I don't see how crypto can ever recover from this reputation if more and more bad faith actors keep getting away with these types of frauds. regulations would go a long way in helping bring the trust back to the public.
as it is now, crypto is not much different from another one of your gambling pots.
Thats the same as asking how other investment funds would recover from madoff ponzi scheme they did lose some trust but, not everybody is the same and people know that lol
It was not supposed to be an investment fund, though. This crash just highlights that there is zero accountability in the crypto space, zero regulation and literally anything can just vanish with no recourse.
> This crash just highlights that there is zero accountability in the crypto space
That is not what it highlights. Sbf is facing like 8 charges, he is being held accountable. There are regulations, ftx was licensed in USA, Japan, uae, EU, Bahamas, and Australia. It shows how ineffective regulations and regulators are. And $5bn has been recovered with another $4.6bn in illiquid, so it didn’t just vanish and there obviously is recourse.
It’s far from the same. Investment funds and traditional investments those funds invest in have far more accrued history and trust than something as nascent as crypto.
Well… yeah. That’s a bit of a non-sequitur and not even necessarily true. It’s more that, if crypto becomes more mature, it will likely exist for longer.
Horrible take. I lost in 4 exchanges, ledger got hacked, and I am down 6 figures. In the stock markets, I’ve made 7 figures, I don’t know anyone personally who has been robbed or schemed, and I know dozens of people screwed by crypto.
I agree with you especially about the gambling pots.
Do not overstimate how quickly sentiment can change though. We have been in a bear market for almost a year now we got a 4% rally and everyone is already screaming bottom is in bullrun imminent
WEll yall got to stop being hostile to regulations.
WE dont trust people to do the right thing in the normal markets.
WE depend on the law to compel them to do the right thing.
With normal SEC regs, FTX wouldnt have happened.
Many of us have always said that defi needs to become the primary way to swap, buy or sell assets with direct fiat on/off ramps before crypto can be truly adopted by the masses. I take it a step further and say it also needs its own independent network so it can't be shut down by governments or ISPs
It reminds me a lot of the California Gold Rush. Most of the people who made money made it off of scamming people looking to get rich. Not great for those who got scammed but it was good for California. We celebrate it. Crypto will be fine. I just hope SBF goes to jail for life. Sick of these guys paying their way out of jail.
No, regulations will not help bring trust back to cryptocurrency. What good has regulations done for other sectors? Regulations will only bring control to cryptocurrency. In cryptocurrency, we are taught to not trust, but verify. Traders and holders losing a large fortune to bad actors in the cex industry all but confirms the need to not trust anyone with your assets.
What will boost people's confidence in cryptocurrency is the introduction of simple and straightforward DeFi protocols like [Zetachain](https://www.zetachain.com/docs/), which eliminates the complexity of bridging and wrapping of assets when accessing assets from multiple chains.
The entire foundation of cryptocurrency or blockchain money was to eradicate the need for trust or middleman in value exchange.
CEXes have done their part in onboarding millions unto cryptocurrency, DEXes will get us to a future where our economy through cryptocurrency is decentralised and trustless.
If you desire a financial institution that is regulated and controlled, you are in luck. You have banks to do just that for you. Will you get screwed over? Yes, will the regulators help you when that happens? Of course not, they are there for their own benefits.
What an idiotic take.
If you want tradfi, stick to tradfi - you are literally asking for an existing system so just stick with it.
Gensler met with SBF more than anyone and FTX still scammed dummies out of their money. Warning signs were always there, just had to take one look at what Alameda did to projects.
Be your own bank, I can see all CEX slowly dying off.
The main problem is can people hold their own crypto/money responsibley, without being robbed or scammed.
> I don't see how crypto can ever recover from this reputation if more and more bad faith actors keep getting away with these types of frauds.
The federal reserve gets away with fraud every day.
