FTX fund is back. An unexpected winfall.

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Dear all,

A few years ago, the price of old Luna cryptocurrency due to the mismanagement of its founder collapsed rapidly. From $80 plus dollars, it dropped to several cents. I remembered that it was in the middle of the night when it happened. Jeremy happened to be awake at the same time. Wasted no time, we developed the speculation strategies and put it into action. Over the duration of 2 days, we managed to gain a few thousand dollars. 

We stopped after our crypto platform which had low risk appetite and terrible reaction time, decided to suspend all Luna trading. By then, we had already left with a couple of millions Luna with all our profits in hard cash. 

This is where the direction of Jeremy and my own split. I searched for another platform in hope that I could go in another round of speculation. To do that I had targeted two platform for the speculation, FTX or Crypto.com. In the end I chosen FTX as my country sovereign fund invested in the platform as well.

Fast forward a little, I caught wind of FTX was to go down and I quickly started to transfer all my crypto tokens out of my FTX account as much as possible. I only managed to transfer one or two tokens before my access to FTX was suspended. 

I am happy to announce that after 2.5 years or so, FTX liquidator managed to negotiate for the return of assets to the FTX clients. As I had a fair bit of USD and little crypto assets, the full amount of return to me through Kraken (one of the two appointed crypto platforms by FTX liquidator to handle the funds and crypto on the behalf of the clients.)

I managed to have the fund returned to me on 19/02/2025. I wasted no time withdraw the fund and placed it into my Syfe Pimco Income Fund. I did not expect myself to get back the fund so I am treating it like a windfall after writing the amount off. I am happy to announce that my Syfe Pimco Fund managed to reach just a little over $10,000. Not a huge achievement but I am proud that the third pillar of fund is progressing well. 

 


 P.s. Not a financial advice. Please treat this as the rambling of an middle age uncle.

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