FTX has started reimbursing some clients who had funds on the exchange in 2022.
The payouts are being made in dollars, based on the price at that time.
In other words, anyone who held 1 BTC will receive only $18,000 😭
This is why maximalists always repeat the basics—because the basics work: “Not your keys, not your coins.”
Don’t fall for illusions. Until there is a truly decentralized platform like Aave running on the Bitcoin network, don’t risk your sats chasing yield.
Sad af
By the way, whoever manages to create this will make a fortune! I remember that Mircea Popescu launched an exchange (MPex) for stocks, bonds, and other assets on Bitcoin back in 2011. Years later, something similar emerged on the Ethereum network—if I'm not mistaken, it was Synthetix.
Unpopular take...
They should feel fortunate they're getting anything at all.
They could have ended up with nothing.
At least with the FMV of BTC at the time of the implosion they can get back into BTC with SOMETHING.
Are they reimbursing LUNA at pre-collapse level as well or it's just for coin that increased in value? You can be sure that if BTC would worth 9000$ today, they would reimburse in BTC.
Do you think there will ever be an Aave on actual bitcoin L1? Or will it be on lightning etc?
In Brazil, this idea is well-established, with many people using the Brazilian CBDC with more privacy via Liquid (Depix) and soon on Lightning. Nubank is also integrating Pix with Lightning. On the main Bitcoin blockchain, there’s not much you can do, as it needs to be solid; over time, it tends to have fewer transactions, which will lead to increasingly higher fees. Take advantage of opening LND channels while fees are low!
