypto history. How could it not be, this FTX problem also has an impact on the crypto market as a whole.

Yeah, I would be glad even if 50% or so of those who got rugged would get their funds back.
But I don't know what would be with the others and how the payouts are going to be done in the first place in detail. I  just hope for the best for people that didn't deserve it.

[notMeNahh]

That's good news because they're set to begin the payout distribution on February 18, 2025, according to the report.

FTX to begin payout distributions for small creditors on Feb. 18, large claims remain pending

FTX is set to begin distributing funds to small creditors on Feb. 18, marking a key development in the defunct crypto exchange’s bankruptcy process.

The Joint Official Liquidators (JOLs) of FTX Digital Markets Ltd. confirmed Tuesday that creditors with approved Convenience Class claims — valued at $50,000 or less — will receive full repayment along with post-petition interest of 9% per annum.

And, it's great news because it comes with interest too, since the payout is in fiat, those getting a refund won't be as disappointed. Especially when you consider how much Bitcoin has shot up compared to the time they lost their coins.

I mean the payout is actually very considerate, the interest added was a brilliant addition. I'm happy FTX users finally got their refund.

I wonder which exchange most of them did transfer their funds to since distribution started, I hope they didn't deposit to bybit only to get hacked again😹. I guess some will have deposited to Bit get as they seemed determined to steal former FTX users by creating exclusive events for them like the article mentioned, some maybe to Binance or DEX I guess

It will be a huge relief to those who had their money in the exchange when the hack happened. This will also restore the confidence of people that cryptocurrency have a way of fighting for people through the authorities just like they intervened in this case. What is just not clear now is if they will pay the dollar equivalent of whatever asset one hold in that exchange or pay them in their respective cryptocurrencies and their amount. I have the feeling that they will use the first option which is similar to what Mt.Gox proposed.

I'm not actually sure how they eventually did pay but people got it already. Just coming off Twitter now and I realized some people lost that money to Bybit hack the next day😹 Damn that's tuff.

Perhaps they should have taken Bitget's deposit deal in this article instead

https://www.coinspeaker.com/bitget-offers-ftx-creditors-up-to-2500-in-new-migration-campaign/

[moderator's note: consecutive posts merged]

[DeathAngel]

Doesn’t seem to be having a positive effect on the price so far, I thought it would as people start to buy crypto again with the payouts. Maybe we need to give it time. At least it’s a good thing that there will be no mass sell event as the creditors are getting fiat equivalents back, not their original crypto.

[nelson4lov]

Doesn’t seem to be having a positive effect on the price so far, I thought it would as people start to buy crypto again with the payouts. Maybe we need to give it time. At least it’s a good thing that there will be no mass sell event as the creditors are getting fiat equivalents back, not their original crypto.

We should give it a few weeks. Bear in mind that not everyone have received their money back. For instance, there are plenty jurisdictions that are not allowed to get their FTX payments for now including most parts of Africa amd other places as well. So I believe the distributed value is already too tiny to quantify right now.

[SatoPrincess]

Doesn’t seem to be having a positive effect on the price so far, I thought it would as people start to buy crypto again with the payouts. Maybe we need to give it time. At least it’s a good thing that there will be no mass sell event as the creditors are getting fiat equivalents back, not their original crypto.

We should give it a few weeks. Bear in mind that not everyone have received their money back. For instance, there are plenty jurisdictions that are not allowed to get their FTX payments for now including most parts of Africa amd other places as well. So I believe the distributed value is already too tiny to quantify right now.

Maybe it’s because they didn’t receive the payments in bitcoin/crypto but in USD. From the comments I have read online, it appears that a good number of the creditors are keen on going back into the market and investing the money in one crypto project or the other. I’m happy for them they they are getting at least some of their money back, but I don’t think it’s smart to start revenge trading.

[passwordnow]

They deserve it, the people that have been affected by that for years I guess deserves to take their paycheck. I am sure that these people will be wiser and will not keep any bigger fund to these centralized exchanges anymore. It only means to them another problem if they do so and that's why it's best for them to simply take their funds out of them whenever they're done trading.

We should give it a few weeks. Bear in mind that not everyone have received their money back. For instance, there are plenty jurisdictions that are not allowed to get their FTX payments for now including most parts of Africa amd other places as well. So I believe the distributed value is already too tiny to quantify right now.

Together with these people probably dumping their payouts, the hack from Bybit had added to the pressure. But it seems Bitcoin is stronger and sticking around to $95k-$96k which is a very good sign that we're seeing from it. If, the selling pressure right now isn't that much because mostly have took their shares already, maybe we can conclude that's a good sign.

[GreatArkansas]

To be honest, I am worried right now because my claim was marked as "Disputed" I was using ftx.com and I had funds there during the bankruptcy.
Now I don't have any people to ask except their support and they told me that it's still possible that even if it is marked as "disputed" it could change if proven like by mistake from their side.

Any advice guys how to be able to still get my funds there? or have any of you also experienced it?

[TastyChillySauce00]

Doesn’t seem to be having a positive effect on the price so far, I thought it would as people start to buy crypto again with the payouts. Maybe we need to give it time. At least it’s a good thing that there will be no mass sell event as the creditors are getting fiat equivalents back, not their original crypto.

the people who received their money back might hesitate before putting their money back in crypto, after all, they just got their money recently after waiting for so long.
I wouldn't expect the market to pump from this even though, but still can't deny the potential that the money might flow back to crypto at some point once there's massive payouts.

Perhaps they should have taken Bitget's deposit deal in this article instead

if i remember correctly money was distributed through various parties for different jurisdictions, basically things aren't happening all at once thus the lack of positive impact toward bitcoin but eventually people will get their money back I guess.

[doomloop]

Yeah, I would be glad even if 50% or so of those who got rugged would get their funds back.

I think if I'm not mistaken, FTX had this manual payout thing before and if we add this new phase of payout, then maybe 50 percent or even more people have already taken their funds back, thankfully. That being said, or the fact that they gave a refund, won't mean that they are rigging their people. But even on a true rug project, some can still earn if they are lucky or skillful enough to get in and get out.

But I don't know what would be with the others and how the payouts are going to be done in the first place in detail

What do you mean by others? Other companies that went on the same shit? I think we should not worry about them anymore if we are not a victim of those. We can only wait for them to surface in the news, to know if what was their plan.

I  just hope for the best for people that didn't deserve it.

They don't deserve it anyway, so why still hope for the best at them? Weird.