The long -awaited FTX reimbursements officially started on February 18, 2025 at 3:00 p.m. UTC, with already $ 800 million distributed to 162,000 accounts. Many users confirm having received their funds via the Kraken platform.
FTX reimburses its creditors
FTX Digital Markets, the subsidiary at the Bahamas de l'Exchange in bankruptcy, launched its first wave of reimbursements yesterday as planned. Of the $ 1.2 billion planned for this first phase, 800 million have already been distributed through 162,000 different accounts.
Kraken, the exchange platform chosen by FTX, currently proceeds to the payments of the funds. Many users have already confirmed receipt of their reimbursements. Sunil, member of the FTX Customer Ad-Hoc Committee which represents more than 1,500 creditors, said that this first phase only concerns creditors claiming less than $ 50,000.
These reimbursements occur more than two years after the spectacular collapse of FTX, which had caused losses estimated at $ 9 billion. The bankruptcy of the Exchange and its 130 subsidiaries had sparked a chain reaction in the industry, plunging the crypto market in one of the most severe “crypto winters” in its history, with a falling bitcoin up to 16 000 dollars.
Impact and prospects for the Crypto market
Alvin Kan, director of operations at Bitget Wallet, anticipates a significant impact on the market. “” Investors will probably reinject a large part of $ 1.2 billion in cryptocurrencies, which will energize market liquidity and influence the prices of digital assets“, He says.
The method of calculating reimbursements, however, arouses strong criticism in the Crypto community. FTX reimburses its creditors at November 2022 prices, when Bitcoin displayed a course 80 % lower than today. The value of the first crypto has jumped more than 370 %, digging a considerable difference between the amount of reimbursements and the current value of lost assets.
Magdalena Hristova, head of public relations at Nexo, stresses only if this first reimbursement will not constitute a major catalyst for the market, it nevertheless represents a significant victory for the confidence of investors.
For many small carriers, in particular those who have not diversified their investments, these reimbursements bring not only a financial return, but also a feeling of security found.
The reimbursement process will continue in the coming months, with greater creditors who are still waiting for details on the processing of their complaints. This first phase, two thirds of which have already been executed, marks concretely the beginning of a long process of reconstruction of confidence in the crypto ecosystem.
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