FTX creditors are set to receive their much-anticipated repayments, marking a significant milestone in the ongoing bankruptcy proceedings of the collapsed cryptocurrency exchange. Sunil, a key figure in the process, confirmed that payments will be facilitated through a BitGo account, accessible via the FTX Digital Claim Portal. Eligible creditors in the Bahamas, who have already received email confirmations, can expect repayment to begin on February 18, 2025.
FTX Repayments: 18 Feb 2025
— Sunil (FTX Creditor Champion) (@sunil_trades) February 4, 2025
Funds available from 10am ET
FTX Claims < $50k
FTX Creditors in the Bahamas process have email confirmation that repayments will start on 18 Feb 2025
9% interest per annum from 11 Nov 2022 pic.twitter.com/FrmDN4qiK7
In addition to the principal repayment, eligible creditors will also receive a 9% annual interest calculated from November 11, 2022—the date FTX filed for bankruptcy. This interest is a compensatory measure for the prolonged delay in returning funds, offering some financial relief after more than two years of uncertainty following the exchange’s collapse.
This repayment plan is the result of extensive legal battles, asset recovery efforts, and negotiations that have followed FTX’s disastrous fall in November 2022. The exchange’s collapse left thousands of creditors questioning their financial futures, making these repayments a crucial step forward in the bankruptcy process. While this marks a positive development, the exact amount and timing for larger creditors—those with claims exceeding $50,000—remain unclear.
The ongoing efforts to maximize recoveries are expected to continue, with further updates anticipated in the coming months. Some industry analysts believe that the repayments could inject substantial capital into the broader cryptocurrency market, potentially driving Bitcoin’s value past $200,000. This optimistic prediction is fueled by both the FTX repayments and growing regulatory clarity in the United States.
Also Read: FTX Reaches Settlement with K5 Global in $700 Million Legal Dispute as Bankruptcy Process Nears End
FTX’s restructuring plan, approved in October 2024, stipulates that users with claims up to $50,000 will be the first to receive their repayments. As the process unfolds, creditors can remain hopeful for further progress in recovering funds and contributing to the overall growth of the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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