FTX Digital Markets creditors claiming up to $50,000, known as Convenience Class creditors, in the Bahamas repayment process will begin receiving repayments by Feb. 18, according to a Tuesday statement.
Creditors will see a 9% per annum interest rate based on their claim value on Nov. 11, 2022, marking the first repayment to creditors after years of company restructuring and creditor repayment proposals.
In November 2024, the FTX estate estimated that creditor reimbursements would begin by March 2025 , with creditors maintaining claims below $50,000, expecting to see around 118% in compensation.
FTX Digital Market's liquidator, PwC, had stated that non-Convenience Class creditors expected to receive reimbursement in the second financial quarter of this year. The digital asset custodian BitGo will process these repayments for individual, institutional and other creditors, obtaining their repayment as USD fiat, PwC's release continues.
The crypto exchange FTX filed for Chapter 11 bankruptcy protection on Nov. 11, 2022. The firm's bankruptcies took place in both Delaware, where FTX Trading is based, and the Bahamas, which headquarters FTX Digital Markets, The Block previously reported.
The Block reached out to PwC for comment.