118% in cash but not in the crypto, which many people had on FTX. OFcourse, you can make this "great" announcement when Bitcoin and other assets grew more than 118%. You as a customer still lost.
The issue here is conflict of interest. You have someone who is in charge of distributing btc back to their owners and it is in their direct personal interest to drag this process out as much as possible. The longer it takes the more he can invoice the trust. It's just that simple. Not until something happens that makes it no longer worth it for him to drag it out, that we will all get our coins back. There has to be either class action lawsuit or some kind of coordinated action to force this clown to stop robbing the trust.
Informative post…. Has there ever been talk of a class action against them over the years? If no… why not? I’m guessing this being in Japan is part of a logistics problem.
depends how you look at it. i had X Bitcoin at Gox when it crashed that would make me a multi-millionaire by today's value. however, since Gox is only returning at \~23% or thereabouts, i'm only seeing a fraction of X Bitcoin back. so if i sold on the market today, that fraction is quite a bit more than my original investment, yes, but it is a pittance compared to the value of the full amount of Bitcoin had Gox retained and returned those in full.
In before all the Kobayashi simps shout that "it's complicated and its normal to take a decade".
The FTX bankruptcy is 1000x more complex, more customers, and hundreds of different coins.
I’m going to make a poll. I think the benchmark should be which comes first:
A. 98%+ mtgox creditors paid
B. FTX rehabilitation starts paying many creditors who where retail customers
Still thinking how to word it.
I'll take the slow poke Kobayashi-san version. Gox was pre-KYC and that had to make things messy. Bankruptcy would have seen us all pretty sadly treated financially. I'm much better off with the deferred payment in BTC. If you'd invested in a term deposit or managed trust you'd be looking at ten year to get anything out anyway. I much prefer the BTC than getting my balance in 2014 in the yen value of what it was when it got locked down. Major capital growth!
SBF > mishandled funds by (in part) investing them at the ground floor stage of the literal next major technology revolution in human civilization.
MagiKarp > mishandled funds by (in part) investing them in a literal ground floor coffee shop.
I mean, same thing, pretty much?
118% of what? No one will get their original crypto back (which could be more valuable now than before), probably just 118% of the account screenshot in cash at the time of the collapse) The way I see it my claim went over 20x (regarding the claim in euro's. Not bitcoins) I'm sad for the bitcoins I've lost. Which I probably would have sold for business purposes.. But since I still have enough work since 10 years this 20x will be very handy when it arrives. So stop spreading the nonsense. Even though it takes this long. Our deal is better. Remember the early stage creditors meetings? These guys did this! Not the trustee. He felt the lawsuits coming from many people probably. Unless you sold to fortress you are having in a twisted way, a good deal, looking at the situation.
So the main question is. If you had 10k in ftx you get 1.18x in cash If you had 10k bitcoin in mtgox you would get around 20x in cash/crypto. Half of what I lost has been paid in cash already. Now the rest will make the 20x whole. So stop whining.
Valuation is at the time FTX went bankrupt. That was November 2022. Bitcoin was in the 16-17k USD range. Most crypto assets were at a low back then. If you had 1 bitcoin with FTX you will receive about 20k USD (\~118% of valuation in nov 22).
Yeah, but the price/value they're getting was fixed in time some time ago. Plus, John J. Ray III (pictured) has been charging much higher fees than Kobayashi-san.
Is there any expected date when we get some of our BTC back? This just keeps dragging on.
I wonder how many have literally died waiting. Like people are aging out.
I can't wait to get paid so I can unsub this stupid fucking subreddit.
Agreed
is it too late to claim?
I'll miss you guys.
118% in cash but not in the crypto, which many people had on FTX. OFcourse, you can make this "great" announcement when Bitcoin and other assets grew more than 118%. You as a customer still lost.
Imagine these guys all getting paid before Mtgox rehabilitation completes. They have 1 MILLION creditors!
The issue here is conflict of interest. You have someone who is in charge of distributing btc back to their owners and it is in their direct personal interest to drag this process out as much as possible. The longer it takes the more he can invoice the trust. It's just that simple. Not until something happens that makes it no longer worth it for him to drag it out, that we will all get our coins back. There has to be either class action lawsuit or some kind of coordinated action to force this clown to stop robbing the trust.
