#FTXrepayment

FTX to Repay $1.2 Billion to Creditors on Feb. 18

FTX is set to repay $1.2 billion to its creditors on Feb. 18, marking a significant milestone in the exchange’s bankruptcy proceedings. Users will receive their funds at 15:00 UTC on Feb. 18, according to a Feb. 4 post on X by Sunil, an FTX creditor and member of the largest group of over 1,500 creditors, the FTX Customer Ad Hoc Committee.

This repayment will inject approximately $1.2 billion in capital into the first wave of affected FTX users, who will receive their funds at 15:00 UTC on Feb. 18.

This move is seen as a positive sign for the crypto industry’s recovery, according to Alvin Kan, chief operating officer of Bitget Wallet. He claims that refunds could result in “a significant portion being reinvested in cryptocurrencies, potentially impacting market liquidity and prices.”