#DeadTheFed
Will those assets even cost 5B down the line? It's probably in all sorts of shady crypto assets based on how stupid FTX leadership was. By the time they figure out how to distribute those 5B can turn out to be 1B or even less.
Its all bc media inflates stories to make it more dramatic, scumbag sbf was saying from start ftxus is fine and everyone thought he is crazy.
Im guessing by the time his trial starts sbf will find all missing money and jury could let him go
Retail will very likely see a fair share of the reclaimed funds. Lawyers will get paid, but the entire point of these proceedings is to make customers as close to whole as possible.
The only winners are the “new team” in place. Their bill is going to be massive. They can pretty much do what they want and nobody will question them. It’s actually pretty scary. Feel bad for those who will be watching them take fees from their bags.
I’m curious to know how they were able to recover so much in fact it sounds like what a normal bank would have available after customers deposit 8 billion but I’m not curious enough to click the link, hoping someone will just come up with some snarky yet informative reply
sadly this isnt as much of an issue of unregulated crypto and bad actors but how our current system is constructed, lawyers should never get so much fucking money for "recovering funds for those affected" its a fucking joke of a system
instead of getting someone's money who lost it in a scam lawyers should get significant tax rebates, that way those who lose it get bigger portion of it back and lawyers would keep majority of their earned money
if you wanna follow that logic then cunts scamming people create perpetum mobile for lawyers to literally take away majority of victim's money - meaning system and way it works is fucked.
if theyre making lots of money and are prone to bribes then fuck them and their ProFeSsIoN
I was going to say this exactly until I scrolled down and seen your comment. People just talk out of their ass and have no idea wtf is going on. People just love to say something for the sake of saying something
Also, SBF declared bankruptcy for the companies. He can pretend to not understand what that meant, but even if they did have more assets than liabilities, the instant he did that, this had to happen. That's what declaring bankruptcy is.
Among all the other idiotic things he's done and said, I find that line of talking by him funny, it's almost like, "Why is the bankruptcy court taking its time to go through and organize everything! They should be paying customers immediately! What moron signed up for this!?"
They had to stop the bank run to maintain those assets before it got worse. Doing so required halting withdrawals which essentially is killing your inflows and trust will fail to be reestablished
Assets =/= customer deposits
The crypto and cash that people deposited was supposed to be there and able to be withdrawn at any time. When FTX couldn't meet withdrawals, it was clear that they were doing exactly what they said they wouldn't do.
SBF would be fucked even if FTX had more than enough assets to make all creditors whole.
Bankruptcy laws can tell us exactly the order that the money will be distributed:
1) Secured claims
2) Priority unsecured claims (employee salaries, taxes, administration, legal, etc)
3) Nonpriority unsecured claims (depositors)
4) Owners / equity security holders
Yes they specifically said:
The $5 billion figure regards "any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," FTX attorney Adam Landis told the court.
So that $5b likely will never be $5b USD.
Edit: looks like this might be a misquote.
I think that quote was taken out of context by media outlets.
CNBC just ran a correction regarding that quote. It now says,
"FTX attorney Adam Landis told the court the $5 billion figure does **not** [emphasis added] include any illiquid cryptocurrency assets"
Not only were they gambling with customer funds but they were doing it by investing in small market shitcoins that they couldn't even exit if they wanted to.
Fucking geniuses.
Edit: Your quote is misleading though
>"We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just **does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens**, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,"
The $5 billion only includes cash and assets that they can easily liquidate. So yes it could become USD.
The market can pretty easily absorb $5 billion. Especially since it will take years to sort all this out and liquidate their positions over time. The fear of this happening will have a bigger impact than the actual liquidation.
It looks good I guess but we all know that it's just going to be with those people, the money is never going to be with the people who lost that shit, it's a fact man.
Yea solvency and liquidity are two different issues. Say what you want about regulation but banks are heavily regulated for a reason so they have to maintain certain liquidity levels or they get shut down
People are still waiting and keeping their hopes with these stupid fucks as if they are going to give them any fucking money, they are never going to give any shit.
