The majority of FTX creditors (79%) intend to reinvest their repayments in cryptocurrencies, showing continued optimism despite the exchange’s almost $9 billion collapse in 2022.

There are results of the survey conducted on Feb. 19 by NFTevening in partnership with Storible.

The survey was conducted through Prolific, an online research platform. The study’s participants were 1,016 FTX creditors who met specific criteria. They had to either have at least 10% of their portfolio consist of Solana (SOL) or have held at least $100 worth of SOL for over a year.

FTX Creditors Show Renewed Faith in Solana

Despite the turbulence caused by events such as the launch of the highly controversial Libra meme coin and the Meteora scandal, 62% of respondents said they would buy Solana with their repayments, according to the survey.

Additionally, according to the survey, 44% of creditors expressed their willingness to reinvest in Solana-based projects.

^{79% of FTX creditors plan to reinvest repayments in crypto. Source: NFTevening x Storible}

If Solana’s price falls below $145, the majority of creditors surveyed (71%) said they would either hold or buy more SOL, signaling a strong belief in the company’s long-term growth potential. This resilience suggests that creditors remain committed to strategic reinvestment despite the ongoing financial setbacks.

Many view the downturn as an opportunity to accumulate assets at lower prices rather than exit the market altogether, the survey suggests.

While Ethereum (ETH) remains the second most preferred blockchain for reinvestment, with 31% of creditors choosing it, the BNB Chain (BNB) follows with 16%, and 9% plan to explore other ecosystems.

Investors Are Turning to Memecoins and AI Tokens

Meme coins remain a popular choice among FTX creditors, with one-third of respondents planning to invest in these speculative assets.

Beyond meme coins, AI-related cryptocurrencies are also gaining traction. The survey found that 31% of creditors are prioritizing AI-driven blockchain projects, reflecting a growing belief in artificial intelligence’s impact on the financial sector and digital assets.

Impact of FTX’s Collapse and Repayment Initiatives

The downfall of FTX and more than 130 subsidiaries in November 2022 triggered a wave of insolvencies, leading to the longest-ever crypto winter. This downturn saw Bitcoin’s price plummet to around $16,000, while Solana lost over 94% of its value, hitting a low of $9.60 in December 2022.

In a crucial step toward industry recovery, FTX’s Bahamas division honored the first batch of repayments for creditors with claims below $50,000. These users were set to receive their funds at 3:00 PM UTC on Feb. 18, with an estimated $1.2 billion in capital distributed to the initial group of defrauded FTX users.

The next repayment distribution is scheduled for May 30 and will cover a broader group of creditors, including customers, vendors, and trading partners.

FTX creditors must verify their claims by Apr. 11 to qualify for this second round.

Under FTX’s recovery plan, 98% of creditors are expected to receive 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.

published by cryptonews.com