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Optimism after FTX repayments: New billions in the crypto market
By Daniele Corno
The first tranche of $1.2 billion in repayments for FTX creditors has started: From April 11, 2025, the second tranche of approximately $16 billion will begin
New (old) billions in the crypto sector, is optimism back?
After more than two years of waiting, the crypto market is beginning to put the sector’s biggest ever bankruptcy behind it. As discussed yesterday in our article on the subject, the first repayments to FTX creditors with balances of less than $50,000 have officially begun.
The distribution, worth approximately $1.2 billion, is being processed through partners Kraken and Bitgo, through which early users have already received full reimbursement of their losses.
We would like to remind you that the value of the credit balance is calculated on November 11, 2022, at 10:00 UTC. This means that the reimbursement is relative to the dollar value of the assets held on that date plus accrued annual interest of 9%.
The value is therefore lower than the current values for all crypto hodlers. The value of Bitcoin has been calculated at a price of approximately $16,500, that of Ethereum at approximately $1,200 and that of Solana at $10.
A different story, however, for those who, on the date of bankruptcy, owned Stablecoin on FTX. In fact, in addition to having obtained an amount equal to the credit balance, they obtained an additional return of over 18%.
Remember that the processing of withdrawals takes between 1-3 days. If you have completed the claim process correctly and have not yet received your refund, all you have to do is wait until the end of the week.
April 11 for the second tranche, $16 billion ready to enter the sector?
Following the successful launch of the first phase, FTX has announced the official date for processing the second tranche.
This, relating to creditors with amounts exceeding $50,000, will see its starting phase on April 11, 2025, as reported by official communications.
(1/3) FTX today announced that it has commenced the initial distributions of recoveries to holders of allowed claims in FTX’s Convenience Classes in FTX’s Chapter 11 Plan of Reorganization. Customers should expect to receive funds within 1 to 3 business days.
— FTX (@FTX_Official) February 18, 2025
The expected value of the second phase is around $16 billion, a considerable amount compared to the first tranche. The repayment procedure through crypto partners Kraken and Bitgo has contributed to a small phase of optimism today.
Investors expect that much of the liquidity recovered after more than two years will flow into new crypto investments, bringing a significant pool of liquidity to the market, considering the current market phase.
The reaction to the news, albeit timid, shows a top 20 market cap in green over 24 hours, with positive returns between +0.5% and +3%.