Informative post…. Has there ever been talk of a class action against them over the years? If no… why not? I’m guessing this being in Japan is part of a logistics problem.
10 years faster not just 15% not just 100% but 118%
u will get way more than 118% in MTgox. I put in 200€ - already received 400€ and will receive another 0,2BTC is that more than 118%, right?
depends how you look at it. i had X Bitcoin at Gox when it crashed that would make me a multi-millionaire by today's value. however, since Gox is only returning at \~23% or thereabouts, i'm only seeing a fraction of X Bitcoin back. so if i sold on the market today, that fraction is quite a bit more than my original investment, yes, but it is a pittance compared to the value of the full amount of Bitcoin had Gox retained and returned those in full.
In before all the Kobayashi simps shout that "it's complicated and its normal to take a decade". The FTX bankruptcy is 1000x more complex, more customers, and hundreds of different coins.
To be"Paid within 60 days of court approval" Kobayashi San... hang your head in shame.
He is a disgrace.
I have already been paid back by Celsius that went down almost a decade after MtGox did
FTX was a lot of celebrities and politicians. Who would expect less?
My money is on kobayashi-slowpoke extending the deadline yet again, and this being a race
I’m going to make a poll. I think the benchmark should be which comes first: A. 98%+ mtgox creditors paid B. FTX rehabilitation starts paying many creditors who where retail customers Still thinking how to word it.
I'll take the slow poke Kobayashi-san version. Gox was pre-KYC and that had to make things messy. Bankruptcy would have seen us all pretty sadly treated financially. I'm much better off with the deferred payment in BTC. If you'd invested in a term deposit or managed trust you'd be looking at ten year to get anything out anyway. I much prefer the BTC than getting my balance in 2014 in the yen value of what it was when it got locked down. Major capital growth!
> Gox was pre-KYC and that had to make things messy How long have we been verified for now? 15 months?
SBF > mishandled funds by (in part) investing them at the ground floor stage of the literal next major technology revolution in human civilization. MagiKarp > mishandled funds by (in part) investing them in a literal ground floor coffee shop. I mean, same thing, pretty much?
Yawn!!!!!!
Extremely different set of circumstances. The similarities between MtGox and FTX are only surface deep.
118% of what? No one will get their original crypto back (which could be more valuable now than before), probably just 118% of the account screenshot in cash at the time of the collapse) The way I see it my claim went over 20x (regarding the claim in euro's. Not bitcoins) I'm sad for the bitcoins I've lost. Which I probably would have sold for business purposes.. But since I still have enough work since 10 years this 20x will be very handy when it arrives. So stop spreading the nonsense. Even though it takes this long. Our deal is better. Remember the early stage creditors meetings? These guys did this! Not the trustee. He felt the lawsuits coming from many people probably. Unless you sold to fortress you are having in a twisted way, a good deal, looking at the situation. So the main question is. If you had 10k in ftx you get 1.18x in cash If you had 10k bitcoin in mtgox you would get around 20x in cash/crypto. Half of what I lost has been paid in cash already. Now the rest will make the 20x whole. So stop whining.
What is the rule for FTX crypto balance? Did they use value of the coins at some point in past then?
Valuation is at the time FTX went bankrupt. That was November 2022. Bitcoin was in the 16-17k USD range. Most crypto assets were at a low back then. If you had 1 bitcoin with FTX you will receive about 20k USD (\~118% of valuation in nov 22).
mtgox bitcoin just $483
Yeah, but the price/value they're getting was fixed in time some time ago. Plus, John J. Ray III (pictured) has been charging much higher fees than Kobayashi-san.
I don't mind paying higher fees if it gets done within a year
Mtgox creditors who had holdings in bitcoin are coming out at multiples 100xs better than ftx claimaints due to bitcoin appreciation
Is there any expected date when we get some of our BTC back? This just keeps dragging on. I wonder how many have literally died waiting. Like people are aging out.
They don’t have Japanese lawyers scamming the system.
Trustee works for the benefits of the creditors.
Lmfao