According to ChainCatcher, FTX and its affiliated debtors announced that the Chapter 11 reorganization plan approved by the court will officially take effect on January 3, 2025. The first round of distributions will be initiated within 60 days after the effective date and will only be available to approved claim holders in Convenience Classes. FTX has reached agreements with cryptocurrency custodians BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients.
To qualify for the first round of distributions, users must complete the following steps before January 3, 2025:
Log in to the FTX debtor customer portal
Complete KYC verification
Submit necessary tax forms
Open an account with BitGo or Kraken
FTX CEO John Ray III stated: "Over the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the reorganization plan and the commencement of distributions on January 1, 2025, reflect the significant results of the asset recovery efforts." For transferred claims, only assignees who complete processing before the record date of January 3, 2025, and have the 21-day objection period expire will be eligible for distributions. FTX Digital Markets Ltd. (FTX DM) will announce its customer distribution process separately.