From Losing Everything in FTX to Starting Over With Bitcoin

[KingsDen]

If I get you right, you had BTC in FTX when the hack happened. Now, you are paid back the value of bitcoin as at 18 or 20k. This should rather be a fortunate story or am I missing anything?

If you had 0.002 BTC then, FTX should also refund you 0.002 BTC now right?

No, they paid in USD and converted the value at the time they declared bankruptcy. Meaning if you have 0.002BTC, they will only pay you $40 at bitcoin price of $20,000 (when they declare bankruptcy) instead of paying you in BTC or USD equivalent at current exchange rate. This is a huge injustice and loss for investors but they can do nothing but accept it. On the plus side, at least FTX paid back investors, which is better than nothing.

Oh!
I now understand what OP meant. I agree that it is injustice but with the condition of things, it seems to be the only feasible way to make the refund possible.

If actually the funds were not stolen, that is, they were frozen, it won't be difficult to refund BTC. But since the funds were lost, the best alternative is paying with USD value of BTC as at the time of the hack. This is better than not paying at all.

[LogitechMouse]

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I was one of the people who had money stuck in FTX. When everything crashed and the truth about FTX came out, I really thought I would never see that money again. It was devastating. I am not someone who has a lot, so the amount I had there, around $x,xxx, felt too big to lose. It was hard to accept, and honestly, I already did. I just told myself it was gone forever.
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Getting that money back felt like a second chance. I am not saying it is a perfect decision, but it is mine.

I mean what are the chances for your money to be back after what happened with FTX?
I know Bitconnect is a different scenario with what happened with FTX because the exchange was regulated, but still, the chances of you getting your money back is for me, low to near zero already.

Anyway, $X,XXX is a huge amount already knowing that we are living in the same country. I mean even $1,000 is already a huge money in a country like ours. It's good to see it back from you, and I wonder how you felt after seeing those money vanishing from your hands just because of an exchange getting "bankrupt".

Happy for you, and for those out there, use this incident as a lesson for you that don't put all of your money in a Centralized exchange whether it's Binance, Bitget, OKX or whatever it is. It's okay to put some money only if you're planning to sell it and move it, but don't use those exchanges as like "wallets" where you can store your money there for a long time.

[OgNasty]

Very cool.  This is the first story I've read of someone actually getting their money back from FTX.  At least you didn't have to wait over a decade like mtgox! 

Congratulations on your recovery and I'm very glad to hear that you used it to buy Bitcoin.  I hope many others do as well.

Suddenly it seems like everything is being sorted out in cryptoland.  Bitcoiners getting paid back.  Legislation happening everywhere.  All the uncertainties are being removed one at a time.

[Cookdata]

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Why? Because during the time I lost that money, I felt helpless. But now, even if it is just symbolic, I wanted to take that back into my hands. I believe in Bitcoin. And even after what happened with FTX, I still believe Bitcoin is one of the few things you can hold without trusting a person or company. It is pure code and math.

Getting that money back felt like a second chance. I am not saying it is a perfect decision, but it is mine.

Just wanted to put this out there in case someone is going through the same thing. There is hope. Hang in there.

I wasn't affected but I know few people around that had their money stuck. Some people went mad about their life and couldn't even eat but I'm happy that you gots your money back. Thanks to the Bitcoin and the increase in price else I think the exchange wouldn't be liquid enough to pay back this billions of debt, if they have gave back the coins in the quantity and not in the value it was worth that time, I believe you will be having the equivalent price worth of your Bitcoin by now but it's better than nothing.

For the rest of us that do still patronize centralized exchanges, I know the exchanges look convenience and all that than having wallet on your own but you never know what a crypto company is going through until they experience some challenges, instead of waiting till that time, it's better to put everything in a personal wallet. I will rather hold my coins in software wallet than leave it secure on any centralized exchanges, the risk isn't worth it. Big congratulations, more ATH to Bitcoin price.

[GreatArkansas]

Very cool.  This is the first story I've read of someone actually getting their money back from FTX.  At least you didn't have to wait over a decade like mtgox! 

Congratulations on your recovery and I'm very glad to hear that you used it to buy Bitcoin.  I hope many others do as well.

Suddenly it seems like everything is being sorted out in cryptoland.  Bitcoiners getting paid back.  Legislation happening everywhere.  All the uncertainties are being removed one at a time.

Thanks.
Update: Just yesterday, I withdrew all purchased Bitcoin from the exchange to my hardware wallet. 

Not your keys, not your coins

[passwordnow]

Update: Just yesterday, I withdrew all purchased Bitcoin from the exchange to my hardware wallet. 

Not your keys, not your coins

Good job!
There is no sense of keeping your Bitcoins on an exchange by just being a display there. Bitcoins, big or small amounts should be kept on a safer wallet that's definitely ours and if for long term, nothing beats the security of the hardware wallets. Also, keep your seeds safe and away from someone's eyes in your house.

[BayAreaCoins]

Just wanted to put this out there in case someone is going through the same thing. There is hope. Hang in there.

You can always sell me your "BITCOIN" AR Lic Plate.

I just grabbed "TESTNET".

Glad you got your funds back.  Don't do that again eh? <3

[shinratensei_]

Very cool.  This is the first story I've read of someone actually getting their money back from FTX.  At least you didn't have to wait over a decade like mtgox! 

Congratulations on your recovery and I'm very glad to hear that you used it to buy Bitcoin.  I hope many others do as well.

Suddenly it seems like everything is being sorted out in cryptoland.  Bitcoiners getting paid back.  Legislation happening everywhere.  All the uncertainties are being removed one at a time.

Thanks.
Update: Just yesterday, I withdrew all purchased Bitcoin from the exchange to my hardware wallet. 

Not your keys, not your coins

Sounds very great.
Even a paper written wallet is thousands percent better than storing in an exchange where they can collapse anytime, not to mention whenever things went wrong such as hacking, etc they always hardly disclose anything.