#FTXrepayment FTX has finally kicked off its repayment process to creditors nearly three years after it fell apart. Starting on February 18, the first payments are going to those with claims of $50,000 or less. This group, known as the “Convenience Class”, will receive full repayment with an added 9% interest. Those owed money can expect to see their payments in their accounts within one to three business days.

The bankrupt exchange has enlisted the help of BitGo and Kraken to facilitate the repayment process. As per a representative from the biggest creditor group, this first round will cover about 162,000 claims out of an estimated 460,000 creditors. FTX aims to distribute $17 billion in total, with $7 billion earmarked for this first phase of repayments. This all comes after a long and winding legal road following FTX’s bankruptcy in November 2022.