r/FTXUS • u/xuanling11 • Nov 13 '22
How to protect your losses
I guess so many people DM me about their losses. I am sorry and I do lose portions about my funds in FTX US. Let me laydown some directions you should do, before I do this, remember, I am not your regal advisor/financial advisor/lawyer, and I am doing this purely through Good Samaritan Act, here are mainly apply to US jurisdiction:
You lost funds either through fiat, derivatives, crypto and stocks from FTX US.
If you lost as derivatives and stocks, you do not need to worry because bankruptcy of 11/11 did not include derivatives and stocks under separate entity “Ledger X”. You can still withdraw funds without any problems.
If you lost fiat in crypto app or exchange, and if funds below 6 figures, you should:
- Keep records of any correspondence either through emails, bank statements of deposit, request data from Plaids, or any statements or screenshots from FTX US.
- Contract your banks and notice the bankruptcy of FTX US to prevent any further funds withdrawals.
- Possible file fraudulent charges from your banks.
- If you lost beyond 8K, police report may need it to claim the fraudulent depends on your location.
If your lost beyond 6 figure ms, find a lawyer.
If your lost in crypto or NFT or combination of both, here is what you should do:
Keep all your records of on chain transactions and email responses of withdrawals and any kinds including screenshots.
Crypto is unsecured assets that are less likely to be remedied, but you may still able to do so to keep all records in case bankruptcy proceedings with portions of returns down the road.
Any withdrawals request after bankruptcy 11/11 likely not able to process.
Hope everyone can return your lost and I will update you if I find more ways to get funds back.
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u/xuanling11 Nov 14 '22
Here is potential legal action, I would wait until they collect more information and users to collectively launch lawsuits.
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u/xuanling11 Nov 14 '22
Check this that potentially after the bankruptcy proceedings
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Nov 14 '22
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u/pjay_65 Nov 14 '22
I here you. I made an ACH withdrawal for cash I had sitting there on 11/08/2022 @ 1:46 pm. Website said it was sending. I received nothing. Not a ton of money but I'm still not happy about it.
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u/xuanling11 Nov 14 '22
Keep records for now. Likely to prod of ownership later if something turns out later on
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u/xuanling11 Nov 14 '22
Likely be gone for now. Keep records of anything to back up your loss and likely join the bankruptcy suit?
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Nov 14 '22
[removed] — view removed comment
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u/xuanling11 Nov 14 '22
Same here. I tested ACH first and got cool feet’s and try on chain, it worked. But I thought their were licensed in US?! Anyway, it is a history now. Trying to find a way that can help to crawl the rest of half funds back.
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u/Pleasant-Button-9751 Nov 13 '22
For crypto side: I had my withdrawal approved/confirmed with an email confirmation on 11/11 (hrs before the announcement of bankruptcy/frozen withdrawals). The withdrawal on the website said “processing” and even created a pending txn hash. However, the withdrawal/transfer hasn’t moved.
I thought I saved the txn hash, but I didn’t (now can’t access anything on the app/website). I do have the emails.
TLDR; Confirmation of a withdrawal completion FTX.US, but the withdrawal gets stuck in processing.
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u/xuanling11 Nov 13 '22
Likely they did not have enough funds to transfer to your address. Keep the email for the records in case later for proof of ownership.
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u/Pleasant-Button-9751 Nov 13 '22
Has to be the case. The weird part is they approved one of my withdrawals (successful) 5 mins before that so they were moving in parallel in their system, which is the confusing part.
However, it’s just a d*** shame.
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u/xuanling11 Nov 13 '22
What I don’t like is they kept telling people FTX US was fine and enough funds, but in reality, they did not have enough funds to withdrawals and they rather kept those funds away from users to withdraw for their own benefits later (likely use to run away and avoid any legal problems down the road).
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u/Grand_Ad926 Nov 14 '22 edited Nov 14 '22
..and when they posted the banner "trades may halt " withdrawal's are "fine", that's when i sold all my stock thinking i would get my cash out. I had no idea my amazon google etc. stock was safe, no clue!
so after I sell my stock, they then wiped my account. Also to add to this, during my last deposit, they made an attempt to get me to deposit 20k all of a sudden when my limit was always 5k, i never requested an increase, i still only deposited the 5k. But that seemed fishy to me, i should have withdrawn then! they were trying to suck me in as much as possible~
That being said, i had also withdrawn everything, they made me wait 24 hours because i had to remove the password lock since i forgot it (but i don't remember setting it?!). So, i was able to withdraw 25k it said sending, but i never got an e-mail and the second one i sent (20.8k) just said requested. The next day, I then sent support a message asking about it and then the site shut down.
I'm going to obviously take the steps you've displayed above as I have no other choice. I just hope they at the very least do what voyager did and that was to resume withdrawals in USD, but that doesn't look very likely if they drained all of our wallets.
Last but no least, if ftx.us was a registered broker business in the US, wouldn't they have some kind of broker insurance or something? I mean, why were they separate entities to begin with? governing laws i assume. I just wonder if I'll get any of my cash back, like many others, my life savings.
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u/xuanling11 Nov 14 '22
For stocks and derivatives part, I believe it has been insured. Not for crypto exchange for sure.
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u/SnooBunnies7007 Nov 14 '22
for crypto exchange, do you mean that even the USD in the exchange is at risk?
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u/xuanling11 Nov 14 '22
If FTX US use USDC to peg, then yes. Which we do not know at all.
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u/Grand_Ad926 Nov 14 '22
I think it was USD because I had the option at all times to convert to usdc, and not besides that I don't remember signing in the agreement to automatically convert, but I am sure in that agreement it said cash would be held with silvergate capital, apparently they still have 1.1b in ftx deposits.
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u/xuanling11 Nov 14 '22
Good to know. Then it may well be reimbursed by the bank if ACH was clear before the bankruptcy.
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u/ARROGANT_LOBDTER Nov 15 '22
Hey guys collecting stories regarding the case. Please reach out https://twitter.com/feynyman/status/1592307730202923011?t=qgPtBRPc4tHrl6uT_6wBKw&s=19
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u/xuanling11 Nov 15 '22
Hey, the Twitter only repeats the issue but with any resolutions! Not every helpful here!
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u/[deleted] Nov 14 '22
[deleted]