The collapsed cryptocurrency exchange, FTX, plans to start repaying creditors and customers in early 2025. The company has announced its latest timeline for repayments as it nears the conclusion of its Chapter 11 bankruptcy process. FTX’s court-approved reorganization plan will become effective on January 3, 2025, and the firm’s bankruptcy team, led by FTX Debtors CEO John J.
Ray III, expects to make an initial distribution of repayments within 60 days of that date. Crypto exchanges Kraken and BitGo will facilitate recoveries to eligible creditors. FTX customers must complete know-your-customer (KYC) verification, fill out tax forms, and onboard to Kraken or BitGo by the effective date.
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