Ethereum holders with FTX can expect a $2,500 refund as repayments start this month under the bankrupt crypto exchange's terms.
FTX Creditor Repayment Plan
The FTX repayment plan is set to begin on February 18, offering full repayment of creditors' claims, including interests, through BitGo. Customers, however, will not gain additional profit from current market prices as the repayment will follow November 2022's valuation.
Comparison with Bitcoin
This implies that Bitcoin holders at the time of FTX's collapse will receive repayments capped at $20,000 per Bitcoin for 98% of users. Currently, Bitcoin is trading at nearly five times its 2022 market price, while Ethereum shows relatively smaller market changes.
Trader Reactions and Future Steps
Traders had mixed reactions to the repayments. Many noted Ethereum's relative price stability over the past two years compared to Bitcoin's significant increase. Meanwhile, FTX is holding back half of the payout amount for disputed claims, and the exact sum for Bahamas creditor repayments remains unknown.
As repayments continue, FTX's founder, Sam Bankman-Fried, is held accountable for corporate fraud leading to the exchange's collapse. Further resolution and distribution actions are anticipated.
