FTX and its related debtors have announced that their Chapter 11 plan of reorganization will officially go into effect on January 3, 2025. This day is also the record date for initial distributions for those holding approved claims in the comfort class.

- Payments for these claims are expected to begin within 60 days of the plan’s effective date. Be sure to complete KYC and other distribution requirements, including filing tax forms. 📄

- The plan has received strong support from creditors, with an average recovery of 119% of the value of their claims. Some have even received up to 140% in cash! 💰

- FTX CEO John J. Ray III cited this as evidence of the success of the recovery efforts. “Our team has been working hard to recover billions of dollars.”

- FTX is partnering with BitGo and Kraken to distribute the funds. So make sure you complete all the steps to avoid any delays!

Let us know in the comments! Is this the right move for FTX?