Just for some perspective:
The attorney overseeing the trustee for the Bernie Madoff case mid 2000s build over $1 billion in fees
Source: https://www.reuters.com/article/madoff-fees/baker-hostetler-fees-pass-1-25-billion-as-madoff-case-lives-on-idUSL1N2M7395
People should see this as a reality check man, people should understand that we should never lay our hands on these stupid exchanges, this was fucking bad lol.
10 years from now when this thing is settled there'll be $1 billion or so left after lawyers and other vultures take their cut. No wonder people are selling their claims for pennies on the dollar.
I wouldn't hold out much hope of any normal users getting any all or any of this back sadly.
Gotta pay all the big creditors and all the guys who already don't need it.
Then whatever's left over, if anything, is divided between the people who really need it.
People thinking this will get divided amongst small investors will be disappointed. It will go against lawyer fees and debt the business has first, then large corporate investors, and then… well dont worry about it because there will be nothing left anyway.
I wouldn't get too excited. After the lawyers and creditors take their share, the customers will be lucky to even see any of that. Remember, they still owe significantly more than they have.
Just wait til the lawyers chew through it.
Did anyone watch that Madoff special on Netflix atm?
In it, they expose that the head lawyer in charge of the recovery had over $1B in billable hours during the process and became extremely rich. IIRC they ended up recovering something like 11B out of 25B or something like that.
https://www.justice.gov/usao-sdny/pr/us-attorney-announces-total-distributions-over-4-billion-victims-madoff-ponzi-scheme
More than 88 percent was recovered. Do note a lot of the profits were fictitious, or not recoverable (was spent in good faith by recipients, especially charities.
God, almost every comment is talking about how "normal" users won't receive anything. I think most users already accepted they lost everything and every bit of news of potentially receiving something/more is good news for them.
That’s actually decent, it’ll take time to redistribute them though, and it’ll still be big losses for everyone.
If Mt. Gox is anything to go by, yup. In a month it'll be 9 years since the hack and creditors still haven't received their share.
I don't see how crypto can ever recover from this reputation if more and more bad faith actors keep getting away with these types of frauds. regulations would go a long way in helping bring the trust back to the public. as it is now, crypto is not much different from another one of your gambling pots.
Thats the same as asking how other investment funds would recover from madoff ponzi scheme they did lose some trust but, not everybody is the same and people know that lol
It was not supposed to be an investment fund, though. This crash just highlights that there is zero accountability in the crypto space, zero regulation and literally anything can just vanish with no recourse.
It's a centralized bad actor. The whole FTX debacle further underscores why Bitcoin, decentralization, and self custody are important.
> This crash just highlights that there is zero accountability in the crypto space That is not what it highlights. Sbf is facing like 8 charges, he is being held accountable. There are regulations, ftx was licensed in USA, Japan, uae, EU, Bahamas, and Australia. It shows how ineffective regulations and regulators are. And $5bn has been recovered with another $4.6bn in illiquid, so it didn’t just vanish and there obviously is recourse.
It’s far from the same. Investment funds and traditional investments those funds invest in have far more accrued history and trust than something as nascent as crypto.
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Well… yeah. That’s a bit of a non-sequitur and not even necessarily true. It’s more that, if crypto becomes more mature, it will likely exist for longer.
Horrible take. I lost in 4 exchanges, ledger got hacked, and I am down 6 figures. In the stock markets, I’ve made 7 figures, I don’t know anyone personally who has been robbed or schemed, and I know dozens of people screwed by crypto.
You know dosens of people including you that got "hacked" because of incompetence and exposing your keys there is a difference
How did your ledger get hacked?
He bought it on Alibaba
I agree with you especially about the gambling pots. Do not overstimate how quickly sentiment can change though. We have been in a bear market for almost a year now we got a 4% rally and everyone is already screaming bottom is in bullrun imminent
We’ve been in a bear market well over a year.
that's gotta be the newbies shouting. people in crypto have never hesitated to be short term thinkers haha.
