FTX Repayment News: Are You Getting Paid Now? Key Dates Revealed

Nearly three years after its shocking collapse, FTX is finally repaying its creditors. The long wait is over – at least for some. On February 18, the exchange began issuing its first round of payments to creditors with claims of $50,000 or less. This group, known as the “Convenience Class,” will receive full repayment along with 9% interest, with funds expected to arrive within one to three business days.

But what about those with larger claims? And how has FTX’s downfall continued to shake up the crypto market? Here’s a look at the repayment process, key dates to watch, and the ongoing impact on Solana.

FTX Partners with BitGo and Kraken for Repayments

To handle the repayment process, FTX has teamed up with BitGo and Kraken. According to Sunil Kavara, a representative of the estate’s largest creditor group, this first round of payments will cover around 162,000 claims out of an estimated 460,000 creditors.

In total, FTX plans to distribute $17 billion, with $7 billion set aside for this first phase. The repayments come after a long legal battle following the exchange’s bankruptcy in November 2022.

What About Creditors Owed More Than $50K?

Creditors with claims over $50,000 will need to wait longer. Their repayments are scheduled to begin in the second quarter of 2025. A key date to watch is April 11, when FTX will confirm claims exceeding $50,000. Actual payments for this group are expected to start on May 30.

To receive funds, creditors must complete Know Your Customer (KYC) verification and submit necessary tax forms. Those who miss the deadline can still qualify for later distributions.

How Much Will Creditors Get?

FTX’s recovery estimates suggest that total payouts could range from $14.46 billion to $16.25 billion. The expected recovery rate is between 123% and 138%, meaning some creditors may receive more than their original claims.

While secured and customer claims should be fully covered, the final payout amounts depend on factors like post-petition interest and remission fund recoveries.

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FTX’s Impact on Solana (SOL) Price

FTX’s bankruptcy is also impacting the Solana (SOL) market. The exchange has been selling off its SOL holdings, increasing selling pressure. Last week, its liquidation wallet sent SOL tokens to Binance, pushing prices lower.

Adding to this, an upcoming unlock of 11.2 million SOL—linked to FTX’s early investments—could put even more pressure on the market. As a result, SOL’s price has dropped 10% in a day, falling close to $160. With FTX continuing to offload assets, Solana’s market remains under pressure.

As creditors see long-awaited payouts, the scars of one of crypto’s biggest collapses remain fresh.