FTX Digital Markets, the Bahamian subsidiary of the collapsed cryptocurrency exchange FTX, will start repaying creditors on February 18, 2025. This marks a key moment in the ongoing bankruptcy proceedings after FTX’s infamous collapse in November 2022.
FTX Bahamas Creditor Repayments: Key Details
According to official notices, repayments will begin with the “Convenience Class” creditors who have claims under $50,000. These creditors will receive 100% of their adjudicated claim value, plus 9% annual interest accrued since November 11, 2022.

This follows years of legal battles and restructuring efforts after FTX’s unexpected downfall. The company, once a major force in cryptocurrency trading, suffered a liquidity crisis that led to bankruptcy, leaving thousands of users without access to their funds.
FTX Repayment Process
FTX has partnered with BitGo, a digital asset custody provider, to securely distribute the funds as part of the FTX Bahamas creditor repayments plan. Payments may appear as pending up to 10 days before the distribution. Creditors should have full access to their funds by early March 2025.
Although Kraken, another crypto exchange, is part of the broader repayment strategy, it remains unclear whether it will assist in this specific phase of FTX Bahamas creditor repayments.
Financial Impact of FTX Creditor Repayments
FTX’s collapse left a total estimated debt of over $16 billion. The repayments are based on the U.S. dollar valuation of crypto holdings as of November 2022. Customers who held Bitcoin or other digital assets missed out on potential gains due to market appreciation.
For example, Bitcoin was worth $17,000 in November 2022. Today, it trades near $100,000. A creditor with Bitcoin holdings in 2022 will only receive the original dollar equivalent, plus interest, rather than benefiting from price increases.
FTX’s Legal and Reorganization Timeline
FTX’s reorganization plan took effect on January 3, 2025. The company is distributing claims in phases, beginning with the Convenience Class. The FTX Bahamas creditor repayments plan aims to resolve debts while stabilizing FTX’s financial structure.
FTX collapsed due to mismanagement of customer funds, including secret transfers to Alameda Research. Former CEO Sam Bankman-Fried (SBF) was convicted and sentenced to 25 years in prison for fraud. Other top executives, including Caroline Ellison and Gary Wang, also faced legal consequences.
What’s Next for FTX Creditors?
This repayment phase focuses on Bahamas-based creditors with claims under $50,000. Larger claims will be addressed in later phases, with updates expected in the coming months. Creditors should verify their account details to ensure eligibility.
Final Thoughts
FTX’s repayment plan offers partial relief to creditors. However, missed asset appreciation and long legal battles still leave many with substantial losses. The FTX Bahamas creditor repayments case highlights the risks and trust issues in the cryptocurrency industry.