The FTX collapse that rocked the crypto world in late 2022 is trending toward a happy ending—for some investors, at least. This week, FTX’s bankruptcy estate began repaying customers who lost their assets after the platform’s bankruptcy—a resolution that once seemed impossible.

The defunct FTX crypto exchange has begun repayment for users with claims worth $50K or less. Reportedly, about $1.2B will be distributed in the first phase for this category of claims, also known as the ‘convenience class’ through Kraken and BitGo.

Bitcoin plunged Tuesday after FTX revealed it was starting initial customer repayments over two years since the exchange's collapse, as lingering concerns re-emerge over the potential market and sentiment implications of the refunds.

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The estate of bankrupt crypto exchange FTX has begun distributing cash to creditors more than two years after Sam Bankman-Fried’s trading platform imploded.

Here's a quick recap of the crypto landscape for Wednesday (February 19) as of 9:00 PM UTC. Bitcoin and Ethereum price update Bitcoin is trading at US$96,170, recording a 2.1 percent increase over 24 hours.