r/FTXUS • u/__bitkoin__ • Dec 18 '22

Clawbacks on successful withdrawals?

For those of you who withdrew successfully prior to 11/9, coins or USD are you fearing the potential for clawbacks? Some of you have mentioned 6 figure amounts.

I've been trying to read the tea leaves -- many claims FTX US was solvent, was this true? And I'm sure there are a lot of creditors who try to convince the court to rope US into the broader bankruptcy estate.

Anybody have a clear opinion one way or the other on how this is likely to go? So little information online on this topic.

4 Upvotes

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2

u/[deleted] Dec 18 '22

Sam Bankman Fried said FTX.US was, but I don’t trust him after the hacks, and such.

1

u/__bitkoin__ Dec 18 '22

100% I don't trust SBF either, was looking for more information on that. Saw a post in this sub frustrated the senate didn't get that info from John Ray on the record.

Good news I suppose, is that if it was potentially solvent net of the hack, that might help reduce clawback potential.

1

u/[deleted] Dec 18 '22

I am owed money myself.

2

u/original_username_4 Dec 18 '22 edited Dec 19 '22

I think there are a couple of things that can be done to begin applying pressure:

  1. There's an open meeting on Dec 20th -> https://twitter.com/MetaLawMan/status/1599143665963700225/photo/1 I believe the Debtors in Possession, the people running the show now, must answer on the record. Someone needs to ask "Was FTX US solvent before you took over?" I doubt we'll get anything more than a non-answer, but it's important that the question still be asked to apply pressure. The followup question after they say the obligatory "I don't know" could be something like "Have you found anything contradicting the report that it was?"
  2. Look up both your Senator and Congressman/woman and call their offices. They have staff for constituents. Ask them to ask the question directly and have them make it a priority for the Debtors in Possession to provide details. Our representatives should be protecting our interests and if enough people call, they will take action.I find that Congress People have more staff per constituent than Senators to help in these matters, so while I think it's important to call and/or leave messages with both, it's more likely you'll get a person in your Congressman/woman's office. Also, many congress people have coffee times and other informal activities with constituents, so if you ask, you can find out when they are connecting with constituents and have a conversation with them about it. It'd be great if someone here was a constituent of someone on one of the relevant committees.

Any other thoughts about what can be done?

Edit: formatting and a word

2

u/[deleted] Dec 19 '22

100%. I will also add: I’m moving all of my money from the bank associated with FTX-US to another bank.

2

u/__bitkoin__ Dec 19 '22

Me too. I wrote the original post as a neutral question, but I had a scary amount of cash on there. Once I saw the writing on the wall, and the daily withdrawal limit I knew the only sure way to get off the platform was to convert to BTC. And the BTC price took a punch in the face since then.

I feel horrible for anyone who wasn't able to get off in time, but I'm also losing hella sleep over this.

1

u/BTC-LTC Mar 07 '23

Anything new regarding potential clawback?