FTX Announces Debt Repayment Starting February 18

FTX has announced that it will begin repaying global creditors with claims under $50,000 starting on February 18, 2025.

Ftx Announces Debt Repayment Starting February 18

Two years after the shocking collapse of the cryptocurrency exchange FTX, the company is finally preparing to repay its first group of creditors, starting on February 18, 2025.

FTX Announces Debt Repayment Starting February 18
FTX Announces Debt Repayment Starting February 18

According to Sunil Kavuri—a creditor in the “convenience class” group—individuals with claims of less than $50,000 will be fully reimbursed for their losses along with 9% annual interest, calculated from November 2022. Custodian firm BitGo will handle these payments. However, it remains unclear whether Kraken—another platform involved in the repayment process—will follow the same timeline.

PwC, the entity overseeing the liquidation of FTX Digital Markets, stated that creditors with larger claims are expected to receive their payouts in Q2 2025. BitGo will process all payments in USD for individuals, institutions, and other creditors.

Related: FTX Sues Binance and CZ, Demanding Compensation of Up to $1.76 Billion

The total amount FTX needs to repay could exceed $16 billion if all creditors complete their claim filings. After years of recovering assets through legal proceedings, FTX’s restructuring plan officially took effect on January 3, 2025. The first group of creditors is expected to receive funds by early March.

While FTX Digital Markets’ initiation of creditor repayments signals that the two-year-long scandal is nearing its end, concerns remain over the payout process, particularly for larger claims. With more than $16 billion in obligations, FTX’s “legacy” continues to pose a significant burden on the cryptocurrency industry.

0.0/5

Love

Latest

Azcnews Breaking Zklend Loses $4.9m In Starknet Exploit

News | Editor Choice | Policy & Regulations

zkLend Loses $4.9M in Starknet Exploit, Offers Hacker 10% Bounty for Return of Funds

Decentralized lending protocol zkLend has fallen victim to a $4.9 million exploit on the Starknet network, marking a resurgence in crypto-related hacks after a decline in January.

Azcnews Breaking Us And Uk Refuse To Sign International Agreement On Ethical Ai

News | AI | Editor Choice

US and UK Refuse to Sign International Agreement on Ethical AI

The US and UK declined to sign an international AI agreement, citing concerns over excessive regulation, while the summit emphasized ethical AI development, innovation, and global cooperation.

Azcnews Breaking Bitcoin’s Price Fluctuation And The Role Of Otc Transactio

News | Bitcoin | Editor Choice

Bitcoin’s Price Fluctuation and the Role of OTC Transactions

Bitcoin briefly dropped to $94,900 last night before recovering slightly. While market sentiment and institutional strategies often dominate discussions on Bitcoin’s volatility, the impact of over-the-counter (OTC) transactions remains an overlooked but crucial factor.

Azcnews Breaking Bnb Chain’s Four.meme Suffers $183k Exploit In Security Breach

News | Editor Choice | Memecoin

BNB Chain’s Four.Meme Suffers $183K Exploit in Security Breach

The memecoin launch platform has temporarily suspended the creation of new liquidity pools as it works to resolve a recent exploit.

Azcnews Breaking Litecoin Etf Has A 90% Chance Of Sec Approval

News | Altcoin | Editor Choice | Policy & Regulations

Litecoin ETF Has a 90% Chance of SEC Approval

Bloomberg ETF analysts suggest that Litecoin's regulatory filings have been acknowledged, indicating that the SEC likely classifies it as a commodity.