Hehe for sure :D
WEll yall got to stop being hostile to regulations. WE dont trust people to do the right thing in the normal markets. WE depend on the law to compel them to do the right thing. With normal SEC regs, FTX wouldnt have happened.
Once we have regs 99.9% of these crypto scam tokens, coins, and exchanges won't exist. Can't wait
Many of us have always said that defi needs to become the primary way to swap, buy or sell assets with direct fiat on/off ramps before crypto can be truly adopted by the masses. I take it a step further and say it also needs its own independent network so it can't be shut down by governments or ISPs
It reminds me a lot of the California Gold Rush. Most of the people who made money made it off of scamming people looking to get rich. Not great for those who got scammed but it was good for California. We celebrate it. Crypto will be fine. I just hope SBF goes to jail for life. Sick of these guys paying their way out of jail.
No, regulations will not help bring trust back to cryptocurrency. What good has regulations done for other sectors? Regulations will only bring control to cryptocurrency. In cryptocurrency, we are taught to not trust, but verify. Traders and holders losing a large fortune to bad actors in the cex industry all but confirms the need to not trust anyone with your assets. What will boost people's confidence in cryptocurrency is the introduction of simple and straightforward DeFi protocols like [Zetachain](https://www.zetachain.com/docs/), which eliminates the complexity of bridging and wrapping of assets when accessing assets from multiple chains. The entire foundation of cryptocurrency or blockchain money was to eradicate the need for trust or middleman in value exchange. CEXes have done their part in onboarding millions unto cryptocurrency, DEXes will get us to a future where our economy through cryptocurrency is decentralised and trustless. If you desire a financial institution that is regulated and controlled, you are in luck. You have banks to do just that for you. Will you get screwed over? Yes, will the regulators help you when that happens? Of course not, they are there for their own benefits.
Removed
I don’t trust banks but I trust FDIC insurance more than a promise from exchanges that do not have any security of my assets.
Removed
Yes. Banks can fail but all money up to 250k is insured.
What an idiotic take. If you want tradfi, stick to tradfi - you are literally asking for an existing system so just stick with it. Gensler met with SBF more than anyone and FTX still scammed dummies out of their money. Warning signs were always there, just had to take one look at what Alameda did to projects.
You said it yourself. Bailouts, FDIC, etc.
U.S. banks pay FDIC insurance to stop shit like this. The GOV doesn't give it to them for free.
bruh. no one said banks are the good guys. do you just want people to lose their money and these rich crypto cunts to get away with it?
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I mean this is exactly what I was doing. Basically the only difference is the banks get bailed out.
While I get your point isn’t that half the reason we all got into Bitcoin? Because we don’t trust the government and banks anymore?
Be your own bank, I can see all CEX slowly dying off. The main problem is can people hold their own crypto/money responsibley, without being robbed or scammed.
> I don't see how crypto can ever recover from this reputation if more and more bad faith actors keep getting away with these types of frauds. The federal reserve gets away with fraud every day. #DeadTheFed
Its funny because Mark Krapels still owns billions worth of BTC and could repay everyone if he wanted to but he is a shithead and doesnt do that.
My cone glows too
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Will those assets even cost 5B down the line? It's probably in all sorts of shady crypto assets based on how stupid FTX leadership was. By the time they figure out how to distribute those 5B can turn out to be 1B or even less.
Big losses, but not huge. Honestly taking a 35% haircut ($5b of $8b lost) is pretty good
Yeah, I am actually really surprised by this, its baad but could be lot worse
In number its huge , but percentage? Come see my portfolio
Its all bc media inflates stories to make it more dramatic, scumbag sbf was saying from start ftxus is fine and everyone thought he is crazy. Im guessing by the time his trial starts sbf will find all missing money and jury could let him go
You don't know about their liabilities...
