The post FTX wallet moves Bitcoin ahead of creditor repayments appeared on BitcoinEthereumNews.com.

Key Takeaways FTX has begun testing Bitcoin transactions ahead of creditor repayments scheduled for tomorrow. Initial creditor repayments will prioritize customers with claims under $50,000. A wallet associated with the now-bankrupt crypto exchange FTX moved 0.3 Bitcoin, worth around $29,000, in three separate transactions early Monday, according to Arkham Intelligence data. The move comes as the FTX estate is set to begin repaying its first creditors on Feb. 18. The motive behind these small Bitcoin transfers is unclear. Ethem Ozturk, co-founder of Muhabbit who first spotted them, speculates that they may be test transactions to make sure things go smoothly when the bigger payouts start. According to the latest update from Sunil Kavuri, who represents the largest group of FTX creditors, FTX will initiate distributions to “convenience class” creditors, those with claims under $50,000. FTX Repayments: 18 Feb 2025 Funds available from 10am ETFTX Claims < $50k FTX Creditors in the Bahamas process have email confirmation that repayments will start on 18 Feb 2025 9% interest per annum from 11 Nov 2022 pic.twitter.com/FrmDN4qiK7 — Sunil (FTX Creditor Champion) (@sunil_trades) February 4, 2025 Eligible creditors can expect to receive 100% of their adjudicated claim value, plus 9% annual interest calculated from November 2022, the month FTX declared bankruptcy. Repayments will be based on crypto values converted to US dollars at the time of FTX’s November 2022 bankruptcy. While FTX has recovered more than $16 billion in assets, customers may face losses due to the recent appreciation of Bitcoin and Ethereum. The exchange projects that approximately 98% of users will receive 119% of their claim value. FTX’s reorganization plan officially took effect on Jan. 3, and repayments will soon begin. The first group of creditors is expected to receive their reimbursements by early March. FTX will announce its plans for how the…

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Filed under: News - @ February 17, 2025 4:25 pm