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

CryptoBoss · 2025-06-05T22:54:29+0100

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 · 2025-06-05T22:54:55+0100

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 · 2025-06-05T22:55:43+0100

btcinfo891 said:
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 · 2025-06-05T22:56:25+0100

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

CryptoBoss · 2025-06-05T22:57:20+0100

goldkingcoiner said:
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 · 2025-06-05T22:57:49+0100

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 · 2025-06-05T22:59:18+0100

Quick breakdown of what's happening:

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

This is standard bankruptcy law, not FTX being evil

hack3rcon · 2025-06-05T22:59:58+0100

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 · 2025-06-05T23:26:23+0100

hack3rcon said:
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 · 2025-06-05T23:27:07+0100

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

btcinfo891 · 2025-06-05T23:29:06+0100

@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 · 2025-06-05T23:29:34+0100

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

root777 · 2025-06-05T23:30:14+0100

sk8er said:
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 · 2025-06-05T23:31:07+0100

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

CryptoBoss · 2025-06-05T23:33:39+0100

goldkingcoiner said:
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 · 2025-06-05T23:34:21+0100

@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 · 2025-06-05T23:36:12+0100

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 · 2025-06-05T23:36:55+0100

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

Bender · 2025-06-05T23:37:28+0100

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 · 2025-06-05T23:38:29+0100

Btcalysis said:
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

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

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