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[SERIOUS] What are the chances of getting my money back from FTX?

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by COINS NEWS 127 Views

Hey, I've lost about $12k "all the money I had" in FTX.

Lately, FTX has released that they've recovered about $5B and allegedly in the FTX bankruptcy report FTX choose $1-10B in debts. In a lot of articles, it is said that FTX was about $8B short of paying all its customers. And just yesterday they announced that they confiscated about $800M from SBF. And some $400-500M from some sources that I don't remember. And they were approved of selling some FTX assets in the auction which has 100+ potential buyers, which should bring in some cash as well.

Now, I was getting happy reading all this news because if they're really working towards collecting money and returning it to customers, and if the debt is really about $8B, they're more than halfway there which should mean I can at least get half the money I lost there. "80% was in BTC rest is USD"

But whenever I read comments on these FTX topics here, everyone is saying, "that's nice, you can expect to get like a dollar after all the lawyers and judges get their cuts.", "You can maybe get $0.2 for a $1 if you're lucky in 4 years." .... so on and so forth.

I mean, if they're trying to return the $8B owed back to the customers, isn't it huge news that they recovered $5B already? according to comments here, current FTX management needs to gather like $50B to pay back $8B to the customers? how realistic is that? or is it just they're gonna get paid while salvaging what's left of FTX and give all that money to the big players and I will get a couple of dollars after years? Should I just forget about it? I mean I was already forgotten about that money ever coming back, but after hearing they're potentially over $6B in recovered assets, a new hope was sparked in me. And reading the comments made me confused.

Can anyone explain what's going on? What I can expect? Let's say they gather $10B total next month after the auctions, what's next then? they will wait on that $10B for 2-4 years then start distributing it to the customers? or just never distribute and vanish with that money?

submitted by /u/exivor01
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