FTX is set to repay $1.2 billion to creditors on Feb. 18, marking a key step in the exchange’s bankruptcy proceedings. Of
$FTS Digital Markets, the Bahamian unit of the collapsed cryptocurrency exchange FTX, is set to repay the first group of creditors on Feb. 18 in a significant development for the crypto industry following the exchange’s almost $9 billion collapse.
The downfall of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s
$93,526
price bottom out at around $16,000.
In a key moment for the crypto industry’s recovery, FTX’s Bahamas wing will honor the first batch of repayments for users who are owed less than $50,000 worth of claims.
Users will receive their funds at 3:00 pm UTC on Feb. 18, according to a Feb. 4 X post from FTX creditor Sunil, who is part of the largest group of more than 1,500 FTX creditors, the FTX Customer Ad-Hoc Committee.
The repayments will bring an estimated $1.2 billion worth of capital to the first wave of defrauded FTX users.
