Several events involving diverse ecosystems are expected to make headlines in crypto this week. From defunct exchange FTX to Jupiter and Hyperliquid, crypto market participants should prepare for a volatile week.

Traders and investors should consider adjusting their trading strategies around this week’s crypto market movers.

FTX Repayments

Defunct exchange FTX will start paying Bahamas creditors on Tuesday, February 18. BeInCrypto reported that the repayments will prioritize claims under $50,000, slated for processing through BitGo. Creditors outside the Bahamas must wait until March 4 for reimbursement.

It follows an email circulated among FTX creditors in early February, indicating details on reimbursement for lost assets. These payouts will begin at 10 AM ET on February 18.

Creditors will earn 9% annual interest on lost assets since November 11, 2022, as crypto values have surged since FTX’s collapse.

“Creditors in the Bahamas process have email confirmation that repayments will start on 18 Feb 2025 9% interest per annum from 11 Nov 2022,” FTX creditor activist Sunil Kavuri indicated, citing the email.

In a recent post, Kavuri warned us of ongoing phishing emails targeting FTX creditors. The fraudulent emails are reportedly from FTX and Ledger. The activist ascribes the threat to a possible data leak from either Kroll or FTX. Creditors are asked not to interact with the link.

“Scam Emails posing as FTX, Ledger Be vigilant,” Kavuri warned.

Meanwhile, BeInCrypto data shows FTX’s powering token, FTT, was trading for $2.22 as of this writing. This represents a modest climb of 2.36% since Monday’s session opened.

Jupiter’s JUP Buybacks

Another headline among top crypto news this week is Jupiter DEX’s (decentralized exchange) JUP token buyback. The move is part of the DEX’s transparency initiative and follows discussions about platform improvements and potential acquisitions within the Solana ecosystem.

With this announcement, Jupiter committed to allocating 50% of protocol fees to buy back and lock JUP tokens for three years.

“…we want more JUP. So buybacks start on Monday. 50% of all protocol fees will go towards buying JUP and locking it for 3 years,” Jupiter shared in a recent post.

The network said these developments would align with discussions at the Catstanbul Conference. During the event, Jupiter outlined platform enhancements and acquisition plans within the Solana ecosystem.

In hindsight, Jupiter pulled a similar move in January, allocating 50% of its protocol fees to buy back and burn JUP tokens. The move resulted in a 60% increase in token value. BeInCrypto data shows Jupiter’s JUP token is up by almost 10% since Monday’s session opened.

Hyperliquid Spot Trading

Adding to the list of top crypto news this week is Hyperliquid’s plans to add support for Ethereum (ETH) and Solana (SOL) spot trading. Recently, Shoku, a builder on Hyperliquid, hinted at the possible addition of ETH and SOL for spot trading.

Hyperliquid is a high-performance layer-1 (L1) blockchain built with native spot and perpetual trading support.

“Trading on Bybit, Binance, OKX or Coinbase means paying 10x to 25x more fees which kills your profit,” one popular user on X observed.

Hyperliquid recently launched spot Bitcoin (BTC) trading alongside Unit, a new decentralized asset tokenization layer. With the expansion of ETH and SOL spot trading, others anticipate increased liquidity to Hyperliquid, potentially capturing 15-30 % more volume.

“If they hit 30% spot/perp penetration for BTC, they might dominate 50% of WBTC & cbBTC trading,” another user added.

Despite this news, Hyperliquid’s HYPE token has been down almost 3% since Monday’s session opened. BeInCrypto data shows HYPE was trading for $25.65 as of this writing.

MELANIA Token Unlocks

Another interesting watch this week will be the MELANIA coin’s token unlocks. According to data on Cryptoranks, 30 million MELANIA tokens will be unlocked starting Tuesday. The tokens, constituting 3% of its circulating supply, are worth $39 million at current rates.

The tokens will be allocated to the team, likely members of ‘MKT World LLC’—Melania Trump’s incorporated company that launched and promoted the token. Recently, BeInCrypto reported the possibility of MELANIA insiders behind the controversial LIBRA meme coin. Based on this, many MELANIA token unlocks could also go to these anonymous insiders.

“Another project with heavy insider moves,” a popular user on X quipped.

As of this writing, MELANIA coin was trading for $1.29, down 3% since Monday’s trading session started. In a recent report citing Keyrock research, BeInCrypto indicated that 90% of token unlocks drive prices down.

Accordingly, MELANIA coin holders should brace for volatility around the massive token unlocks, as such events often become bearish catalysts.

Telegram’s TON Blockchain Exclusivity

Starting Friday, February 21, TON will become the exclusive blockchain for Telegram’s Mini Apps ecosystem. This follows an official statement on January 21 indicating that this standardization will benefit Telegram users.

Specifically, the announcement cited consistent and predictable experiences for users while delivering better protection against scams. 

“All mini-apps on Telegram will now exclusively use TON as their blockchain infrastructure. All mini-apps that do not currently use TON should migrate by February 21, 2025. So let’s get on with it,” TON articulated on X.

Along with this exclusivity, TON Connect will also become the exclusive wallet integration protocol for all Telegram Mini Apps, except in bridging scenarios. This development represents the rekindling of Telegram’s partnership with TON after years of separation. 

Initially developed by Telegram, the TON project faced regulatory challenges and was handed over to independent developers in 2020.