Rumors in the crypto market are right as $11 billion returns to the market.
The once-shamed FTX exchange is making public claims that it has $14 billion worth of assets that are set to become liquid. This means that it can convert the cash instantly.
The $11 billion to return comes from user accounts that haven’t been reimbursed. The sum is a shocker, but the prospects of being returned to traders seems as real as it gets.
Surprising Promises From the Late “FTX”
Though the courts have made a decision against fraud, as it exists in the crypto market, some leniency might be in hand—along with a few promises. For starters, there’s an actual plan as to how some traders will get reimbursed.
Those who had accounts less than $50,000 will receive their funds back with an 18% increase to it. Sums over $50,000 will get 100% of theirs back.
The effort, alone, is enough to bring real hope to some of you today.
Only Worth $16,080 In November ‘22
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Keep in mind that much of this has to do with Bitcoin rallying in the financial markets.
The assets held by FTX include BTC.
Its Bitcoin holding sits in the Grayscale Bitcoin Trust, amounting to 22.3 million GBTC!
You might be asking if it can be accessed. The creator of FTX, afterall, is now a convicted felon.
The answer is yes. In the month of November 2022, the total holding of BTC by FTX was valued at $16,080 per token. Today, the full value for each BTC coin is well over $60,000.
The founders of FTX are doing all they can to wipe the slate clean.
Even with the agency being managed by a new CEO, John Ray III, the future of the exchange moving forward rests on its new reputation. Giving money back to those who lost it not only builds favor with the courts.
It will also give the crypto platform the means of making amends with its current or future users.
$11 Billion Returns but Pending Approval …
Now, in the end, the FTX site might be short by up to $2 billion, but this would be money it needs to cover for debts, excluding user accounts. Ultimately, from the $14 billion it currently has, it, largely, is going toward user accounts.
The courts, nonetheless, haven’t made a ruling on the offer. We’ll update you soon with the outcome and if you’ll get the money you lost back. Choosing a credible exchange this time doesn’t have to be difficult.
Just start with this review of AvaTrade, and learn all you need to be a successful trader.
