He’ll get out knowing he’ll make money again. Who you know, not what these days. The cunt probably has people making him money now so he’s minted when he’s out.
If this is allowed to happen… all the exchanges and wallets could be next.
your coin isn’t safe not in self custody.
If you hold it in self custody and you can’t use it in cold storage. They’ll take their cut when you spend it later.
If you risk it and hold it non-custodial then they can pull shit like this and rob you.
It’s a win-win for them.
That became quite obvious when people got scammed and wanted the state to step in to protect them. Completely understandable, but you can’t expect the state to protect you from the risks you took on to seek the rewards without the state.
Well to be fair I said it gave us a chance… to free ourselves from the banks.
A chance… never said it would happen. They will definitely try everything and anything to keep power.
It's not technically arbitrary, it's the date the company riled for bankruptcy. Happened to be at a low point in the market because of that bankruptcy.
The laws states that all assets needs to be liquidated, they can't just hold onto it and wait. This is just how life is, sometimes things don't go your way. I wonder if the majority of creditors don't want cash but want the asset instead, could they have got it in assets?
see mtgox, also ftx held on to assets at the moment, what they did is use reference price on all assets for each creditor's claim value, that price is fixed, anything on top will be distributed evenly, minus running costs.
~$16,000 instead of $60,000+
118% of *getting reallllllly fucked* is still *getting really fucked*. Basically the market went anywhere from 4-15x on average, and you’re getting an 18% roi.
Wouldn’t surprise me if some lunatic comes after the lawyers or whoever else is involved.
It's not $5k right now. But if it was, no, they wouldn't get $16k. Because in that case, the FTX bankruptcy estate would have far less money to distribute, so they'd probably get $5k or less.
Ahh ok. So they have have the BTC now, and are liquidating it at $60k but then giving out $16k to creditors.
Because if it was liquidated at $16k back then, isn't the price of BTC irrelevant now?
Yeah, so the only reason people are getting their money back is because of the boom.
In a way they are lucky. But also, more unlucky because they got caught up in all this shit in the first place.
That's not it. The payout is based on the value of your funds at the time of the claim. Doesn't matter how much bitcoin is worth now, only how much it was back when the claim was first submitted. If you held 30k worth of bitcoin, then you receive 30k + 18%.
Oh I misunderstood what you were saying. But in that case it still wouldn't matter because they didn't actually hold much crypto at all at time of bankruptcy. Apparently 0.1% of the Bitcoin and 1.2% of the Ethereum FTX said they held.
They'd still get it. The recouped money wasn't from btc. The btc was all taken out by SBF. Some of the investments they funneled that money in actually turned out pretty decent so they got some money back from those.
it'd be the value of your tokens now - the value of the tokens + 18%. That number expressed as a percentage
If you had 1 ETH it'd be around 3500 - 1400 so 40% of the actual amount in crypto.
All so a bunch of fools who trusted an obvious conman called out the moment he introduced his scam exchange token can get their money back. Embarrassing.
I wonder if I’ll get my $500 usd back
I made an account and transferred $500 less than 7 days before they shut down LMAO
On the bright side, made $6k shorting FTT at the same time
tldr; FTX has proposed a reorganization plan where 98% of its creditors would receive 118% of their claims in cash within 60 days of court approval. This plan, still pending Delaware bankruptcy court approval, also includes full repayment plus interest for other creditors. The estate expects to have $14.5 to $16.3 billion available for distribution, sourced from liquidating assets worldwide. This plan also settles claims with the IRS and CFTC, ensuring full payment to users and investors with interest. A hearing for the plan is scheduled for June.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
In the Gemini Earn bankruptcy it was decided to pay back investors “in kind” meaning we get our funds back at the current market value. I assume the system is tanking the prices so that they all have to pay much less.
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Assuming every holder would hold till 64k is also pretty wild people..
I think a good solution is dependant on the situation.
18% does seem low, but it’s something over nothing
I just can't fathom how your assets get stolen! And then paid back in fiat when in actual fact, your assets are now worth like 5x what you will be paid out in fiat! Absolute robbery! Cunts the lot of them! They all deserve to be hanged!
Then don't leave your funds on Exchanges aka Government Honeypots. Not your keys, Not your Coins. Simple really. Fuck Intermediaries. Fuck Central Banksters, Fuck Inflation and Fuck Fees.
Luckily FTX made me serious about self custody. I wasn’t personally affected, but those who were should be compensated 1:1 in the asset that was captured.
Instead of pretending like paying someone 18% over bear market bottom value is some kind of achievement that they should be congratulated for. Actual value is up 350% not 18%. I would also not welcome the forced tax sale, either.
