The bankrupt FTX exchange is set to start repaying its debts to creditors located in the Bahamas from February 18, 2025. This marks the first serious step since the exchange’s collapse in 2022. Bitcoin holders are dismayed as the repayment price for Bitcoin is set at $20,000, significantly lower than the current market price of around $96,400. On the other hand, Ethereum is trading at $2,650, creating less disparity and reducing pressure on ETH holders. The decision has sparked heated debates on social media, with users arguing that repayments should be based on the current market value. However, initiating this process is a significant move in closing the chapter on one of the biggest crypto crashes in history, although many questions remain regarding the fairness of this repayment structure. After FTX’s collapse, users’ claims were initially traded at $0.05 per dollar, but with the financial improvement of the exchange, the value of these claims has increased. Now, these claims are traded above their initial value in November 2022, although holders may still incur losses in their actual coin count. Meanwhile, renowned analyst PlanB surveyed their users on whether they would hold onto the cash received or buy Bitcoin again. The results showed that over 70% of respondents intend to reinvest their funds in Bitcoin, indicating community confidence in Bitcoin’s long-term future despite short-term market fluctuations.
