According to Foresight News, FTX and its affiliated debtors have announced that the Chapter 11 reorganization plan approved by the court will officially take effect on January 3, 2025. The first-round allocation will commence within 60 days after the effective date, targeting approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset allocation services for retail and institutional clients.
To qualify for the first-round allocation, users must complete the following steps by January 3, 2025: Log in to the FTX debtor client portal, complete KYC identity verification, submit the necessary tax forms, and open an account with BitGo or Kraken.