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.

Love

0.0/5

Love

Latest

Will Dogecoin Be Part Of Elon Musk’s X App Trading Platform In 2025

News | Editor Choice | Memecoin

Will Dogecoin Be Part of Elon Musk’s X App Trading Platform in 2025?

The future of Dogecoin on Elon Musk’s X App trading platform remains a big question, as the leaked roadmap does not mention the cryptocurrency despite rising expectations from the community.

Sharplink Gaming Continues To Accumulate 7,689 Eth

Editor Choice | Altcoin

SharpLink Gaming Continues to Accumulate 7,689 ETH

SharpLink Gaming has increased its treasury to 205,634 ETH after purchasing an additional 7,689 ETH over the past week.

Tesseract Ceo Predicts $6,500 Ethereum By Year End

News | Altcoin | Editor Choice

Tesseract CEO Predicts $6,500 Ethereum by Year-End

Ethereum's price could surge by up to 160% by the end of 2025, according to a bold prediction from the Tesseract CEO, driven by growing staking activity, institutional inflows, and expectations around network upgrades.

Why Is Xrp Still Stuck

News | Altcoin | Editor Choice

Why Is XRP Still Stuck?

Despite its technological potential, XRP's price remains stagnant as analysts point to Ripple’s centralized control and lack of transparency as key factors hindering its growth.

Thanks To Bitcoin, Metaplanet Surpasses Toyota And Sony In Trading Volume

Bitcoin | Editor Choice

Thanks to Bitcoin, MetaPlanet Surpasses Toyota and Sony in Trading Volume

MetaPlanet's stock in Japan is leading in trading volume, attributed to the company's leadership in the digital asset trend.