FTX Repayments Process is Now Active With Users to Recieve Funds in 60 Days

[Z-tight]

I know payments are to be processed within 60 days, however, the start date was set on the 3rd of this month, that is a few days ago. So i want to ask, is the repayment on, ftx creditors here can tell us if they have received anything yet, i hope for the sake of the creditors that they do not go on and postpone the date.

[Bobcrypto]

If you're to speculate, how much of the projected $16 billion will be reinvested to the crypto market? At least half of it? There's probably a large chunk that belongs to newbie traders caught in the bankruptcy and I doubt that majority of them would buy coins/tokens again.

when it comes to incident like the FTX exchange saga, newbies traders may not have the chunks of the money involved because newbies might not take high risks trading especially trading on the future/margin market options. It is probably the most experienced traders on the exchange that might have suffered the most on the FTX crashed because many of them were engaged on future/margin with leverages.

Again, i think investors on FTX exchange's native token could also be the most affected, many investors that were holding the coin completely lost all, thank to the management for this payment plans.

[robelneo]

So at least those victims can be reimburse in the next 60 days. It just sad though that Bitcoin has went on a massive rise while their money is trap. I'm not an expert though but at least in the end they can still get some money out of it.

Another bad news is, there is a pardon coming

However, there is speculation about a potential presidential pardon for Bankman-Fried. This is due to his role as a major donor to the Democratic Party during the 2020 election.

I feel that this is not right; it sends a message to scammers that its ok to scam as long as you donate part of it to the election campaign; it will hurt the campaign to get rid of the industry of scammers like Kwon.
The industry will learn a lot from this; hopefully, there will never be another Kwon.

[MrSpasybo]

If you're to speculate, how much of the projected $16 billion will be reinvested to the crypto market? At least half of it? There's probably a large chunk that belongs to newbie traders caught in the bankruptcy and I doubt that majority of them would buy coins/tokens again.

Yeah, this is also what I expect. The victims are all crypto investors and they have realized the opportunity they missed by not having capital to invest in crypto for over 2 years. I think they will tend to use the compensation money to reinvest in this crypto market, and maybe they won't buy FTT tokens ^^

$16B is a large amount of money, if only 20%-50% of this money flows into the market, it is enough to create price increases and stimulate investor FOMO. It's interesting that the payment event will take place at a very hot time of the market in Q1 & Q2 2025, it seems like this is also part of the market manipulation plan that the whales are doing. I even think about Sam B.F being released early in January to pump this news to crypto community!

[Faisal2202]

So at least those victims can be reimburse in the next 60 days. It just sad though that Bitcoin has went on a massive rise while their money is trap. I'm not an expert though but at least in the end they can still get some money out of it.

I thought those who have submitted their valid claims under $50k have already received their funds, but I was wrong. I am still in doubt in which currency they will reimburse people, as if they will refund in fiat then it will be good for the whole market as in 60 days we can see another peak from BTC.

If till then people receive their funds from FTX, they can join that 2nd peak and can make some profit although they are already in the profit according to some members.

[Z-tight]

I am still in doubt in which currency they will reimburse people,

Repayments are in fiat, they are getting the dollar-value of their deposits as at the time the exchange collapsed.

If till then people receive their funds from FTX, they can join that 2nd peak and can make some profit although they are already in the profit according to some members.

How can they be in profit when they are getting the dollar-value of their funds as at when the exchange collapsed, for those holding BTC, it has risen to $100k, that is a loss for the creditors.

[NotATether]

Hey. At least they are getting their money back.

Imagine if they got no money, and lost all of it to a black hole while Bitcoin rallied to $100k.

Many of these guys would be devastated through no fault of their own (other than keeping their coins on an exchange of course, but we already know that),

If that were me, I'd rather have a bitcoin at $20K worth than no bitcoins at all.

[rdluffy]

I thought those who have submitted their valid claims under $50k have already received their funds, but I was wrong. I am still in doubt in which currency they will reimburse people, as if they will refund in fiat then it will be good for the whole market as in 60 days we can see another peak from BTC.

If till then people receive their funds from FTX, they can join that 2nd peak and can make some profit although they are already in the profit according to some members.

I have less than 50k USD to receive, but I haven't received anything yet. I still have no information from anyone who has received it

Payments will be made in dollars, USD on Kraken or Bitgo exchanges
I believe there will be a third exchange for users in countries where these two exchanges cannot operate


If anyone has any questions, you can ask me, I was involved in the whole process, I was affected and I'm part of a group of other people who were also affected

[LogitechMouse]

---
So at least those victims can be reimburse in the next 60 days. It just sad though that Bitcoin has went on a massive rise while their money is trap. I'm not an expert though but at least in the end they can still get some money out of it.

Well, that's better than having none in return. They might not get the whole 100% of what they invested or deposited on FTX and their exchange, but at least they will be reimbursed which is still a good thing... or is it?

I don't know how they will pay them or what crypto they will be using to pay them, but is there a chance that within the next 60 days, we might see a dump because these receivers might just sell their assets and have fiat in return? Anyway, it would be a good thing if there's anybody here that will have their money be reimbursed (although it's unfortunate that they lost it while investing on FTX).