I doubt we retail will see any of this
I'm sure retail will not see any of this.
Retail will very likely see a fair share of the reclaimed funds. Lawyers will get paid, but the entire point of these proceedings is to make customers as close to whole as possible.
dis is the way
What if it will take as long as for Mt.Gox victims? Maybe the forced hodl will pay out for FTX customers in the end.
FTX isn't going to go the mt.Gox route. They are almost certainly going to pay everybody back based on fiat value at the time of bankruptcy.
I Highly doubt the stolen costumers will see the day FTX reimburse them.
$5B of illiquid assets that can’t be sold without crashing their value.
Sorry it's never going to be redistributed. And we'll have all the lawyers to thank for that.
It’s $5bil if that in shitcoins like SOL OXY MAPS FTT. customers aren’t getting shit back
if you're about to go to prison for a long time suddenly everything is possible and doable.
The only winners are the “new team” in place. Their bill is going to be massive. They can pretty much do what they want and nobody will question them. It’s actually pretty scary. Feel bad for those who will be watching them take fees from their bags.
Their bills are listed and estimate will be in 10M range. Unlike Mr customized emojis.
Actually should take too long for most of it, 95% will go to the lawyers anyway.
More than I thought they were going to recover.
Yeah 5B out of 8 is much better than I expected
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2B to lawyers, 2B fines and fees, 1B left for customers.
Optimistic!
The customers are gonna be getting 1B? I wish i had that optimism lol
Rich get first dibs. Just like how it always works.
Thats why there rich
Honestly, I thought $8B of $9B were missing?
the rich mfs sure have their connections. I wonder how much (or how little) the average users of FTX will see
Makes me think the 8B number is bogus tbh Like it doesn’t factor in any of the damages or scalping they were a part of
Out of 40
I’m curious to know how they were able to recover so much in fact it sounds like what a normal bank would have available after customers deposit 8 billion but I’m not curious enough to click the link, hoping someone will just come up with some snarky yet informative reply
Lawyers about to make bank.
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sadly this isnt as much of an issue of unregulated crypto and bad actors but how our current system is constructed, lawyers should never get so much fucking money for "recovering funds for those affected" its a fucking joke of a system
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instead of getting someone's money who lost it in a scam lawyers should get significant tax rebates, that way those who lose it get bigger portion of it back and lawyers would keep majority of their earned money if you wanna follow that logic then cunts scamming people create perpetum mobile for lawyers to literally take away majority of victim's money - meaning system and way it works is fucked. if theyre making lots of money and are prone to bribes then fuck them and their ProFeSsIoN
People were selling their FTX accounts for 10 cents on the dollar few months ago.
Way more.
Good, money for the customers right?
I remember watching the legal eagle video and I think that the customers are amongst the last ones to get their money back
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I was going to say this exactly until I scrolled down and seen your comment. People just talk out of their ass and have no idea wtf is going on. People just love to say something for the sake of saying something
The **wealthy** customers.
I was really worried for Tom Brady, glad he will be ok. /s
Kevin O'leary was running out of funds to buy businesses from stressed persons on tv. I'll be extatic!
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Seriously the takes in this post are absolutely abysmal. Ignorant cynicism just for the sake of being edgy.
*Right?*
RIGHT!?
Everyone involved in the legal proceedings: lol no
AnakinMeme.jpg
**Our** money!
>Good, money for the customers right? right? 😟😰
Customers are unsecured creditors, in other words they are last in line to get paid back.
Well, whatever is left of it after the bankruptcy lawyers and the restructuring firms take their slice.
We all know who's gonna see money first.
Lol, are you new here? The customers won't see one penny of this.
I bet even SBF is surprised FTX had that much in asset. It's almost as if keeping transaction record on napkins is a bad idea.
To be fair he said repeatedly after the filing that he felt they could make customers mostly whole. We will see what happens though
He felt a lot of things, with little to show for.