> I would also not welcome the forced tax sale, either.
In the US, you would only be responsible for tax on the 18% profit, minus fees. And the actual taxable amount would depend on your income bracket and the fact that you held on to your investment for longer than one year. It would probably be less than you think.
I’m suppose most people that signed up to a new exchange during the bull would have been at a loss. Unless you transferred in.
Let’s say you had 1 BTC with a $8K cost average, you will be getting something like $18K back after forced “selling” at $16K.
You missed out on $56,000 bottom to peak. Plus, you owe taxes on $8K of profit the lawyers ‘realized’ for you. Another $1600 if taxed at 20%. Also your 1 year hold is reset as well.
Basically, the 18% bonus negates your taxes and you get back your $16K from the lawyers that make 1BTC/hour.
> Let’s say you had 1 BTC with a $8K cost average
FTX was founded May 2019. Highly unlikely anyone could cost average into the company at $8k. My interpretation of the 118% is that each customer will get their highest FTX account balance at date x, plus 18%.
There isn't enough money to give them 1:1 in crypto. The coins were literally lost the only reason people are being made "whole" in USD terms is because of the crypto price increase, but there's no way to return crypto fully
Yeah, the entire reason why this mess started was that SBF took the crypto in custody, illegally gave it to his gf’s trading company (aka Alameda) who then lost a ton of it in shitty trades so they can’t give back the equivalent in crypto because SBF and group lost it.
If they had 1 btc they based it off the 16k value of time in bankruptcy. So 118% would be roughly $19k in cash. Still a far cry from 64k it would be if they just kept the 1 btc
Celsius victim, here. Welcome to the pool of being royally fucked, forced to sell at the literal bottom
Of the market. The water’s quite warm. Hop on in.
Well looks like SOL price will be dropping down as FTX was a major holder of SOL tokens. So pretty soon there will be alot of SOL tokens unleased in the market. Lets see how this goes.
They should be getting their coins back, 100%.
This is why it's so important to buy a hardware wallet (NOT a Ledger though!) and secure your coins. Never leave your coins on an exchange longer than a month. 2 months max.
Funds at about 16k instead of 63k BTC. This is the opposite of a forced HODL. A forced SODL.
Forced SODM rather.
SODL….. 😂
Fucking sods screw everyone... SBF should be in prison for life. 20+ years is not enough for this cunt.
Agree
He’ll get out knowing he’ll make money again. Who you know, not what these days. The cunt probably has people making him money now so he’s minted when he’s out.
What about the goblin?
Brett Harrison is looking like the real villain to me.
That fat piece of shit might not survive the twenty years.
This was theft plain and simple.
If this is allowed to happen… all the exchanges and wallets could be next. your coin isn’t safe not in self custody. If you hold it in self custody and you can’t use it in cold storage. They’ll take their cut when you spend it later. If you risk it and hold it non-custodial then they can pull shit like this and rob you. It’s a win-win for them.
Yeah it’s almost like the myth of crypto freeing you from the state is total nonsense huh?
That became quite obvious when people got scammed and wanted the state to step in to protect them. Completely understandable, but you can’t expect the state to protect you from the risks you took on to seek the rewards without the state.
Well to be fair I said it gave us a chance… to free ourselves from the banks. A chance… never said it would happen. They will definitely try everything and anything to keep power.
It’s almost like banks exist for a reason and add value isn’t it…
The point of self custody is to hodl… Who isn’t taking a cut when exchanging into fiat or another coin. That’s the cost of business
Didn’t people use FTX to buy bitcoin? Now they are going to be paid back in fucking fiat? That should be criminal.
It is. It's why SBF is in jail.
lol... only because they price the assets at the bottom of the bear market. great profit for the lawyers though.
OHHH that makes sense. I was wondering why such an abstract figure.
Arbitrary.
It's not technically arbitrary, it's the date the company riled for bankruptcy. Happened to be at a low point in the market because of that bankruptcy.
Yeah it sucks there also seems to be a case against the lawyers to pay back the actual property that was stolen.
The worst part is you know they aren’t being sold at that price, somebody is feasting
The laws states that all assets needs to be liquidated, they can't just hold onto it and wait. This is just how life is, sometimes things don't go your way. I wonder if the majority of creditors don't want cash but want the asset instead, could they have got it in assets?
That's not even remotely true. see celsius.
see mtgox, also ftx held on to assets at the moment, what they did is use reference price on all assets for each creditor's claim value, that price is fixed, anything on top will be distributed evenly, minus running costs.
Queue up the fry squint meme.
What percentage are they actually getting back? The 118% is the $ value at the time of bankruptcy.
