Here’s what happened in crypto today

Today in crypto, FTX initiated its first round of creditor repayments and set May 30 as the next payment date, with an April 11 deadline for claim verification. Meanwhile, in Argentina, President Javier Milei denied wrongdoing in the Libra memecoin scandal amid fraud allegations.FTX announces next repayment round for MayFTX has announced plans for upcoming repayments to creditors of the bankrupted crypto exchange after initiating its first round of reimbursements on Feb. 18.According to a Feb. 18 announcement, the next repayment distribution will take place on May 30, 2025 for holders of allowed claims of “Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.” It includes customers who had assets on the platform when it collapsed and other creditors, such as vendors and trading partners.FTX’s next repayment round requires creditors to have verified claims by April 11 —the record date to qualify for distribution.According to Sunil Kavuri, an FTX creditor and advocate, the round of repayments that will start in May will include claims for a value above $50,000. These creditors will need to choose a distribution agent by April 11, Kavuri added.Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. In May 2024, the exchange estimated the distribution’s total value to range between $14.5 billion and $16.3 billion.FTX’s $1.2 billion repayments mark key moment in crypto industry recoveryFTX Digital Markets, the Bahamian unit of the collapsed cryptocurrency exchange FTX, is set to repay the first group of creditors on Feb. 18 in a significant development for the crypto industry following the exchange’s almost $9 billion collapse.The downfall of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.In a key moment for the crypto industry’s recovery, FTX’s Bahamas wing will honor the first batch of repayments for users who are owed less than $50,000 worth of claims.Users will receive their funds at 3:00 pm UTC on Feb. 18, according to a Feb. 4 X post from FTX creditor Sunil, who is part of the largest group of more than 1,500 FTX creditors, the FTX Customer Ad-Hoc Committee.The repayments will bring an estimated $1.2 billion worth of capital to the first wave of defrauded FTX users.Despite the positive news, some creditors have criticized the repayment model, which reimburses claimants based on cryptocurrency prices at the time of bankruptcy. Bitcoin prices, for example, have increased by more than 370% since November 2022.Argentine president denies promoting failed LIBRA memecoinArgentina’s president, Javier Milei, has refuted claims that he promoted the controversial Libra token, which quickly tanked in value, leading the crypto-friendly politician to face multiple fraud suits and a call for his impeachment. “I did not promote that. What I did, I spread the word,” Milei said during a Feb. 17 interview with Todo Noticias, his first public statement since the Libra token controversy that local media have dubbed “Libragate.”Milei claims he has “nothing to hide” and acted in “good faith,” he acknowledged that he has “something to learn” from the ordeal, including the need to “start setting filters” on what conduct is appropriate and what isn’t.The libertarian economist said that problems flowing from the token launch should only include the parties involved. “The state plays no role here,” Milei said.