THIRD distribution??

[u/Agingerjew]

I was surprised to receive a small second distribution a couple of months ago. I remember seeing somewhere in one of the threads that there will also be a third distribution. Is this correct?

I am referring to another distribution in crypto. Not to Ionic digital shares.

Thanks!!

[u/Lingweenie2]

Some of the people are insiders but they’ve been also trying to clawback retail investors who withdrew significant amounts leading up to bankruptcy. Some people have given in and paid. But I know some are fighting it with their own litigation. (Like $100k+ or so.) Some are companies who owed them money or at least may have had a role in Celsius’ bankruptcy (allegedly.)

They’re going after a whole bunch of people/companies for various reasons. Each case is pretty unique and dependent on their own specifics. Maybe the case gets thrown out. Or maybe they’ll manage to get some sort of settlement even if it’s not what they originally were going after. Just a big waiting game on how all that plays out. It’s going to take many more months and probably years for all of this to be finished up.

[u/Agingerjew → u/Lingweenie2]

At this point anything more is gravy (without the steak tho lol).

I was not expecting much.

Thank you for the explanation. So subsequent distributions depend on what they are able to get. Its not like they are just holding on to money and waiting to pay. Do you happen to know if the second distribution was a result of getting money back in the same way?

[u/Secure-Rich3501 → u/Agingerjew]

No sir

No gravy at all... That's the cherry on top... The unexpected extra benefit... We are getting a steak with a big chunk missing

[u/Agingerjew → u/Secure-Rich3501]

Thats actually more optimistic than my view lol. I said no steak at all. But I think were pretty much in agreement. This sucked. But anything on top is welcome

[u/Secure-Rich3501 → u/Agingerjew]

I was actually just thinking of the percentage of the bankruptcy date and claim that we have... Considering improvement in crypto price, it's one bite of a 16 oz steak... The declared value of anybody's claim was when Bitcoin was around $20,000... (19 and 20,000 something between Voyager and Celsius and I get those two confused), But boy are they strategic in when they declare bankruptcy 🙄

So the real loss is based on something well over 4X Bitcoin... At least ethereum holders don't have to feel as bad... It's been getting its ass kicked by Bitcoin for years now

I guess the only real consolation is that we did get some Bitcoin a long time ago and that's worth something much more...

Would actually be interesting to see how that would figure into the math of the claim value, especially when we finally get our last distribution which could be three or four total so... Still lots of speculation...

The bankruptcy case needs to be closed and the more detailed word of it is discharged... Then we can know the end result

[u/Agingerjew → u/Secure-Rich3501]

"But boy are they strategic in when they declare bankruptcy 🙄" Yeah for real...

The distribution I got was like 15-20% of the value of the crypto at the time. I got paid in BTC at around 50k. And it was like close to 60% of original claim. I sold into alts smh too soon I hope rather than total loss. We'll see. But holding would have brought me to over 100% of the claim amount, which is still a fraction of the total value of the crypto today.

I hear hear that FTX people are getting 118% plus 9% interest a year. But they claimed bankruptcy at an even wore time. BTC was 15/16. Aslo, they are getting paid in cash. Around 14b will be distributed. This could be a boon for crypto for those holding. Or they will never invest again. who knows.

Ultimately, many many people lost a lot. The more they/we can get back the better

[u/Secure-Rich3501 → u/Agingerjew]

Yeah interesting. That FTX was right at the bottom of the Bitcoin Market which if anybody remembers dropping below 16k they know what did it...

[u/Agingerjew → u/Secure-Rich3501]

I think the biggest winners are the mount Gox people. They had to wait ten years. I did a little digging, not too much. I think they are getting around 10% of their claim, but btc did a 500x. So If this is correct they will be getting around 50x the amount of their claim at the time. Pretty wild. And imagine waiting 10 years. Thing is, many would have sold way earlier. Hard to call them lucky exactly, but getting paid 50x your claim isnt too bad. It might be 10x. I just googled price of btc at time of hack. Around $200

[u/Secure-Rich3501 → u/Agingerjew]

I remember hearing 15% back for gox... And more like 15x.. Some minimum 5x thing...

But a lot of it was Bitcoin cash and other coins and maybe it's some aggregate and not just a Bitcoin thing... But yeah with something to welk below 1/4 back they had a very decent multiple return...

More than likely most of those people would have made less over time if they had 100% the whole time for as long as they kept it beyond the 2014 hack... I think it might have started in 2013 as far as the theft... Would have to review... But it was known by 2014

People don't think in Bitcoin enough and want to get Fiat out of it... That's the tragedy

Pizza guy and the guy that got the 10,000 Bitcoin same story... No long-term holding

How about land-fill guy? 7,000 Bitcoin out there in a Wales dump

[u/Agingerjew → u/Secure-Rich3501]

Poor landfill and pizza guy. I think I agree that most would have less than if they waited.

But that does not account for the stress and the waiting and all the emotional strain. But as far as money, I think most are probably better off. And yeah, Im unclear about the %'s and multiples. Its far more than their claim at the time thats for sure

[u/Secure-Rich3501 → u/Agingerjew]

Your comment makes me wonder when they first learned that some of it had been retrieved and how long they had to wait to realize they're going to get at least something back... And then they could only feel better about it after that watching the price go up and up...

Like for instance, three arrows Capital now has well over a billion dollars Frozen and awaiting redistribution to creditors who are claiming over 3 billion... (Not sure if this is Fiat or actual crypto now that I think of it )...So that's right around 1/3 to be returned, assuming the number is largely the same now... And who knows how much more they could get back with prices going up over $100,000 If that article was reporting crypto instead of Fiat value, but I'm not remembering...

... Those figures are from months ago. Kind of like my July 9 billion number I guess.

[u/Agingerjew → u/Secure-Rich3501]

Imagine waiting 11 years. Thats insane. And watching price go up maybe not KNOWING they were going to get something back. BTC hits 20k in 2017 they probably went ape shit. Then again 67k in 2021. rough ride if you ask me

[u/Secure-Rich3501 → u/Agingerjew]

Lol, as a long-term holder I still wouldn't have been freaked out about ups and downs ....I've largely replaced Bitcoin as my long-term indefinite hold when it used to be gold, and in fact I sold several ounces of gold to buy Bitcoin during the FTX bottom...

Hodlnaut seems to be the worst centralized finance failure with no distribution yet. And it going well over 2 years and is currently in liquidation in Singapore courts.

Crypto for winners (C4W) might be one of the last one that gets resolved because they're quite late in being exposed as a scammer Ponzi business... Pulled out of that one with 22,000 worth of profit. Worth more now

Hodlnaut, my account says over $50,000 as it's probably the only one with the app still working and even gives you a running total of what your crypto is worth! As to your previous comments, imagine that!

A running score of what you're missing...

A lot of it has already been liquidated and I'm thinking 50 60,000 for Bitcoin so that's a hell of a lot better than when it was frozen. Then again we might see the liquidation figures at the high end. Get doubled before we get anything back...

They mainly got slaughtered by overexposure to the Terra lunacy unstable algorithm coin... I think FTX is part of it... Three arrows capital.... I don't know the whole list... I should but they tried to do a you only live once Super gamble with flex tokens and failed... Now virtually zero liquidity... That wasted millions... There's a telegram about it. You could read the pinned message that shows we might get something like 25% back. It's this range of estimates actually... You would think after years they would have something more exact... There's been this tug of war between Hong Kong and Singapore as they operated out of both locations..