FTX Found the Money

bloomberg.com

6 pointsAnon843 comments

Levine kind of buried the truth: "But if you had 10 Solana tokens in your FTX account when it filed for bankruptcy, they were worth about $143, and you’ll get back perhaps $170 or so. Meanwhile 10 Solana tokens, today, would be worth about $1,480. If you had one Bitcoin at FTX, you’ll get back $19,600 or so; one Bitcoin is now worth more than $62,000."

FTX did not find the money and you do not under any circumstances gotta hand it to them. Many FTX customers are still fucked.

"selling everything and divvying up the dollars probably is the best you can do."

You could also not lie in hundreds of headlines about customers getting full recovery when they aren't.

Well... you get back what it was worth when things collapsed, not what you would have had if you had held the same asset to today. That's foregoing further profit that you could have made in a hypothetical universe.

On the other hand, they're probably using the large run-up in crypto since then to cover for the fact that they didn't recover all the assets. If they recovered one third of the crypto, but crypto is now worth three times as much, then they can make it look equitable in dollars. Or, they could not bother, and just say, "we only recovered a third of the assets; here's your pro-rated piece".

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