Ftx' hole was 10bn, now it is 2.7bn
With binance clawback it will be less than a billion.
Ftx' Equity topped at 32bn and can go between 6 and 10bn.
Enough to make all creditors more than whole
Good news for FTX
After 300 millions investment from Google,
Amazon to Invest Up to $4 Billion in Anthropic as AI Arms Race Escalates.
FTX bought 500m stake at seeding round making it a major stake holder in the company.
Bullish exchange with Former NYSE CEO Tom Farley (New York Stock Exchange ) is bidding on FTX.
Clear sign that Wall Street is going All in into the crypto exchange market.
That's a very good news for FTX customers
FTX is not insolvent at all,
in fact, its balance is net positive in billions.
> $3.9 Billion
#Genesis
claw back
> $2.1 billion Binance claw back
> $5 billion with $FTT holding
> $800 millions from K5 Global, Olympus Capital, SGN Albany claw back
> $30 billion equity
@WallStreetSilv
I don't understand why the hell people are buying home on 30 years mortgage instead buying a land in a remote area building a cheap home off grid.
Mails are sent by batches until March 31.
Customer with positive balances will be contacted on their mail linked to their FTX accounts.
By April 1, if no mail received and think you are concerned, you can contact: FTXInfo
@ra
.kroll.com
We've got an update on FTX PWC Bahamas process.
All customers can file a claim on PWC.
They will get the same recovery as the US bankruptcy, no withholding tax and maybe a payment in stable coin.
I will file mine there
IMPORTANT DATES:
Sep 13
Court hearing on FTX PLAN and selling of digital assets held by FTX
Sep 24
FTX 2.0 bid deadline
Sep 28
Bid discussion with ucc
Sep 29
Deadline for creditors to file claims
Oct 16
Selection of stalking horse bidder ๐ด
Q2 2024
FTX restart
They are preparing to clawback binance.
Not only the 2.1b dollars at transaction time but also the unrealized gains on that amount that binance used to invest in Bitcoin.
Some Clients want to reboot FTX.
Ofc they want and r willing to convert debt to equity if there is a clear vision.
This is a chance in a lifetime to get cheap equity of an explosive market.
Coinbase 1b to 100b in 4y
FTX was ahead of Coinbase in 21.
IMPORTANT NOTICE๐จ
If you received claim validation but your claim don't appear on kroll website or you made an error about your crypto holding.
The date to file an amended claim is extended to February 26, 2024 at 4:00 pm
This is my personal gift to all people who insulted, humiliated, laughted at FTX's customers on Tweeter during the brutal collapse.
FTX will be a success no matter what.
This frozen
#FTX
wallet who still hold a lot of different erc20 that are customers funds was activated 15 days ago.
It has sent 1 million dollars of stable coin to a binance address.
@FTX_Committee
@FTX_Official
@GaryGensler
Fun Fact:
If FTX_Official decides to resume operations next month, its portfolio will experience a 50% pump in the following days.
You will see $btc, $sol respectively flying to 54k and 140$ and will have more impact in the short term than the ETF.
One FTX creditor is becoming famous internationally.
He is fighting and preaching about resurrecting FTX to help victims and restart what was the second spot exchange globally.
Thanks to Sunil K. for his hard work.
The solution for FTX customers is quite simple:
โ getting our funds back in at bk time
โ
@FTX_Official
invest like Celsius the surplus into NewCo
โ Distribute ATS equity to all customers
โ Distribute bitfinex' style recovery token that have utility like reducing fees
It will be justice to repay FTX's customers with those 4 billions.
They need to be added to FTX's customers pool, helping to repay near BTC value instead of USD at bankruptcy time.
They are preparing to clawback binance.
Not only the 2.1b dollars at transaction time but also the unrealized gains on that amount that binance used to invest in Bitcoin.
66% of the $500m FTX Anthropic stake was sold for $880m
It could have been sold higher but to protect 'US interests' Saudi offer was dismissed
Why US don't do the same to protect US interests by compensating customers at 200% and relaunching FTX?
Corrected Thx to
@MrPurple_DJ
PWC, representing FTX Digital Markets, a subsidiary based in the Bahamas, has issued notices to certain customers.
Supreme Court of Bahamas is going to liquidate some FTX's assets under their possession.
That include $250m of real estate and 1.2bn of digital assets.
๐จ Breaking News!
THE DEBTOR AIM TO EMERGE FROM CHAPTER 11 BY MID-YEAR.
In a Letter to the Judge Dorsey,
The debtor argue that the appointment of an independent examiner will slow down the process.
I tend to repeat the same things not because I am begging for help but because I believe strongly in a FTX reboot
I have lost size money and
i will not cry but fight.
Fight for FTX2 where I could convert full debt to equity without any hesitations, any blinking eye.
FTX is creating a separate company that will act as a Qualified custodian under the SEC Safeguarding Rule 206(4)-2
This company will have to undergo an annual surprise examination by a public accountant and will have to keep the book and records.
