FTX Account Balances: Your options at the moment

So, FTX is a thing of the past.

As of Nov 9, 2022 it seems that the balance sheets of Alameda and FTX companies had a hole of about 14 billion USD, out of which 6 billion was used to fill customer withdrawals.

The 8 billion hole was what’s left, SBF tried to get emergency funding but failed.

If FTX really filled withdrawals after being insolvent, that could be a crime - depends on jurisdiction. In the official FTX Telegram channel, the last user who posted that they got a withdrawal out was at about 8 AM PST on Nov 9.

Binance walked out of the acquisition proposal after it became known that SEC has been investigating FTX for a few months. It is not clear whether CZ knew of that or if the original intention was really to acquire a competitor.

There are some other things that will play out soon, such as FTX/Alameda involvement in the Solana ecosystem.

If you have balance on FTX

Download your trading logs, referral logs, account details, deposits, withdrawals - everything. It looks like the employees were kept in the dark about the financial situation and when they found out, a lot of them quit. So the exchange might go offline at any time.

After that you have several options.

  1. Huobi posted they would buy TRX at parity

    Justin Sun posted via Huobi Global Twitter and website that they will buy TRX and some other token balances at parity, even if they cannot withdraw.

    The statement makes it sound like anyone is eligible, you just need to have a KYC’d account on Huobi and buy TRX on FTX. (Trading is still open on FTX.)

    The statement was made while the Binance bailout was still on the table, though, and no follow-up questions on Twitter were answered.

  2. There is an OTC market for FTX balances

    The OTC trader Ochados set up an OTC Telegram channel FTXBalancesOTC for people willing to buy and willing to sell FTX balances.

    OTC Telegram channel FTXBalancesOTC

    Before Binance walking out, there were buyers at around 15-20 cents per dollar. Since that deal has been off, the best rate I’ve seen is 10 cents per dollar but most buyers bid 1-5 cents per dollar.

    FTX trading never stopped, the exchange just added a red stripe announcing that withdrawals cannot be processed so trading on FTX is going on in an unhinged way. It looks like some traders are trying to make as much money as possible to lower the haircut they will take selling their accounts.

  3. Wait.

    It seems the exchange will apparently file for bankruptcy, like Gox, which can take years or decades to settle.

Read the original article: https://www.altcointrading.net/ftx-debacle-account-balance-options/

Labeled as: repost