$SOL Here’s what happened in crypto today

Today in crypto, FTX is set to begin repaying $1.2 billion to creditors, marking a key step in the exchange’s bankruptcy proceedings, Argentine President Javier Milei made his first public statement since the disastrous Libra memecoin launch to deny any wrongdoing on his part, and the ratio of long to short positions on SOL in futures markets is tilting bearish as memecoin losses mount.

FTX’s $1.2 billion repayments mark key moment in crypto industry recovery

FTX 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 (BTC) 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.

Despite the positive news, some creditors have criticized the repayment model, which reimburses claimants based on cryptocurrency prices at the time of bankruptcy. Bitcoin prices, for example, have increased by more than 370% since November 2022.

Argentine president denies promoting failed LIBRA memecoin

Argentina’s president, Javier Milei, has refuted claims that he promoted the controversial Libra token, which quickly tanked in value, leading the crypto-friendly politician to face multiple fraud suits and a call for his impeachment.

“I did not promote that. What I did, I spread the word,” Milei said during a