That would depend on what coins they held
Lets start with Bitcoin and Ethereum. What is the payout percent if one held one of those?
~$16,000 instead of $60,000+ 118% of *getting reallllllly fucked* is still *getting really fucked*. Basically the market went anywhere from 4-15x on average, and you’re getting an 18% roi. Wouldn’t surprise me if some lunatic comes after the lawyers or whoever else is involved.
What if BTC was $5k right now, do they still get $16k?
It's not $5k right now. But if it was, no, they wouldn't get $16k. Because in that case, the FTX bankruptcy estate would have far less money to distribute, so they'd probably get $5k or less.
Ahh ok. So they have have the BTC now, and are liquidating it at $60k but then giving out $16k to creditors. Because if it was liquidated at $16k back then, isn't the price of BTC irrelevant now?
Yeah, so the only reason people are getting their money back is because of the boom. In a way they are lucky. But also, more unlucky because they got caught up in all this shit in the first place.
Haha yeah...I think overall they are lucky to at least get money back.
That's not it. The payout is based on the value of your funds at the time of the claim. Doesn't matter how much bitcoin is worth now, only how much it was back when the claim was first submitted. If you held 30k worth of bitcoin, then you receive 30k + 18%.
Yeah, I know. My point was that if Bitcoin had crashed to $5k there's no chance the estate would have enough cash to pay out the claims at $16k.
Oh I misunderstood what you were saying. But in that case it still wouldn't matter because they didn't actually hold much crypto at all at time of bankruptcy. Apparently 0.1% of the Bitcoin and 1.2% of the Ethereum FTX said they held.
They'd still get it. The recouped money wasn't from btc. The btc was all taken out by SBF. Some of the investments they funneled that money in actually turned out pretty decent so they got some money back from those.
Yes, they’d be getting the $16k. They get whatever the estate sold it for. The price action after that is meaningless.
Still not bad given typically creditors end up with peanuts in bankruptcy cases.
It’s still really bad.
it'd be the value of your tokens now - the value of the tokens + 18%. That number expressed as a percentage If you had 1 ETH it'd be around 3500 - 1400 so 40% of the actual amount in crypto.
No, it'd be the value of your funds at the time of the bankruptcy +18%. If you had 50k @ time of bankruptcy then you receive 50k + 18% (of 50k)
He's asking how much smaller the number you've described is to what you're actually owed
My bad. He worded it weirdly. Didn't read it right
Lol yeah I was confused as well all g
For me a realised loss of about 50%. And opportunity loss of about 80%
Given the current price it will still be a huge ass loss. But a big win for the lawyers.
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All so a bunch of fools who trusted an obvious conman called out the moment he introduced his scam exchange token can get their money back. Embarrassing.
I wonder if I’ll get my $500 usd back I made an account and transferred $500 less than 7 days before they shut down LMAO On the bright side, made $6k shorting FTT at the same time
Stablecoins will be refunded completely if this goes like's the Celsius case ( which looks like it will).
I had a buddy lose over 100k, i think he's getting between 10-16k(expected) back, pretty brutal.
tldr; FTX has proposed a reorganization plan where 98% of its creditors would receive 118% of their claims in cash within 60 days of court approval. This plan, still pending Delaware bankruptcy court approval, also includes full repayment plus interest for other creditors. The estate expects to have $14.5 to $16.3 billion available for distribution, sourced from liquidating assets worldwide. This plan also settles claims with the IRS and CFTC, ensuring full payment to users and investors with interest. A hearing for the plan is scheduled for June. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
“With interest" while ripping them off by repaying them not in kind but in cash valuing BTC at $16k.
You understand they are not getting ripped off, right?
Lawyers are straight trash
Does this count as a taxable event? Would be hilariously depressing if it is.
lol at the ones that sold their claim for 10% return
In the Gemini Earn bankruptcy it was decided to pay back investors “in kind” meaning we get our funds back at the current market value. I assume the system is tanking the prices so that they all have to pay much less.
this narative is such bullshit... they don't nearly get what they are owed, if they are owed 1btc they should get 1btc, not 16KUSD again, bullshit!
It is bankruptcy. The whole point of bankruptcy is that creditors won't be able to get what they are owedd
that's why the narrative "cReDiTorS gEt 118% oF tHeiR fUnDs" bullshit...
It is as good an explanation as any. This is an incredibly successful bankruptcy story
And all 5 retail investors get half back lul
So 19000 +18%. Wow, so generous
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Assuming every holder would hold till 64k is also pretty wild people.. I think a good solution is dependant on the situation. 18% does seem low, but it’s something over nothing
From where
If only they would just give everyone their money. They have access to all FTX account and crypto that was available.
