FTX extends settlement on US election-outcome futures

FTX, as an exception and free of charge, is offering those who opened Trump victory contracts following the US presidential election the option to convert them into new contracts expiring on February 1. If he is unequivocally re-elected, the platform will pay $1 to buyers of the TRUMPFEBWIN futures.

Users who were long TRUMP (or short BIDEN) can now convert to TRUMPFEBWIN to preserve their positions until February.

You must do this by 2020-11-15 10pm HKT or they will expire to 0.https://t.co/jQuqHnkcfLhttps://t.co/YQfkaBdgH8

— FTX — Built By Traders, For Traders (@FTX_Official) November 9, 2020

According to WSJ, as of now Democrat Joe Biden has 290 electoral votes towards the 270 required to win. Trump has 214. The count is ongoing in North Carolina and Georgia, which together yield 31 electoral votes.

Trump refuses to believe his defeat and calls the recent elections “stolen.”

“We believe these people are thieves. The big city machines are corrupt. This was a stolen election. Best pollster in Britain wrote this morning that this clearly was a stolen election, that it’s impossible to imagine that Biden outran Obama in some of these states.

— Donald J. Trump (@realDonaldTrump) November 8, 2020

Representatives of the crypto-derivatives exchange emphasised that the rules are explicit. They state that a contract is settled at the moment a candidate is declared the winner. This does not necessarily imply an expiration in February.

8) The rules of the contract always specified that it would expire if a candidate was declared to be the winner of the election, not that they would necessarily extend until February. Anyone who was not under that impression didn’t read the rules or is lying.

— FTX — Built By Traders, For Traders (@FTX_Official) November 7, 2020

Earlier ForkLog wrote about dramatic fluctuations in the victory contracts on the US election on the FTX exchange.

Also, it emerged that the CEO of Alameda and the FTX exchange, Sam Bankman-Fried donated $5.22 million to Joe Biden’s campaign fund.

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