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

[Stompix]

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.

There is no pardon coming, let's stop with the conspiracies, it was the same denial all these years
- he will never get arrested, he donated to the Democrats
- he got arrested but he will never be convicted
- he was convicted but he will appeal and walk free
- he didn't walk free but he will get at most a year or two
- he got 25 years but he is going to get pardoned

He donated 22 million to GOP candidates in 2022, not only to Democrats!

[ZAINmalik75]

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.

But in many news they said the victims will receive 142 percent of what they lost so does it not mean they will receive their lost money and 142 additional on the full amount as in interest form?

If they will give you 16k dollars alone then that will be very bad they must give you more, price of BTC was really going for $16k when they filed for bankruptcy.

[rdluffy]

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.

But in many news they said the victims will receive 142 percent of what they lost so does it not mean they will receive their lost money and 142 additional on the full amount as in interest form?

If they will give you 16k dollars alone then that will be very bad they must give you more, price of BTC was really going for $16k when they filed for bankruptcy.

I believe that this 142% number is the amount they managed to recover in total when the courts went looking for all the money and crypto available from FTX, including investments

But the actual payout to users was calculated on the basis of the price of the cryptos at the time of the collapse
What I quoted was an example. If you had 1 Bitcoin and it was worth 16k USD, FTX would pay you 16k USD, they will not pay you 1 BTC or the value of the BTC right now

There are rumors that they may pay interest and monetary correction, but until the payments actually start, we still don't know for sure

[Z-tight]

If they will give you 16k dollars alone then that will be very bad they must give you more, price of BTC was really going for $16k when they filed for bankruptcy.

That is what it is, creditors are going to receive the dollar-value of what they lost as at the time that the exchange collapsed. If they are to give them the dollar-vlaue of what their lost funds are right now, they will not be able to repay everybody, so creditors have to take what they are given and move on with their lives.

[rdluffy]

Yesterday I saw this news: https://cointelegraph.com/news/ftx-distribute-1-2-b-trump-inauguration

It seems that payments will be able to start after January 20, which was the deadline that FTX proposed for claiming balances and payment / taxes information from users
Some news reports still say that payments will only start on February 25th and will last until March 4th.

[Z-tight]

It seems that payments will be able to start after January 20, which was the deadline that FTX proposed for claiming balances and payment / taxes information from users
Some news reports still say that payments will only start on February 25th and will last until March 4th.

We will wait and see, for the sake of the creditors i hope that things go as planned. I read sometime ago that a lot of ftx creditors were having issues passing the pre-distribution requirements, i don't know if we have such people here, if we do, i will like to know if they were eventually successful in filling out their details and are now in line to receive repayment.

[bayu7adi]

FTX turns out to be more humane than MtGox...then what about the victims (FTX users) who have died during the period after the FTX hack?? do the victims' families also get their inheritance rights?

The only 'good' think about this is that creditors get to finally get their money back, and under two years, which is short compared to a case like mt. Gox for example. However, they are to get the dollar-value of what they lost, and for some of them who held BTC, they will feel sad because BTC has really pumped since then.

The victims get compensation in USD??? It would be fair if it was done at the time of the hacking, but if the person holding BTC in November 2022 gets compensation in USD, that would still be fair... but when the BTC assets owned by the victim experience growth or shrinkage, FTX should provide compensation in BTC as well... in essence, BTC and FIAT are something with different values....

Although this is better than nothing, many victims will of course regret what FTX experienced.

[rdluffy]

We will wait and see, for the sake of the creditors i hope that things go as planned. I read sometime ago that a lot of ftx creditors were having issues passing the pre-distribution requirements, i don't know if we have such people here, if we do, i will like to know if they were eventually successful in filling out their details and are now in line to receive repayment.

He had to do KYC, so I think the biggest problem was this issue
But there was plenty of time, a few months, for everyone to get in touch with FTX and resolve the issues

The victims get compensation in USD??? It would be fair if it was done at the time of the hacking, but if the person holding BTC in November 2022 gets compensation in USD, that would still be fair... but when the BTC assets owned by the victim experience growth or shrinkage, FTX should provide compensation in BTC as well... in essence, BTC and FIAT are something with different values....

Although this is better than nothing, many victims will of course regret what FTX experienced.

Yes, we will receive it in USD via the exchange
As I said above, it will be based on the value in dollars at the time of the collapse, not in recent prices

[ZAINmalik75]

That is what it is, creditors are going to receive the dollar-value of what they lost as at the time that the exchange collapsed. If they are to give them the dollar-vlaue of what their lost funds are right now, they will not be able to repay everybody, so creditors have to take what they are given and move on with their lives.

Getting something than nothing is still better because there are other exchanges which just lied to their customers and stole their funds and Wazirx can be on of them due to few reasons. FTX victims at least will receive their money that they can use to invest again to make more money. When there will be more money into the hands of public they will invest them in crypto.

Demand will increase in few days if they will repay all those 16$ billion dollars then maybe all of it will flow into BTC which is huge amount.

[Z-tight]

Although this is better than nothing, many victims will of course regret what FTX experienced.

Surely they regret storing their funds in ftx, though i know some of them have not learnt their lesson and probably still has funds in custodial services. The creditors have to take what they are given, they are even lucky that compensation is coming two years after the collapse and not like mt. Gox's creditors that had to wait for way longer.

[rdluffy]

Big news, FTX sent this e-mail:



Looks like payments for most people will be in 10 days
Finally

[Baofeng]

Yes, and those who are getting paid in Kraken /Bitgo. So they will have to registered on that two exchanges.

Official payment will be released by Feb 18. And I'm just thinking though, this could be a bullish sign for us as those who might received their money might not resell it?

Thoughts?

[Z-tight]

Looks like payments for most people will be in 10 days
Finally

Yeah, finally, it is coming to an end and creditors are going to get back the dollar-value of what they lost. Congratulations to all the creditors out there.

Official payment will be released by Feb 18. And I'm just thinking though, this could be a bullish sign for us as those who might received their money might not resell it?

I don't know how many of the creditors are going to put the money they received back into the network. This will probably not have too much effect on the price of BTC.

[LogitechMouse]

---
Official payment will be released by Feb 18. And I'm just thinking though, this could be a bullish sign for us as those who might received their money might not resell it?

Thoughts?

There will be 2 types of investors regarding this one.

1. One are those investors who will sell their assets as soon as they receive it because they got traumatized of what happened with FTX that they think that it will happen with them again. Can't blame them though, and if I'm on their situation, I might quit investing into crypto as well... or at least store my assets on these exchanges.
2. There will also be investors that will just hold their assets and will wait for some time and then will sell all of their assets. These are the ones that are a bit more knowledgeable, and they believe that the market can still pump even more since we are in a bull run.

Will this be bullish sign? I don't know, but I'm leaning towards the fact that most of them will just sell their assets, but it will have little to no effect towards the market.

[rdluffy]

I don't know how many of the creditors are going to put the money they received back into the network. This will probably not have too much effect on the price of BTC.

I have money to receive from FTX and I will use a small part to buy crypto
Most of it will go to DeFi, and maybe I'll withdraw a bit in fiat

All users under 50k USD will get paid in USD by Kraken or Bitgo (or a third option if it's not available in the user's country), so I think it will make it much easier for users to buy crypto

My opinion is that many will buy some crypto