[Faisal2202]

I have less than 50k USD to receive, but I haven't received anything yet. I still have no information from anyone who has received it

Payments will be made in dollars, USD on Kraken or Bitgo exchanges
I believe there will be a third exchange for users in countries where these two exchanges cannot operate


If anyone has any questions, you can ask me, I was involved in the whole process, I was affected and I'm part of a group of other people who were also affected

Sorry to hear that you lost your money and I hope you and all those victims receive their funds back soon well they have given a period in which they will start making the payments and once one or two people will receive the word will be out every where, are you connected to one or more people who also lost in this event, as a community (group) would be of a great help if they could talk to each other all of them.

I will keep you in mind, and I will ask question if have any thanks for this +1 for the info

[Gurujebs]

So at least those victims can be reimburse in the next 60 days. It just sad though that Bitcoin has went on a massive rise while their money is trap. I'm not an expert though but at least in the end they can still get some money out of it.

It's unfortunate that many people loss money on this FTX exchange, I just think that all these talks are strategy for the organize team behind bankruptcy to make the victims relax and not worry about their money, they are definitely not getting back these money soon because it's require more legal process than the way it's, there could be some debate under the ground about the money distribution.

Another concern can also be how this distribution might cause fear in the market. Remember, Solana was one of the biggest asset that were lost during the time the exchange went down and imagine how Solana will tank if they hear about distribution and how the sol market will be diluted, similarly with other coins.

[Z-tight]

If that were me, I'd rather have a bitcoin at $20K worth than no bitcoins at all.

That will surely be the case for everyone, won't it. The point is just that it would still cross the mind of anyone in this situation, they would calculate how much they would have made if their coins were stored in their self custodial wallet, but the mistake they made is that they stored it in a custodial service.

[ZAINmalik75]

Yeah, I forgot to clear that up, obviously they will not received the full amount of money valued during the collapsed. I know it's very unfortunate for the victims. But at least they will get some money back and maybe start all over again.

Same thing that happen to the historic Mt. Gox collapsed as well, until know we are still being haunted by that ghost. But it was slowly being settled as well in the last year or so. At least there is direction here.

They will receive full amount of money according to their announcement I did not mean to say they will receive lesser amount I was trying to explain they will receive more amount of money because their crypto tokens have grown from that time and according to many sources they will receive 2x of what they loss due to the market volatility.

How true is that can't be known until they start making these payments to the victims and if one of the victims here confirms that. They will not pay in crypto but in fiat therefore the chance of getting that 2x profit is too low.

[rdluffy]

It's unfortunate that many people loss money on this FTX exchange, I just think that all these talks are strategy for the organize team behind bankruptcy to make the victims relax and not worry about their money, they are definitely not getting back these money soon because it's require more legal process than the way it's, there could be some debate under the ground about the money distribution.

Another concern can also be how this distribution might cause fear in the market. Remember, Solana was one of the biggest asset that were lost during the time the exchange went down and imagine how Solana will tank if they hear about distribution and how the sol market will be diluted, similarly with other coins.

The process has already taken place, and all the agreements have been made to pay the injured users
Now there's only one step left, which is to pay the users via Kraken and Bitgo
The vast majority of assets have already been sold for USD, and payments will be made in USD
There may be more SOL in FTX's possession, but this is separate from the process

They will receive full amount of money according to their announcement I did not mean to say they will receive lesser amount I was trying to explain they will receive more amount of money because their crypto tokens have grown from that time and according to many sources they will receive 2x of what they loss due to the market volatility.

How true is that can't be known until they start making these payments to the victims and if one of the victims here confirms that. They will not pay in crypto but in fiat therefore the chance of getting that 2x profit is too low.

We will not receive the cryptos we had at the time of the collapse
We will receive in USD, the equivalent of how much we had in crypto that month

BTC was worth around 16k USD at the time. So if I had 1 BTC, I would receive 16k USD according to the process.

There may be a bonus for monetary correction and interest, but it's not guaranteed yet.

[Baofeng]

Yeah, I forgot to clear that up, obviously they will not received the full amount of money valued during the collapsed. I know it's very unfortunate for the victims. But at least they will get some money back and maybe start all over again.

Same thing that happen to the historic Mt. Gox collapsed as well, until know we are still being haunted by that ghost. But it was slowly being settled as well in the last year or so. At least there is direction here.

They will receive full amount of money according to their announcement I did not mean to say they will receive lesser amount I was trying to explain they will receive more amount of money because their crypto tokens have grown from that time and according to many sources they will receive 2x of what they loss due to the market volatility.

How true is that can't be known until they start making these payments to the victims and if one of the victims here confirms that. They will not pay in crypto but in fiat therefore the chance of getting that 2x profit is too low.

Let's see if there will be confirmations, not sure if there are some members here or in the other community that fell victims to the collapse. But it will be interesting to hear it though.

And as what others said, it's better to get something than nothing here. Still your money at the end of the end, and the person that did all of this is already behind bars and justice is being served here.