FTX Debts to Begin Repayment in 2025!
😮 The effective date of FTX’s reorganization plan is set for January 3, 2025. After this date, an initial distribution to debt holders will be made within 60 days.
📅 Future distribution dates will be announced at a later date. FTX is partnering with BitGo and Kraken during this phase. Suinil Kavuri, a representative for the large debtor group, said that a place for a third partner is planned on the FTX portal.
💬 FTX Debtors CEO John Ray III noted that over the past two years, effective work has been carried out to return billions of dollars to achieve this milestone.
Through the new process, 94.48% of FTX’s clients will receive a refund that is more than the value of their claims.