FTX customers finally getting paid back - but at 2022 prices WTF

[CryptoBoss]

got email from ftx saying i'll get my money back plus 19% interest. sounds good right?? WRONG. they're using november 2022 prices when btc was like 17k. my 1.2 btc is worth like 130k now but they giving me 20k. this is fucking robbery

 

[btcinfo891]

Been watching this unfold since the bankruptcy filing. The court approved using petition date values - standard bankruptcy procedure tbh. But yeah, missing out on a 6x gain hurts.

 

[CryptoBoss]

Been watching this unfold since the bankruptcy filing. The court approved using petition date values - standard bankruptcy procedure tbh. But yeah, missing out on a 6x gain hurts.

standard my ass. if they can recover 16 billion they can pay current prices. this is just lawyers getting rich while we get screwed

 

[goldkingcoiner]

deserved for storing your coins on exchange in 2022 and crying about bankruptcy law LMAO ngmi fr

 

[CryptoBoss]

deserved for storing your coins on exchange in 2022 and crying about bankruptcy law LMAO ngmi fr

easy to say now dipshit. ftx was supposed to be the safe one. even had tom brady ads

 

[Major]

Been through mt gox, celsius, voyager... same story every time. Petition date values are the norm. At least you're getting something back - most exchange bankruptcies leave you with nothing

 

[root777]

Quick breakdown of what's happening:

1. Court uses November 11, 2022 prices (bankruptcy petition date)
2. You get 119% of that value
3. BTC was ~$17k then vs $105k+ now
4. First payouts ($1.2B) going to claims under $50k
5. 50% of recovery funds held back for disputed claims

This is standard bankruptcy law, not FTX being evil

 

[hack3rcon]

checked the settlement documents. interesting thing - they could have pushed for current market values but customer committee lawyers agreed to this structure. probably thought faster payout was better than years more litigation

 

[CryptoBoss]

checked the settlement documents. interesting thing - they could have pushed for current market values but customer committee lawyers agreed to this structure. probably thought faster payout was better than years more litigation

what customer committee?? nobody asked me. why would lawyers agree to this bullshit

 

[junmisakiro]

lawyer always agree because they get paid hourly... longer case = more money for them. you think they care about customer?

 

[btcinfo891]

@CryptoBoss committee represenst all customers legally. They probbly calculated that fighting for current prices would take 3-5 more years minimum, with no guarantee of winning.

 

[sk8er]

wait so if bitcoin goes to 200k they still only pay the 17k price?? that seems really unfair

 

[root777]

wait so if bitcoin goes to 200k they still only pay the 17k price?? that seems really unfair

That's bankruptcy law. Assets are valued at petition date to prevent exactly this kind of dispute. Otherwise every bankruptcy would drag on forever with creditors arguing about asset values.

 

[goldkingcoiner]

skill issue for not reading terms before aping into centralized shitcoin casino

 

[CryptoBoss]

skill issue for not reading terms before aping into centralized shitcoin casino

you literally never shut the fuck up do you. bet you lost just as much money but won't admit it

 

[Major]

@goldkingcoiner he's not wrong though about the law. If you're bullish on BTC long term, getting any money back to reinvest isn't terrible. Just use proper custody this time.

 

[Btcalysis]

Analyzed the actual numbers:

• - Total recovery: $16B
• - Claims under $50k: ~98% of creditors
• - Average claim in this group: ~$4,200
• - Solana holdings being liquidated March 1st (11.2M SOL)

The SOL dump is gonna crash that market hard.

 

[marshal]

ser just use proper L2 zkwallets next time... why store funds on cex in current year

 

[Bender]

damn i actually feel bad for you CryptoBoss. got rekt by MAGA coin and fake political tokens last year but at least that was only like 1k total

 

[CryptoBoss]

Analyzed the actual numbers:

• - Total recovery: $16B
• - Claims under $50k: ~98% of creditors
• - Average claim in this group: ~$4,200
• - Solana holdings being liquidated March 1st (11.2M SOL)

The SOL dump is gonna crash that market hard.

wait they're dumping 11 million sol?? when exactly? want to short that shit