I also just realized FTX estate is bragging about you getting 118% of claim value, but claim value is from when BTC was $20k~
So while assets did 300%+ only 18% of that is coming back to those owed.
So gross.
FTX Plan Takeaways
You've likely heard claims below $50k get 118%.
Claims over $50k get 127% to 142% over time.
Now that we have that out of the way, let's talk about the hidden pitfalls in the plan.
Below is what I don't like about the plan.
🧵👇
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@swankpie
Is it better than nothing? Yes.
But when assets went up 300%+ and the law firm billed $1.4B, we can’t ignore how badly they botched this shit.
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@adamscochran
To be fair a lot of these crypto assets we all had on FTX were never there because a lot was gambled away by Alameda. I don’t see were 300% more money is supposed to come from.
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@adamscochran
need a thread about if ppl are receiving a windfall if their asset went to zero. Someone getting 118% of their USD value in a coin that went to zero is wild if thats true.
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@adamscochran
And you were basically forced to realize that 20% gain so you gotta pay taxes on that too. Gg glhf
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@adamscochran
The brag is a lie, but we’re receiving 100% of what was left there (minus absurd lawyer fees).
People want to receive 300% but these tokens didn’t exist (otherwise FTX wouldn’t need to go bankrupt back then).
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@adamscochran
If you do get your money back with a little more then take it and be happy. Does it suck to not have the difference between then and now? 100%.
Just think of it as a good restart. Many others who have lost money in a crypto scam aren't as lucky.
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@adamscochran
Not everybody had BTC, some tokens dropped compared to petition date, those are in plus!
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@adamscochran
I don’t understand why we discuss this over and over again. They didn’t have every creditors crypto 1 to 1. Hence it was not possible to return in kind. Liquidating and distributing across all creditors is the best alternative.
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@erinarvedlund
@SBF_FTX
@circle
@SenWarren
@PatrickMcHenry
@RepAOC
@ryancohen
@pulte
@jack
@tim_cook
@sc
@mayemusk
@LisaMonaco
@GurbirGrewalNJ
@GaryGensler
@RepMaxineWaters
@kevinolearytv
@mcuban
@SHAQ
@taylorswift13
@StephenCurry30
@giseleofficial
@elonmusk
@CEOAdam
@leomschwartz
@MaxJReyes
@DennisKelleher
@yaffebellany
@coinbase
@SecYellen
@SECGov
@innercitypress
@kimbal
@sunil_trades
@simoncarter_uk
@SabrinaTHowell
@realDonaldTrump
@DonaldJTrumpJr
@LouDobbs
@DevinNunes
@cz_binance
@NYSE
@Apple
@JohnReedStark
1/31/24 $20 Quintillion Inflate 2⃣5/7/24 $27.3 Quintillion? Only $1 Quintillion➗by 2 Million Claims🟰$500 Billion Each✖️27.3
@TomBrady
@SHAQ
@StephenCurry30
@mcuban
Didnt File Those 💲#⃣? Omnibus Corporate Authority DocuSign 11/10/22, S&C state 11/11/22?
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