The best that could happen to FTX's creditors is FTX being managed by this guy ๐.
In this case, forget my 10B prediction, we're going Infinite โพ๏ธ.
THE MINUTES OF THE FIRST MEETING OF CREDITORS
OF FTX DIGITAL MARKETS
Payments will start at end of 2024
With November 12, USD value.
Perhaps it would be more strategic for FTX DM to explore a partnership with OKX, particularly
@star_okx
, to facilitate USDC distribution.
A question that I am still trying to find answers.
Who were the highly talented devs, cyber sec and UX designers who made FTX software?
Their sophisticated works doesn't correlate to the level of amateurism of the ex management.
They are preparing to clawback binance.
Not only the 2.1b dollars at transaction time but also the unrealized gains on that amount that binance used to invest in Bitcoin.
Now nobody want to use a US related exchange.
If nothing is done for FTX international customers, good luck for US players who are launching exchanges.
ByBit and OKX are the clear winner
China has won again.
LFG!
I estimated $0.88 in March and people thought that was crazy, this even being possible to be a >$1.00 Plan for creditors is pretty unprecedented.
While I disagree with the liability estimate below, this doesn't include a full analysis of both assets and liabilities.
Celsius had no business model but they are restructuring in an NewCo.
FTX is a crypto exchange and exchanges makes money on both parties 24/7 on virtual goods
From John Ray, current CEO, FTX made 1b revenue in 2021.
But there is no restructuring for FTX
Celsius is finalizing its bankruptcy journey, ready to distribute over $3 billion to creditors and offer stakes in the new Ionic Digital Inc. mining op.
Debtor removed nearly $1 billion from discounted hyper illiquid ultra shit coins.
That's logical and I can't agree more now be bold and put that money into FTX 2
FTX is starting to clawback institutions who withdraw larges amounts of money before the collapse ๐
๐ธ Layer zero 21.37m from
๐ธ Litan ex. 504.01 btc from
๐ธ Skip and goose: 3,848,928 USDC, 2700ETH and $250.000of USD fiat
If
@FTX_Official
had listened when btc was at 40k.
They would have nearly doubled that $5b cash at $9.230B.
No leverage and no borrowing involved, just spot trading on the most liquid crypto assets.
On Dec 22, Bullish exchange terminated Crypto SPAC Deal Set at $9 Billion.
If Bullish wins the FTX's auction, this could send the company into $20 Billion + market cap ground.
This will be the closest competitor to Coinbase currently at $26 Billion.
FTX DM Bahamas joint provision liquidator sent a notice to some FTX customers.
Before May 15, creditors can register a claim through the PWC portal available here:
Despite the green light from
@GaryGensler
himself, there is no restart.
Debtor had an opportunity to mark History by relaunching the Exchange.
There are plenty of Solutions and plenty of serious persons to work with.
If its confirmed,
We will relaunch it by ourselves.
There is a possibility that ftx will keep FTT as an exchange token.
Why?
> The majority of the supply is owned by FTX.
> All the supply is unlocked
> It is already listed on other major exchanges.
> if they keep it they are sitting on 2 billions $ at 10$.
FTX US is secretly whole.
The 87 millions hole was certainly filled by LedgerX.
Now
@FTX_Official
can officially announce the restart of FTX japan, Europe and turkey.
I think US will come after some regulations clarity from the sec about crypto securities.
BlackRock CEO Larry Fink: โโฆthe next step is the tokenisation of financial assets, and that means every stock, every bondโ
FTX exchange was the first to offer tokenized financial products
Why Andy Dietderich don't work towards restarting a safeguarded FTX?
Larry as FTX CEO
Now we have proof that without cz attack, the biggest challenger of binance would have still been here.
FTX is more than solvent, CH11 was caused by binance attack and
@JusticeOIG
need to distribute the 4bn to FTX victims.
@SenWarren
@CFTCbehnam
@GaryGensler
@CFTCpham
As part of Binanceโs exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
The debtor just filed Jeffries compensation statements full of FTX 2.0 calls and review.
When articles told there will be no reorganization into a newCo
This was just fud.
FTX will come back
John Ray, one year ago:
"Everything is on the table, if there is a path forward on that then we will not only explore that, we'll do it"
@mcagney
, figure CEO, was a serious option
Why wasting 10b+ potential recovery for FTX' Customers?
Why letting down one million Creditors?
@FTXRELOADED
I would like the exchange to restart immediately, and use 1145 to issue public equity of the relaunched exchange - with our ATS and FTX public equity - ASAP.
From doc 2100,
For FTX US and Intl users, they confirm that all customers claims except NFT will be equal to usd value at petition date, regardless of the type of token.
Users will get equal share from each US and Intl pool.
@Mister_Ch0c
I regret not investing in hex at the beginning because I thought it was a ponzi.
If only I knew i missed the best short term investment.
Ponzi are unfortunately the best investments possible if you understand it
The UCC made a reservation of rights asking that the debtor include in the reorganization plan a payment in full to FTX customers including compensation for the pre petition fraud and interests.