The way I read this is that the customers are getting screwed. Can anyone sort through the jargon and tell us what they are actually getting back? FTX Plans to Return 90% of Customer Funds, But There's a Catch An amended proposal released early Tuesday will be filed by the FTX Debtors by mid-December if approved. https://www.coindesk.com/policy/202...turn-90-of-customer-funds-but-theres-a-catch/ Bankrupt crypto exchange FTX floated an amended proposal to return up to 90% of creditor holdings held at the exchange before it went bust last November. The debtors' group, which is currently overseeing the bankruptcy process, will formally file the plan by December 16, 2023, to a U.S. Bankruptcy Court for perusal. FTX collapsed last year after CoinDesk published revelations concerning the state of its balance sheet. New CEO John J. Ray III has berated financial controls at the company, while founder Sam Bankman-Fried is undergoing trial on criminal charges. The debtors propose dividing missing customer assets into three pools based on circumstances at the start of the Chapter 11 cases: Assets segregated for FTX.com customers; Assets for FTX.US customers; and a "General Pool" of other assets. The proposal stated that customers with a preference settlement amount of less than $250,000 can accept the settlement without any reduction of claim or payment. Preference settlement is 15% of customer withdrawals on the exchange, nine days before it went under. Creditors would further receive a "Shortfall Claim" against the general pool corresponding to the estimated value of assets missing at their exchange – estimated to be nearly $9 billion for FTX.com and $166 million for FTX.US, the exchange’s U.S. arm. However, recoveries could be marred by various factors, such as taxes, government claims, token price fluctuation, etc. Furthermore, the debtors could exclude any “insiders, affiliates, customers” from the settlement who may have known the commingling and misuse of customer deposits and corporate funds, or those who changed their KYC information to facilitate withdrawals when they were halted. The debtors said that the payouts for these customers may not reflect the fair value of the FTX Debtors' claims.
Sometimes I take out a loan, and I invest it here and there. So many businesses, who has the time to remember where you put 200 MM bucks?: https://fortune.com/crypto/2023/10/...sam-bankman-fried-hundreds-of-millions-loans/
Looks like someone doesn't like hearing how blatantly corrupt their heros are. The wattaboutism is real with this one. I wonder how people get this sickness. Weren't you just defending going after everyone even tangentially involved with a trucker protest? Without even giving them so much as a trial I might add. Now we're just so supposed to pretend SBF acted completely alone and no established power players were involved is any way? Shouldn't you be calling for ever who ever had anything to do with SBF to have their bank account frozen?
Salame alone donated at least $24MM to Republicans. You’re an idiot. SBF claims he gave tens of millions in untraceable donations to Republicans. Although federal election receipts show that Bankman-Fried donated almost exclusively to Democrats, he claimed on a November phone call with YouTuber Tiffany Fong that he donated an equal amount to Republicans and Democrats. https://www.coindesk.com/policy/202...-salame-pleads-guilty-to-us-criminal-charges/
I'm talking to the jackass who thinks it's fine to get personally insulting in THIS thread. You can take your opinions about what I should and should not say and cram them. It's perfectly on topic for me to point out that on other hand, you seem fine with pawning off a multi billion dollar fraud on just one guy, but are acting as an apologist for a government that seized private individuals funds without even so much as hearing over a trucker protest. "Of that total, 92% has gone to the Democrats, with the remainder going to Republican candidates and campaigns." https://cointelegraph.com/news/sbf-has-been-a-significant-donor-in-us-midterm-elections $37,650,390 to Democrats $286,700 to republicans https://www.opensecrets.org/elections-overview/biggest-donors?cycle=2022 Less that ONE PERCENT to republicans. I wonder if there's a reason Peleko didn't get into any numbers when he tried to pass this off as a bipartisan issue hmm.... Maybe a deliberate effort to mislead on his his part? This guy was the number 7 political contributor in the last election cycle and he was robbing his customers. The politics involved here are major part of the story.
In regards to all the talk regarding trucker protests. I guess we can at least agree that it did not shine too well on the feminist-apologist running Canada and all his playing politically correct word-games on anything to do with the inclusive word 'man'. That said, he's still in charge (sadly). Make from that what you will... At least we spent more tax-payer's money to re-paint more rainbows on roads, bridges, and public places such as the libraries, etc. for .... reasons. This is progressive for our insane debt you know.
Anyone else following his court case? It's no longer than 3 days in court and already 2 of his closest companions have already spilled the beans of his whole operation. And at this point, he looks extremely bad right now. (As he should be) It's amazing the amount of patience everyone has in court to go through with this. There is really no reason to even have a trial, everyone knows what's already going to happen to him. He's a little lying baby boy that thinks he can play the innocent card while taking everyones money to fund democratic polititians. Time to get out of that Bahamian Penthouse and start living behind bars!
Imagine being a BD and operating in all but a few blocked jurisdictions worldwide. Like IBKR but everywhere, and with a commission of 0.5% for price taking. It’s a license to print money. You don’t need to hedge unless you were a Ponzi from the start… which it was.