How many people here have stuck their fund in FTX ?

[troubled soul]

"FTX is currently unable to process withdrawals. We strongly advise against depositing."

How many have stuck their fund into FTX?
or You were lucky enough to withdraw fund before it ?


Thanks

 

[latindev]

I don't keep funds in exchanges for more than an hour... but I know a lot of people with funds there, I don't know why people keep funds in centralized services when the whole idea of blockchain is not trusting third parties

 

[troubled soul]

latindev said:
I don't keep funds in exchanges for more than an hour... but I know a lot of people with funds there, I don't know why people keep funds in centralized services when the whole idea of blockchain is not trusting third parties
Click to expand...

same here....why people use this service for storing coin i do not understand ?

 

[Jerry1911]

azb1 said:
same here....why people use this service for storing coin i do not understand ?
Click to expand...

Because they are dumb normies who first heard about Bitcoin on the TV

 

[369]

azb1 said:
same here....why people use this service for storing coin i do not understand ?
Click to expand...

to use them as collateral (leverage)

 

[Willblack]

369 said:
to use them as collateral (leverage)
Click to expand...

Yup, about 20% of my total AUM is there, as well as high 5 figures in a personal account.

Considering doing a "5$ wrench" on SBF...

 

[diatessaron]

Closed my FTX account last November. Nothing beats Bitfinex.

 

[Offshr]

I lost 7.5k in USDT on FTX. Was stupid enough not to transfer it to the wallet. Quite an expensive lesson for me.
I heard that Tether has blocked FTX USDT with restraining order so I decided to approach them to find out more about it. That is what they answered.

Thank you for reaching out to us.

We are sorry to hear about the situation. However there is nothing we can do from our end to assist you with this as the funds are held at a third party exchange.

Kindly notice that Tether tokens are managed by open-source software. The software can be downloaded and used by any client to generate addresses and use those addresses for Tether token transfers without any involvement from Tether. This is similar to how other tokens such as Bitcoin function. We do not issue all the addresses in use and are not in control of them nor of every transaction made on-chain. We also do not have identifying information about the persons who use addresses which we do not control.

We advice you to reach out to the platform directly and discuss the best course of action.

 

[JackAlabama]

No, never used that one. Did not have any value proposition to begin with and older exchanges did everything I need just fine. So why change and go with some fast (and somewhat unclear/unproven) riser for a meager value prop?

However, I got a (minor) hit with UST / luna earlier this year, they were also a fast and equally weird riser as sbf/ftx. But they had a too attractive value prop with 20% interest of a stable coin to just sit by idle. 😉

 

[TheCryptoAnt]

azb1 said:
same here....why people use this service for storing coin i do not understand ?
Click to expand...

Because you cannot withdraw Futures, nor Move contracts.

 

[Offshr]

azb1 said:
same here....why people use this service for storing coin i do not understand ?
Click to expand...

I used it simply to accept payments for my services in crypto (that is often required by my clients) and than to convert it in real money. Would never in my life invest in this s***t. Maybe if was more crypto "savvy" I would avoid such stupidity as losing 7.5k.

In any case the guy should face the trial and I am sure he would end up in the US jail for 40 years or so. You cannot simply take other people money and play with it, especially if you are a lame idiot and you know about it.

 

[daxbr]

Offshr said:
I used it simply to accept payments for my services in crypto (that is often required by my clients) and than to convert it in real money. Would never in my life invest in this s***t. Maybe if was more crypto "savvy" I would avoid such stupidity as losing 7.5k.

In any case the guy should face the trial and I am sure he would end up in the US jail for 40 years or so. You cannot simply take other people money and play with it, especially if you are a lame idiot and you know about it.
Click to expand...

He didnt exacly stick a gun to their heads.

 

[JackAlabama]

Offshr said:
I used it simply to accept payments for my services in crypto (that is often required by my clients) and than to convert it in real money. Would never in my life invest in this s***t. Maybe if was more crypto "savvy" I would avoid such stupidity as losing 7.5k.

In any case the guy should face the trial and I am sure he would end up in the US jail for 40 years or so. You cannot simply take other people money and play with it, especially if you are a lame idiot and you know about it.
Click to expand...

This is common in this space. In the olden days it was common to see exchanges come and go and all on there gone.
there were well established players like Coinbase and Kraken, having clear and sounder foundations. FTX was not established being from 2019 (up only time).

If "crypto" is required by your clients, it takes only about 20hours to learn about accepting Bitcoin, lightning and maybe tether on own wallet and how to store its private key safely.

 

[Offshr]

daxbr said:
He didnt exacly stick a gun to their heads.
Click to expand...

The Criminal Code says that there are much more ways to get money from the people illegally that just put a gun to someone's head.

JackAlabama said:
This is common in this space. In the olden days it was common to see exchanges come and go and all on there gone.
there were well established players like Coinbase and Kraken, having clear and sounder foundations. FTX was not established being from 2019 (up only time).

If "crypto" is required by your clients, it takes only about 20hours to learn about accepting Bitcoin, lightning and maybe tether on own wallet and how to store its private key safely.
Click to expand...

Yeah, it seems to me that nothing at all should have happened to the FTX itself if it was not drained by the owner. And this fact means that the guy has committed fraudulent actions.

Last edited: Nov 12, 2022

 

[Vor]

none, I dont keep anything on exchanges. I also don't stake my crypto because picking pennies in front of a train isn't appealing.

 

[Dom pedro]

I have lost a significant part of my net worth. About 20% / 2 years of income.

TheCryptoAnt said:
Because you cannot withdraw Futures, nor Move contracts.
Click to expand...

This. Some people don't understand that FTX offered not only spot trading, but more exotic products like perps and tokenized stocks. The cross-collateral mechanism was awesome and allowed some arbitrages that werent possible in other exchanges.

 

[polonieth]

Vor said:
none, I dont keep anything on exchanges. I also don't stake my crypto because picking pennies in front of a train isn't appealing.
Click to expand...

Yeah, I don't understand why people risk their entire stack to pick up low single-digit % returns.

Sure the APY starts high when they first launch, but soon enough, it drops to virtually nothing, so you'd need to be insane to keep high amounts staked.

 

[myhand]

Thankfully I did not put anything in there!

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[troubled soul]

Fallen FTX Exchange Recovers over $7 Billion Thanks to Surging BTC​

https://www.financemagnates.com/cry...ecovers-over-7-billion-thanks-to-surging-btc/

 

[TheCryptoAnt]

azb1 said:

Fallen FTX Exchange Recovers over $7 Billion Thanks to Surging BTC​

Click to expand...

This is almost the entire whole (~3B left).

The liquidators have been contacting people lately to clarify what will happen with the assets.