FTX to Start $18 Billion Repayment Process Tomorrow 18th February

[armanda90]

And finally, this process has started to take place, gradually. Through Kraken, the exchange appointed to do it. Yes, this process must have an impact on the crypto market and also good news about the bad news that happened to FTX in the past. Although indeed, many investors are burdened with disappointment because of the decision regarding the returned assets, but, on the other hand, they are quite grateful that they can get their assets back, at least in several stages. In the past, it was a time of despair, and now, hope is starting to open up. although not according to the highest expectations. Well, hopefully the system and stages run smoothly, so that all user money can be returned soon.

https://www.cointribune.com/en/the-defunct-exchange-ftx-starts-repaying-its-victims/

Learning from Mt Gox exchange refund assets last year ago, have huge impact make bitcoin and cryptocurrency price dump drastically when rumor or issues about refund publishing to public.
I think the same position when FTX linked rumor will refund to their user make bitcoin or altcoin exactly for SOLANA coins huge drastically dump due all assets of FTX in Sol coins.
Wish the refund of FTX must be finish as soon possible how to make recovery for cryptocurrency market, if rumor publish every month difficult for bitcoin and altcoin recovering back to higher price again.

[SmartGold01]

Most FTX victims missed the last bitcoin bull rally due to the funds being tied down in the FTX bankruptcy saga, so being repaid at this time is a good opportunity for them to buy back the previous assets that were swallowed up in the bankruptcy scam by FTX.

Unfortunately, for them, bitcoin price is close to all time high now, about 50-100% higher than the price it was when they were scammed.

Anyway, I hope they they can invest now in crypto and make money (with us  )

Better late than never so yeah they lost the potential profits but atleast they can start now at something.

Hope they learned their lessons from this but still many people doesn't seem to care about the custody of their crypto assets which is why they are using Binance and coinbase as their primary wallet for crypto assets.

+1 to both of you, as Findingnemo mentioned in the last comment, it is better late than never, I know many of the investors will not believe the refund gesture towards them until they receive their funds in their wallet and year I am sure that since FTX did not mentioned that they will use the price of assets at the time of the incidents to calibrate the payback amount, who knows if those that have Bitcoin in the FTX wallet get paid back in Bitcoin instead USDT this way there will be no lose.

FTX will not do that, because the amount in payback will be high for them so the interest will be written off, just want to know if there are any new developments as regards this refund.

All those who were involved in the FTX collapsed are to be paid in USDT irrespective of any asset you had during or before the collapse they would get paid back with stablecoin. They payback started on 18th thought I don't know how many people that has received their payback, but since they have publicly announced it I believe they wouldn't play any prank towards it.

[JISAN]

FTX will be repaying a lot of users tomorrow an in the next days. This can be bullish to the market, as they are all crypto investors which will receive USD . Some of that money will probably flow back to the market, so we will see some volatility tomorrow and in the next days (at least I hope so)

What are your expectations?

This is definitely a good news but as it is a good news for the users who are getting their funds back after almost two and a half years, it can be a bad news for the crypto market because after two and a half years everyone gets their funds back, most of the users will cash them which will have a negative impact on the market.  But so far that effect is not visible as there is a lot of buy pressure in the market right now.  The incident of Bybit hacking yesterday did not have a big negative impact on the market.  So still it can be believed that the market is strong enough.  FTX's return of funds may further boost futures confidence in crypto

[KryptoBull]

This is definitely a good news but as it is a good news for the users who are getting their funds back after almost two and a half years, it can be a bad news for the crypto market because after two and a half years everyone gets their funds back, most of the users will cash them which will have a negative impact on the market.  But so far that effect is not visible as there is a lot of buy pressure in the market right now.  The incident of Bybit hacking yesterday did not have a big negative impact on the market.  So still it can be believed that the market is strong enough.  FTX's return of funds may further boost futures confidence in crypto

I have a more optimistic view: the victims received their assets in USD instead of tokens. They cannot sell off tokens, but they can use USD to buy tokens if they continue to believe in the potential of crypto. They will tend to compare the current BTC price with the price at the time of the FTX collapse, they will regret missing the investment opportunity in the crypto winter, they will invest to look for profit opportunities.