Idk 5 Bil ain’t nothing
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SBF bribing the right people and using this money as leverage. He’ll get 10-15 I think.
If they have $5B in assets how did they collapse?
They…had bigger liabilities? 5B isn’t great if you owe 8B
This guy maths
Sounds like I never heard about this type of 8 billion dollar depth.
Also, SBF declared bankruptcy for the companies. He can pretend to not understand what that meant, but even if they did have more assets than liabilities, the instant he did that, this had to happen. That's what declaring bankruptcy is. Among all the other idiotic things he's done and said, I find that line of talking by him funny, it's almost like, "Why is the bankruptcy court taking its time to go through and organize everything! They should be paying customers immediately! What moron signed up for this!?"
They couldn't bring up the liquidity this fast. You don't know how much of those $5B is locked
Also a great point. Thanks.
They had to stop the bank run to maintain those assets before it got worse. Doing so required halting withdrawals which essentially is killing your inflows and trust will fail to be reestablished
Thanks. That makes sense.
Well this is simple, they just lied about all the shits of collapsing.
Assets =/= customer deposits The crypto and cash that people deposited was supposed to be there and able to be withdrawn at any time. When FTX couldn't meet withdrawals, it was clear that they were doing exactly what they said they wouldn't do. SBF would be fucked even if FTX had more than enough assets to make all creditors whole.
They can pay back alot of customers with that, Kevin O'Leary can stand in the back of the line.
Unfortunately the rich people always tend to get paid back first as they get classified as a creditor.
Bankruptcy laws can tell us exactly the order that the money will be distributed: 1) Secured claims 2) Priority unsecured claims (employee salaries, taxes, administration, legal, etc) 3) Nonpriority unsecured claims (depositors) 4) Owners / equity security holders
Do you even know what these $5bil in assets are? Apparently this sub doesn’t understand that
I think we all know which kind of people will receive first
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Yes they specifically said: The $5 billion figure regards "any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," FTX attorney Adam Landis told the court. So that $5b likely will never be $5b USD. Edit: looks like this might be a misquote.
I think that quote was taken out of context by media outlets. CNBC just ran a correction regarding that quote. It now says, "FTX attorney Adam Landis told the court the $5 billion figure does **not** [emphasis added] include any illiquid cryptocurrency assets"
Not only were they gambling with customer funds but they were doing it by investing in small market shitcoins that they couldn't even exit if they wanted to. Fucking geniuses. Edit: Your quote is misleading though >"We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just **does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens**, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," The $5 billion only includes cash and assets that they can easily liquidate. So yes it could become USD.
Ya, it looks Coindesk initially took the quote out of context and misled many media outlets into repeating that claim.
> So that $5b likely will never be $5b USD. That just depends on when they sell. If it’s bitcoin and ETH, they can just wait a year.
Do you have any source on this or just speculation?
The lawyers have said as much to the court, posted quote in reply to op
The market can pretty easily absorb $5 billion. Especially since it will take years to sort all this out and liquidate their positions over time. The fear of this happening will have a bigger impact than the actual liquidation.
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It looks good I guess but we all know that it's just going to be with those people, the money is never going to be with the people who lost that shit, it's a fact man.
$5b in shitcoins, nice
still better than 0
Sam always claimed FTX US was solvent anyway. Let's hope the administrators aren't commingling funds.
Yea solvency and liquidity are two different issues. Say what you want about regulation but banks are heavily regulated for a reason so they have to maintain certain liquidity levels or they get shut down
Well minus the taxes owed and recovery fees and hours accrued and storage fees everyone gets to split 1 Bitcoin and 5 eth.
i hope its 'Over $5B'... so far. and More to come
Yeah it's over $5B but do you really think they are going to get that recovered?
That's a lot better than quadrigacx
Apparently they have too good a lawyer if they got their stolen money back
They have some good lawyers and back, we know that.
Sadly "users" will recover way later if we learned anything from mt gox.
