The collapse of FTX in 2022 marked a dramatic turn for the once-celebrated exchange. Now, as its repayment plan takes shape, certain cryptocurrencies brace for unprecedented sell-offs. This article examines FTX's debt settlement progress, high-risk tokens, and the legacy of its innovative products.
FTX's Repayment Plan & Timeline
In May 2024, court filings revealed FTX owes creditors $11.2 billion**, with available funds estimated between **$14.5B–$16.3B. Key details:
- 9% interest for most creditors post-full repayment
- Claims ≤$50K (98% of clients) to receive 118% reimbursement
- Cryptocurrency valuations locked at November 2022 prices (BTC: $16,080)
August 2024 Update:
FTX and CFTC agreed to a $12.7B settlement, ensuring government lawsuits won't reduce client funds. The exchange also:
✅ Sold $1B in Anthropic (AI startup) shares
✅ Paid $200M** priority tax + **$685M secondary tax claims
FTX's Current Wallet Holdings
Arkham data shows $1.475B in remaining assets. Top holdings by USD value:
| Token | Amount Held | 24h Trading Volume* |
|---|---|---|
| FTT | $680.79M | $18M |
| OXY | $356.56M | $3K |
| MAPS | $147.10M | $130K |
| MEDIA | $131.76M | N/A |
| FIDA | $55.31M | $15.51M |
*Data from CoinGecko at press time
High-Risk Tokens
FTT
- FDV: $870M
- FTX holds 78% of fully diluted valuation
- Minimal buy-side liquidity to absorb sells
OXY/MAPS/MEDIA
- Trading volumes <1% of FTX's holdings
- Effectively illiquid markets
FIDA/BOBA/SRM
- Short-term downside potential exists
- Requires careful monitoring of exchange flows
👉 Track real-time FTX wallet movements
Lower-Impact Assets
Tokens with sufficient market depth:
- RAY ($948.3M 24h volume)
- DRIFT ($29.01M 24h volume)
- SOL ($4B 24h volume)
- Stablecoins (USDC/BRZ)
FTX's Product Legacy
1. Leveraged Tokens (Adopted by KuCoin)
- Provided 3x long/short exposure without margin risks
- Daily rebalancing prevented overnight liquidation
- Now offered for BTC/ETH by multiple exchanges
2. Tokenized Stocks (Unfilled Niche)
- Previously enabled global access to COINBASE, BABA
- Current providers like Backed exclude U.S. users
- Coinbase exploring Base-chain stock tokenization
FAQ
Q: When will FTX complete repayments?
A: No official deadline, but liquidations are ongoing via gradual Binance/Gate transfers.
Q: Can FTT recover post-selloff?
A: Unlikely given supply overhang—monitor exchange inflows.
Q: Are FTX's tokenized stocks returning?
A: Not under current management; watch Coinbase's Base developments.