Bitfinex to Support the Fantom (FTM) Token Swap and Rebranding to Sonic (S)

Bitfinex will support the Fantom (FTM) token swap and rebranding to Sonic (S) which has been previously announced by Sonic Labs.

Deposits and withdrawals of FTM are expected to cease on 13/02/2025 at 09:00 AM UTC. Spot trading for FTM is expected to cease on 13/02/2025 at 2:00 PM UTC. We would like to remind our customers to cancel any open FTM orders before 13/02/2025 at 2:00 PM UTC. All remaining open orders will be cancelled by the system. 

From 2:00 PM UTC on 13/02/2025, Bitfinex will disable margin trading on the FTM/USD and FTM/USDt pairs, as well as funding for FTM. 

From 2:00 PM UTC on 05/02/2025, customers will only be able to reduce their margin positions in FTM/USD and FTM/USDt. We would like to remind our customers to cancel any open orders before 2:00 PM UTC on 13/02/2025. All remaining margin and funding orders will be cancelled, and all open margin positions will be force-settled on 13/02/2025 at 2:00 PM UTC. 

Customers who have used FTM as collateral to finance margin positions are reminded to replace this collateral with an alternative asset before 13/02/2025 at 2:00 PM UTC. Failure to do so may result in liquidation.

Bitfinex intends to replace the balances of FTM tokens on the Bitfinex platform with balances of S tokens at a 1:1 ratio (1 FTM: 1 S). This conversion rate was specified by Sonic Labs. If you do not wish to have your FTM token balances replaced with the S token balances, you must withdraw your FTM tokens prior to the closure of FTM withdrawals specified above. 

Any FTM deposits sent after the deposit closure time specified above will be lost and unrecoverable.

Bitfinex intends to provide updates regarding whether and when trading, deposits and withdrawals of the S token will be opened in a subsequent announcement. Customers are advised not to deposit S tokens before an announcement. Please refer to our social media announcements for further updates.

For more information on the Fantom (FTM) token swap, please see updates here: https://blog.soniclabs.com/sonic-mainnet-launch-evm-compatible-verifiable-10-000-tps-and-sub-second-finality/.

Important Note:

This announcement is not an offer to sell or a solicitation of an offer to buy Fantom (FTM) token, Sonic (S) token or any other cryptocurrency. Any purchase or sale of any cryptocurrency on Bitfinex will occur solely pursuant to the Terms of Use for Bitfinex at https://www.bitfinex.com/legal/exchange/terms.

Forward-Looking Statements:

Certain statements in this announcement may be forward-looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. None of Bitfinex nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.