After a relatively short time, a little more than 2 years, the reimbursement of the Crypto FTX Exchange begins. On the side of the old customers, it is a mixture of joy and bitterness: the latter recover their bet, but must make a cross on the benefits they could have achieved. On the graphics side, a question arises: will these 9 billion be invested in a moribund market?
The reimbursement of FTX customers begins today: $ 9 billion
Since 16 hours today$ 9 billion spills into the markets. This is the consequence of a first wave of reimbursement as part of the Krach of the FTX platform.
⚡️ NOW: Multiple Reddit Users Reporting FTX Payments on Kraken. pic.twitter.com/ywss1noeu7
– Cointelegraph (@cointelegraph) FEBRUARY 18, 2025
As a reminder, FTX was the Exchange founded by Sam Bankman-Fried who collapsed with a crash in November 2022. The young genius of the crypto was crumbling under the praise before becoming The personification of a faulty ecosystem.
This story now belongs to the past. After a long Bear Market and an institutionalization of the industry, The world of crypto is no longer the same. To start, Gary Gensler and the anti-Crypto establishment were excluded from power by new President Donald Trump.
But above all, injured investors started to recover their money from today, 4 p.m.. Unlike the MT. Gox affair, which can be compared in terms of volumes and media echoes, they will not have had to wait 10 years.
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This first wave of reimbursement concerns small carriersthose whose lost funds were worth between $ 0 and 50,000.
Despite unparalleled reactivity on the part of the teams in charge of the bankruptcy of the Exchange FTX, This reimbursement is not unanimous. On the investors' side, we look with bitterness the price of bitcoin, which is currently worth $ 95,500.
Why that? During the FTX Krach, Digital gold is under 20,000 dollars. By being reimbursed at the price in dollars of their portfolio, not in cryptocurrency, customers of Sam Bankman-Fried must sit on a profit of 377 %.
Obviously, This calculation is not objective. To make these earnings, investors should have kept their crypto during the Bear Market, do not invest in a same, etc. In other words, they would have made 377 % profits in the best of cases.
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What impact will these $ 9 billion have for the cryptocurrency market?
In the same way as the Krach of MT. Gox and the (very) slow reimbursement that has followed, the question that everyone is asking is as follows: What will be the impact on the market? Two solutions are possible.
First, the 9 billion distributed in the coming hours via Kraken and Bitgo platforms can be reinvested immediately on the market.
A process all the easier since This money will already be on exchanges. We can also think that this potentially represents a nice jackpot for these 2 exchanges, the majority of income of which is linked to the costs on transactions.
Second possible outcome, money from this first wave of reimbursement could Leave the world of cryptocurrencies forever. Indeed, losing tens of thousands of dollars suddenly, all the more when a small carrier is, leaves a bitter memory.
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In parallel, the discourse that the press and the Securities and Exchange Commission rekindled in the months which followed bankruptcy put guilt on investors.
The latter were accused of having made mistakes, having trusted the bad person and having touched a market, that of the crypto, which is supposedly full of crooks and criminals.
Positive point, unlike the reimbursement of MT. Gox, No risk of violent crash is to be expected, Given the fact that it is dollars – or stablecoins – which will be distributed, not crypto.
Put end to end, these different elements suggest that the most likely outcome remains an injection of liquidity.
The shortfall perceived by investors could well give them the desire to ” redo ». This liquidity should nevertheless be invested in droppings, Given the current gloom of the market.
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Cryptocurrency expert, Marc-Antoine began his trip to the web 3 alongside David Prinçay (current president of Binance France) in the French Cryptomonnaies club. Since then, it was by writing articles in the most famous crypto media in France that he spreads the good word. If you have read an article on the crypto, there is a good chance that you have read one of its articles. NFT, Blockchain, Web 3, DEFI, there is not a sector that is foreign to it. And do not ask him what is the next corner that you should buy: it is a maximalist bitcoin (yes, no one is perfect).
Marc-Antoine Caen Poletti
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