As long as 50% of the money returns to the crypto market, I think we will have an extremely strong uptrend in 2025. That may be part of the motivation for us to see the BTC price reach 150K and the crypto total cap touch 5T.

[nomenclatur]

FTX to Start $18 Billion Repayment Process on February 18, 2025
FTX will begin repaying creditors on February 18, 2025, following its collapse in 2022. Key details include:

Payments for claims under $50,000 expected within three business days.
Total repayment package amounts to $18 billion, with legal issues causing delays.
A 9% post-petition interest has been added to creditor claims to address financial discrepancies.

https://holder.io/news/ftx-18b-repayment-feb2025/

FTX will be repaying a lot of users tomorrow an in the next days. This can be bullish to the market, as they are all crypto investors which will receive USD . Some of that money will probably flow back to the market, so we will see some volatility tomorrow and in the next days (at least I hope so)

What are your expectations?

FTX is one example of a centralized exchange (CEX) that many users around the world need to be careful about when using CEX exchanges like FTX because many of them disappear and do not return funds to investors. FTX is trying to restore the confidence of its investors and become active again. Restoring trust takes time. Most investors are disappointed and move their money to their wallets. Could FTX be closing?

[Mr. Magkaisa]

FTX to Start $18 Billion Repayment Process on February 18, 2025
FTX will begin repaying creditors on February 18, 2025, following its collapse in 2022. Key details include:

Payments for claims under $50,000 expected within three business days.
Total repayment package amounts to $18 billion, with legal issues causing delays.
A 9% post-petition interest has been added to creditor claims to address financial discrepancies.

https://holder.io/news/ftx-18b-repayment-feb2025/

FTX will be repaying a lot of users tomorrow an in the next days. This can be bullish to the market, as they are all crypto investors which will receive USD . Some of that money will probably flow back to the market, so we will see some volatility tomorrow and in the next days (at least I hope so)

What are your expectations?

FTX is one example of a centralized exchange (CEX) that many users around the world need to be careful about when using CEX exchanges like FTX because many of them disappear and do not return funds to investors. FTX is trying to restore the confidence of its investors and become active again. Restoring trust takes time. Most investors are disappointed and move their money to their wallets. Could FTX be closing?

        -     I have no idea, why? FTX can't be called closed at the time when its scandal was at its peak in the crypto space field at that time? Then what about those who were expecting to get their funds since this announcement regarding the return of their funds?

I also have no news on this matter, but I hope they have recovered or received what they have been waiting for for a long time, then the question is has
FTX really been returned?

[yhiaali3]

I was hoping that FTX's distribution of the affected people's dues would lead to a little recovery in the market due to this serious liquidity that will enter the market, but now after this blow that Bybit exchange received, I expect things to get worse.

I don't know if it is off topic but yesterday I read the story of an unfortunate person who received his dues from FTX after suffering for 2.5 years and put them on Bybit exchange only to receive this second blow, how miserable, it is very painful.
https://x.com/TaikiMaeda2/status/1892964171467153871

[bitmover]

FTX is trying to restore the confidence of its investors and become active again. Restoring trust takes time. Most investors are disappointed and move their money to their wallets. Could FTX be closing?

Ftx isn't trying to restore confidence of investors.

They are legally obligated to repay all their debits.

I doubt ftx will ever operate as an exchange again

[Z-tight]

I was hoping that FTX's distribution of the affected people's dues would lead to a little recovery in the market due to this serious liquidity that will enter the market,

The creditors who have received their funds back were paid in usd, and i don't think many of them are going to buy BTC with that money, they will probably withdraw it from Kraken or BitGo into their bank accounts as fiat.

I don't know if it is off topic but yesterday I read the story of an unfortunate person who received his dues from FTX after suffering for 2.5 years and put them on Bybit exchange only to receive this second blow, how miserable, it is very painful.
https://x.com/TaikiMaeda2/status/1892964171467153871

That person is very lucky, because bybit did not halt withdrawals and i am sure most people have already withdrawn their money from the exchange.