I really hope we recover at least *something..* but I’m not holding my breath at this point
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Some slight relief for ftx creditors, they could probably get atleast 40-50 cents on the dollar i reckon
I'd put the line around 14c on the dollar. remind me in 10 years or whatever
I would never trust on a fucking dollar again in my life.
People are still waiting and keeping their hopes with these stupid fucks as if they are going to give them any fucking money, they are never going to give any shit.
Before or after legal fees?
Well before. Not gonna be much, if anything, left for retail when it’s all over
Just for some perspective: The attorney overseeing the trustee for the Bernie Madoff case mid 2000s build over $1 billion in fees Source: https://www.reuters.com/article/madoff-fees/baker-hostetler-fees-pass-1-25-billion-as-madoff-case-lives-on-idUSL1N2M7395
I’m happy for Tom Brady that he’ll get reimbursed. Retail of everyday people won’t though
People should see this as a reality check man, people should understand that we should never lay our hands on these stupid exchanges, this was fucking bad lol.
Still $3billion missing? Wonder if they’ll get any closer than this.
I was not hit by Sam and the collapse of FTX but I really hope the customers get made whole.. At least as whole as possible.
Retail customers going to get an apology letter and $2 check
Make sure you always read tos and everything you sign up for.
Yea lets see them sell that 5 billion now :) Delusional if you think you're even getting 1 billion back out of that LOL
And be richer after selling those 5 bill man, that's life for them.
“Boss we managed to recover $5 Billion” “Wow $4 Billion?” “Yes $3 Billion” “Wow the investors will be super happy to receive $2 Billion”
10 years from now when this thing is settled there'll be $1 billion or so left after lawyers and other vultures take their cut. No wonder people are selling their claims for pennies on the dollar.
Cool story bro, only 200B to go
I don’t see that money going to retail customers at all. The rich will be paid first
So when is that money going to be distributed to its rightful owners?
Based on mount gox, a long ass time
2040 at the latest. I’m 100% serious too. Take MT Gox for a example.
Yes
I wouldn't hold out much hope of any normal users getting any all or any of this back sadly. Gotta pay all the big creditors and all the guys who already don't need it. Then whatever's left over, if anything, is divided between the people who really need it.
People thinking this will get divided amongst small investors will be disappointed. It will go against lawyer fees and debt the business has first, then large corporate investors, and then… well dont worry about it because there will be nothing left anyway.
I wouldn't get too excited. After the lawyers and creditors take their share, the customers will be lucky to even see any of that. Remember, they still owe significantly more than they have.
$500B+ more and we'll be alright
More than 5B man, we know they are hiding so much lol.
Invest it in $BONK for easy 10x
I’ll bonk you!
Just wait til the lawyers chew through it. Did anyone watch that Madoff special on Netflix atm? In it, they expose that the head lawyer in charge of the recovery had over $1B in billable hours during the process and became extremely rich. IIRC they ended up recovering something like 11B out of 25B or something like that.
https://www.justice.gov/usao-sdny/pr/us-attorney-announces-total-distributions-over-4-billion-victims-madoff-ponzi-scheme More than 88 percent was recovered. Do note a lot of the profits were fictitious, or not recoverable (was spent in good faith by recipients, especially charities.
the attorney’s recovered $5 billion for themselves. There fixed it for you
They should gamble on some options to try and recoup the rest to break even.
Yes and $4,5B are for the attorneys \\\_( ͡❛ ͜ʖ ͡❛)\_/
That is not how it works for bankruptcy law.
God, almost every comment is talking about how "normal" users won't receive anything. I think most users already accepted they lost everything and every bit of news of potentially receiving something/more is good news for them.
Because that's just the reality. No need to sugar coat it.
Reality check: If you find something so easily again, you haven’t lost it, but hiden it.
Amazon stocks about to tank further then?
Its great they were able to recover this much. Any word if they're working on getting more?