The FTX repayment process has now begun, and users can receive funds within 60 days.

FTX announced that its bankruptcy plan took effect on January 3, marking a key step in its efforts to repay creditors.

On the same day, the registration for approved claims in the 'facilitated category' officially opened.

FTX finally begins repayments two years after its collapse.

The FTX debtor group officially announced today the launch of the reorganization plan. The exchange warned users to be vigilant against phishing scams impersonating FTX communications. Users should ensure that claims are submitted only through its official website.

According to FTX, customers who submit valid claims may receive refunds within 60 days. The first group to receive refunds, based on the bankruptcy plan approved in October, includes claimants with claim amounts of $50,000 or less.

FTX announced on X (formerly Twitter): "The FTX debtors' reorganization plan becomes effective today (January 3, 2025). Today is also the record date for the first distribution to creditors in the facilitated category. Separate record and payment dates for other categories of creditors will be announced later."

The plan also estimates that 98% of users will receive 119% of the declared value of their held assets. This phase may mark the end of the FTX collapse saga.

The exchange declared bankruptcy in November 2022, revealing a high-profile fraud case that resulted in several executives being sentenced to prison. Former CEO Sam Bankman-Fried is currently serving 25 years.

However, some speculate that the president may pardon Bankman-Fried, as he was a major donor to the Democratic Party during the 2020 election.

Moreover, the bankruptcy plan's reliance on cryptocurrency prices at the time of the exchange's collapse has drawn criticism.

Many creditors believe that the significant rise in cryptocurrency values has made repayment terms less favorable. For example, since 2022, the price of Bitcoin has risen by 400%.

Meanwhile, market analysts predict that FTX's repayments could inject significant liquidity into the cryptocurrency market, potentially triggering a bull market.

"FTX will begin repaying creditors $16 billion starting today. Payments are expected to be completed within 60 days. A large portion of this may flow back into cryptocurrency. The bull market has just begun. Buckle up," influencer Quinten Francois wrote.

However, claims over $50,000 may not be paid until later this year. Smaller claims are expected to be processed before February or March.