[SamReomo]

Hope they learned their lessons from this but still many people doesn't seem to care about the custody of their crypto assets which is why they are using Binance and coinbase as their primary wallet for crypto assets.

Yes, that's true, most of the community is still holding their assets on centralized exchanges and they really don't worry much about it. They know that their assets aren't safe but still they take risk and when an exchange takes away their money or claim bankruptcy then they start blaming that exchange. Those are the same people who praise such exchanges when the exchanges are working for them.

[JISAN]

Hope they learned their lessons from this but still many people doesn't seem to care about the custody of their crypto assets which is why they are using Binance and coinbase as their primary wallet for crypto assets.

Yes, that's true, most of the community is still holding their assets on centralized exchanges and they really don't worry much about it. They know that their assets aren't safe but still they take risk and when an exchange takes away their money or claim bankruptcy then they start blaming that exchange. Those are the same people who praise such exchanges when the exchanges are working for them.

Until an exchange platform goes bankrupt, it is known as a trusted exchange.  As FTX was the fastest going exchanger the exchange was ranked second in the top tier in a short period of time.  And no one could accept its bankruptcy. In the same way, the hacking incident of Bybit could not scare everyone.  Everyone is believing that they can cover the amount of dollars hacked from here very quickly. Although they have this possibility, a centralized exchange should not place a large fund with complete trust.

[debra]

All those who were involved in the FTX collapsed are to be paid in USDT irrespective of any asset you had during or before the collapse they would get paid back with stablecoin. They payback started on 18th thought I don't know how many people that has received their payback, but since they have publicly announced it I believe they wouldn't play any prank towards it.

Actually, this is quite disturbing for users, but they have no choice, rather than having to lose their money, it would be better to get it, even though it is not in accordance with the results that the users expect. But it is better than nothing at all.

The process is still ongoing, and this does not seem to have a significant impact on market conditions. There are several things that still affect market conditions to stay in the current condition, yes, this is still quite in the downtrend era, corrections are still in some cases.

[TryNinja]

That person is very lucky, because bybit did not halt withdrawals and i am sure most people have already withdrawn their money from the exchange.

Comm'on... Isn't it obvious that the guy is joking? He posted the tweet hours after the hack happened, and this type of wording isn't new on the crypto-twitter circle.

From the same creators of the linkedin meme about the guy who worked as a Risk Analyst for the Lehman Brothers, Account Manager for FTX, Researcher for Theranos, etc...

Anyways, the exchange is back to normal as if nothing had happened.

[SmartGold01]

All those who were involved in the FTX collapsed are to be paid in USDT irrespective of any asset you had during or before the collapse they would get paid back with stablecoin. They payback started on 18th thought I don't know how many people that has received their payback, but since they have publicly announced it I believe they wouldn't play any prank towards it.

Actually, this is quite disturbing for users, but they have no choice, rather than having to lose their money, it would be better to get it, even though it is not in accordance with the results that the users expect. But it is better than nothing at all.

The process is still ongoing, and this does not seem to have a significant impact on market conditions. There are several things that still affect market conditions to stay in the current condition, yes, this is still quite in the downtrend era, corrections are still in some cases.

It's better to have something than none because if they follows every respective assets individuals has in that exchange it would be consuming to them to pay out all those amounts t everyone who were affected in the exchange, but as they said of paying them in stable coin was like a bonus to them as already many people who were affected has already lost hope from that exchange to regain back their hack funds.

And of course, they pay back wouldn't have much effects on the market but those who still feels left out could still double their investments since Bitcoin has dropped to 95k, even though there are likelihood to drop it's better they apply DCA methods to at least hold little Bitcoin in their possession.

[yhiaali3]

The creditors who have received their funds back were paid in usd, and i don't think many of them are going to buy BTC with that money, they will probably withdraw it from Kraken or BitGo into their bank accounts as fiat.

On the contrary, I think many of them will take advantage of the market downturn and buy Bitcoin and other coins to make up for the profits they missed in the past years.

The evidence for my words is the story of this person that I mentioned in my previous post who transferred the compensation he received from FTX to the Bybit exchange, I am sure that there are many people like this person who transferred the compensation they received to other exchanges to buy Bitcoin or other, this is my opinion.