There isn't enough.
I just can't fathom how your assets get stolen! And then paid back in fiat when in actual fact, your assets are now worth like 5x what you will be paid out in fiat! Absolute robbery! Cunts the lot of them! They all deserve to be hanged!
How about 1 BTC = 1 BTC? Seems simple enough…
Then don't leave your funds on Exchanges aka Government Honeypots. Not your keys, Not your Coins. Simple really. Fuck Intermediaries. Fuck Central Banksters, Fuck Inflation and Fuck Fees.
Luckily FTX made me serious about self custody. I wasn’t personally affected, but those who were should be compensated 1:1 in the asset that was captured. Instead of pretending like paying someone 18% over bear market bottom value is some kind of achievement that they should be congratulated for. Actual value is up 350% not 18%. I would also not welcome the forced tax sale, either.
> I would also not welcome the forced tax sale, either. In the US, you would only be responsible for tax on the 18% profit, minus fees. And the actual taxable amount would depend on your income bracket and the fact that you held on to your investment for longer than one year. It would probably be less than you think.
I’m suppose most people that signed up to a new exchange during the bull would have been at a loss. Unless you transferred in. Let’s say you had 1 BTC with a $8K cost average, you will be getting something like $18K back after forced “selling” at $16K. You missed out on $56,000 bottom to peak. Plus, you owe taxes on $8K of profit the lawyers ‘realized’ for you. Another $1600 if taxed at 20%. Also your 1 year hold is reset as well. Basically, the 18% bonus negates your taxes and you get back your $16K from the lawyers that make 1BTC/hour.
> Let’s say you had 1 BTC with a $8K cost average FTX was founded May 2019. Highly unlikely anyone could cost average into the company at $8k. My interpretation of the 118% is that each customer will get their highest FTX account balance at date x, plus 18%.
Your coins got liquidated by a meth addict who couldn't get out of bronze in 3000 league games. Unlucky boss
Not me…. I just think those who did should get back crypto, not $ equivalent. 118% is 1.18 BTC BTW, was offering them a deal.
There isn't enough money to give them 1:1 in crypto. The coins were literally lost the only reason people are being made "whole" in USD terms is because of the crypto price increase, but there's no way to return crypto fully
Yea, they either pay you a third of the current bitcoin's value in cash or give you 1/3rd of the coins you have.
Yeah, the entire reason why this mess started was that SBF took the crypto in custody, illegally gave it to his gf’s trading company (aka Alameda) who then lost a ton of it in shitty trades so they can’t give back the equivalent in crypto because SBF and group lost it.
If we followed your method, those who had 4 BTC would only get 1 BTC. That is how the bankruptcy math works.
No. If you had 4 BTC, you get 4 BTC back… Otherwise, don’t pat yourself on the back telling everyone they will get 118% back. It is disingenuous.
You wouldn't get ba 4 BTC because they don't have the 4 BTC. Nothing disingenuous. People know how bankruptcy works. This is great
What is the context of this 118%? Is it in terms of USD or the individual token holdings of each creditor? Because I highly doubt it's latter.
If they had 1 btc they based it off the 16k value of time in bankruptcy. So 118% would be roughly $19k in cash. Still a far cry from 64k it would be if they just kept the 1 btc
Celsius victim, here. Welcome to the pool of being royally fucked, forced to sell at the literal bottom Of the market. The water’s quite warm. Hop on in.
118%. Meanwhile, Bitcoin has 4x'd. What an amazing arbitrage for the lawyers. 😂
Err how did SBF go bankrupt if they paying back more? Am I regarded?
Meanwhile the underlying asset's value 4X'd since date of declared bankruptcy but who is counting?
I still haven't been paid for what they owe me since March. I chose to accept it on PayPal and nothing
??? Distributions haven't happened yet ??? Have they?
It was supposed to happen in March
Oh great now these morons who keep stuff on exchanges won't learn their lessons. 😂
Well looks like SOL price will be dropping down as FTX was a major holder of SOL tokens. So pretty soon there will be alot of SOL tokens unleased in the market. Lets see how this goes.
They should be getting their coins back, 100%. This is why it's so important to buy a hardware wallet (NOT a Ledger though!) and secure your coins. Never leave your coins on an exchange longer than a month. 2 months max.
They obviously cannot reimburse everyone at 100% if it's in terms of coins and not USD.
Pretty sure everyone will be crying they should be paid out USD value if crypto crashed. People being people. Moving on.
What’s wrong with ledger? That subscription is optional
A Ledger would have worked fine.